Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.013%

Price spread now: Phoenix against BingX−0.146%49s7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.404% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.146% cheaper against BingX than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX AAVE-USDT	144.22	0.0100	pay 0.0100% / 8h	6h 32m	—	$44.1M	—
Short	Phoenix AAVE	144.01	0.0006	get 0.0001% / 1h	32m 34s	$5K	$98K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee PhoenixbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$19.84
Price spread: −0.146% → 0.000%: −$14.56
Slippage, 4 orders: −$23.42
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$74.82
Costs to cover: 0.404%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Phoenix: live order book, 80 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BingX live order book, 11 min ago	0.35 bp	7.6 bp −$8	10.2 bp −$102	17.3 bp −$1,731	41.7 bp −$20.9K
Sell Phoenix live order book, 80 min ago	0.69 bp	13.8 bp −$14	46.2 bp −$462	doesn't fit	doesn't fit

AAVE on 41 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit AAVE_USDC-PERPETUAL	−0.4405%	1h	143.27	−0.659%	$249K	$362K	50x	as long as short
01 Exchange AAVEUSD	−0.0056%	1h	144.21	−0.007%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	143.96	−0.179%	$3.4M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.24	+0.013%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.03	−0.132%	$65K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.93	−0.204%	$70K	—	150x	as long as short
Phoenix AAVEshort	+0.0006%	1h	144.01	−0.146%	$5K	$98K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.034%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.91	−0.215%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.24	+0.012%	—	—	20x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0051%	8h	144.22	0.000%	$27.0M	$24.8M	200x	as long as short
Binance AAVEUSDT	+0.0052%	8h	144.26	+0.028%	$65.0M	$184.9M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0069%	8h	144.29	+0.049%	$17.4M	$65.6M	50x	as long as short
SoDEX AAVE-USD	+0.0086%	1h	143.89	−0.229%	$5K	$298K	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.27	+0.035%	$186K	$230K	10x	as long as short
Gate AAVE_USDT	+0.0092%	8h	144.18	−0.028%	$7.7M	$15.1M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.37	+0.105%	$4.6M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.94	−0.192%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.15	−0.051%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.15	−0.049%	$802K	$425K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.38	+0.111%	$78.2M	$35.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.09	−0.092%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.18	−0.028%	$329K	$436K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.28	+0.042%	$61.8M	$65.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.23	+0.007%	$45K	$192K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.50	−0.502%	$58K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.11	−0.076%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.25	+0.021%	$30.0M	$18.0M	75x	as long as short
BingX AAVE-USDTlong	+0.0100%	8h	144.22	long leg	—	$44.1M	—
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.98	−0.166%	$323K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.89	−0.227%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.91	−0.216%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.96	−0.182%	$456K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.98	−0.166%	$134K	$230K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.30	+0.055%	$125K	$418K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.92	−0.211%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.08	−0.098%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.95	−0.187%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.15	−0.046%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0357%	1h	143.95	−0.189%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.29	+0.049%	$773K	$2.8M	50x	as long as short