Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.011%

Price spread now: Backpack against BloFin+0.056%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.056%, 7d avg +0.023%

Together, before fees−0.425%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.033% dearer against BloFin than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of +0.023%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin AAVE-USDT	143.33	0.0220	pay 0.0220% / 8h	3h 32m	$3.3M	$3.6M	100x
Short	Backpack AAVE_USDC_PERP	143.41	0.0105	get 0.0013% / 1h	32m 44s	$337K	$720K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$24.1
Price spread: +0.056% → +0.023%: $3.33
Slippage, 4 orders: −$11.55
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$54.32
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Backpack: live order book, 21 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 BloFin live order book, 6 min ago	1.04 bp	8.7 bp −$9	11.0 bp −$110	30.4 bp −$3,039	doesn't fit
Sell Backpack live order book, 21 min ago	0.35 bp	6.5 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit

AAVE on 42 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
dYdX AAVE-USD	0.0000%	1h	143.27	−0.045%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.25	−0.056%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.34	+0.007%	$219K	$397K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.35	+0.015%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0026%	1h	143.31	−0.010%	$837K	$398K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.444%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	143.52	+0.133%	$4K	$106K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.28	−0.035%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0051%	8h	143.31	−0.014%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0056%	8h	143.30	−0.021%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0088%	1h	143.39	+0.042%	$10K	$2K	5x	as long as short
Lighter AAVE	+0.0096%	1h	143.50	+0.120%	$4.5M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.28	−0.032%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.37	+0.026%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.33	0.000%	$328K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.31	−0.014%	$64.0M	$188.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.28	−0.035%	$61.6M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.28	−0.035%	$17.1M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.44	+0.077%	$64K	$200K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.28	−0.035%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.34	+0.007%	$25.7M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.35	+0.014%	$10.4M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.30	−0.021%	$29.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.31	−0.014%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.26	−0.049%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.33	−0.003%	$104K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.37	+0.025%	$457K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.41	+0.056%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.40	+0.049%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.32	−0.008%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.28	−0.035%	$5K	$309K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.39	+0.040%	$689K	$5.2M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.31	−0.014%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.27	−0.043%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.35	+0.015%	$121K	$146	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0105%	1h	143.41	+0.056%	$337K	$720K	10x
RISEx AAVE/USDC	+0.0132%	1h	143.41	+0.055%	$186K	$252K	10x	as long as short
BloFin AAVE-USDTlong	+0.0220%	8h	143.33	long leg	$3.3M	$3.6M	100x
Hyperliquid AAVE	+0.0244%	1h	143.47	+0.098%	$78.6M	$36.9M	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.38	+0.032%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.34	+0.010%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.68	+0.244%	$788K	$2.8M	50x	as long as short