Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.333%

Price spread now: Deribit against BloFin−0.137%57s7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as 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−$390.391% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.663%−$66 on $10k

Price spread, last 3 days (all we have)+0.134%+$13 · spread now −0.137%, 7d avg −0.031%

Together, before fees−0.529%−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.107% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.031%). Swap the legs. The two prices were read 57 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	BloFin AAVE-USDT	145.56	0.0121	pay 0.0121% / 8h	5m 45s	$3.5M	$4.1M	100x
Short	Deribit AAVE_USDC-PERPETUAL	145.36	−0.0094	pay 0.0012% / 1h	5m 45s	$254K	$391K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$45.2
Price spread: −0.137% → −0.031%: −$10.67
Slippage, 4 orders: −$20.06
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$94.93
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Deribit: live order book, 3 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, 3 min ago	0.34 bp	7.9 bp −$8	16.2 bp −$162	38.4 bp −$3,844	doesn't fit
Sell Deribit live order book, 3 min ago	4.12 bp	7.6 bp −$8	14.6 bp −$146	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
SoDEX AAVE-USD	−0.0126%	1h	145.31	−0.172%	$5K	$305K	10x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0094%	1h	145.36	−0.137%	$254K	$391K	50x
01 Exchange AAVEUSD	−0.0048%	1h	145.76	+0.137%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	145.87	+0.213%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.84	+0.192%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.40	−0.110%	$77K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	145.41	−0.103%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.31	−0.170%	$70K	—	150x	as long as short
Binance AAVEUSDT	+0.0029%	8h	145.31	−0.170%	$66.3M	$187.7M	75x	as long as short
MEXC AAVE_USDT	+0.0030%	8h	145.43	−0.089%	$29.6M	$26.1M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.908%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.33	−0.155%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	145.28	−0.192%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0066%	8h	145.30	−0.179%	$17.8M	$67.4M	50x	as long as short
Gate AAVE_USDT	+0.0073%	8h	145.33	−0.158%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.36	−0.141%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.46	−0.070%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.73	+0.118%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.56	−0.002%	$801K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.41	−0.103%	$79.9M	$34.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.30	−0.179%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.79	+0.161%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.31	−0.172%	$62.0M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.77	+0.144%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.59	+0.019%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.31	−0.172%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.25	−0.213%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.32	−0.165%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.35	−0.144%	$347K	$746K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.20	−0.250%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.63	+0.047%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.55	−0.009%	$457K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.64	+0.055%	$135K	$230K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.80	+0.165%	$128K	$455K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.76	+0.140%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.73	+0.115%	$689K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.34	−0.151%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.31	−0.174%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	145.81	+0.172%	$185K	$247K	10x	as long as short
BloFin AAVE-USDTlong	+0.0121%	8h	145.56	long leg	$3.5M	$4.1M	100x
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.29	−0.184%	$127K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	145.53	−0.021%	$790K	$3.0M	50x	as long as short