Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.041%

Price spread now: Kalshi against Bulk−0.291%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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 Kalshi is 0.291% cheaper against Bulk than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk AAVE-USD	144.56	0.0100	pay 0.0013% / 1h	49m 44s	$58K	$2K	10x
Short	Kalshi KXAAVEPERP	144.14	0	get 0.0000% / 8h	2h 49m	$65K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.291%Rate

Funding earned: −$21
Price spread: −0.291% → 0.000%: −$29.05
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$67.05
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Kalshi: live order book, 4 min ago. Net counts fees only.

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 Bulk no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	0.35 bp	5.3 bp −$5	8.3 bp −$83	doesn't fit	doesn't fit

Bulk: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange AAVEUSD	−0.0056%	1h	144.46	−0.069%	$11K	$2K	5x	as long as short
ApeX Omni AAVEUSDT	−0.0050%	1h	143.99	−0.394%	$134K	$230K	50x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.56	−0.003%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.34	−0.153%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	144.14	−0.291%	$65K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.44	−0.083%	$251K	$362K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.40	−0.108%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.22	−0.235%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.257%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0036%	8h	144.56	0.000%	$27.6M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0037%	8h	144.58	+0.016%	$65.2M	$185.5M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.44	−0.083%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.37	−0.129%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0064%	8h	144.62	+0.042%	$17.5M	$66.3M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.46	−0.069%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.49	−0.049%	$183K	$245K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.73	+0.116%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.46	−0.068%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.35	−0.142%	$799K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.72	+0.111%	$78.6M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.57	+0.006%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.43	−0.093%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.60	+0.028%	$61.9M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.47	−0.062%	$45K	$236K	10x	as long as short
Bulk AAVE-USDlong	+0.0100%	1h	144.56	long leg	$58K	$2K	10x
Gate AAVE_USDT	+0.0100%	8h	144.56	0.000%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.56	0.000%	$10.9M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.57	+0.007%	$29.9M	$18.1M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.58	+0.014%	—	$44.2M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.61	+0.035%	$325K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.226%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.86	−0.482%	$104K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.95	−0.423%	$455K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.47	−0.062%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.38	−0.127%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.45	−0.076%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.72	+0.111%	$702K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.47	−0.062%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.54	−0.013%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0144%	8h	144.16	−0.277%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.40	−0.112%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.47	−0.062%	$775K	$2.8M	50x	as long as short