Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Phemex against Bulk+1.028%7-day average — · you sell dearer than you buy

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

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 1.028% dearer against Bulk than usual: you sell high and buy low, +$103 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk AAVE-USD	141.50	0.0100	pay 0.0013% / 1h	28m 34s	$57K	$2K	10x
Short	Phemex AAVEUSDT	142.95	0.0100	get 0.0100% / 8h	4h 28m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +1.028%Rate

Funding earned: $0
Price spread: +1.028% → 0.000%: $102.83
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $83.83
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Bulk: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	1.41 bp	13.0 bp −$13	19.2 bp −$192	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	−0.0152%	1h	142.61	+0.788%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.74	+0.879%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.01	+1.071%	$46K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.02	+1.078%	$220K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.07	+1.116%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0014%	1h	142.65	+0.820%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.205%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.68	+0.839%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	143.02	+1.078%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.03	+1.085%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0085%	1h	142.98	+1.050%	$5K	$292K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.78	+0.910%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.70	+0.851%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.79	+0.915%	$76.9M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.77	+0.900%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.74	+0.883%	$327K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.63	+0.803%	$63.8M	$186.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.61	+0.788%	$61.0M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.65	+0.816%	$17.1M	$64.1M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.82	+0.936%	$64K	$205K	10x	as long as short
Bulk AAVE-USDlong	+0.0100%	1h	141.50	long leg	$57K	$2K	10x
Gate AAVE_USDT	+0.0100%	8h	142.74	+0.880%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.75	+0.887%	$25.1M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.74	+0.880%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.56	+0.753%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.70	+0.852%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.89	+0.986%	$336K	$719K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.70	+0.852%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.66	+0.821%	$103K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.75	+0.887%	$446K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.16	+0.470%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.70	+0.852%	$123K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.11	+1.139%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.17	+1.185%	$689K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	142.95	+1.028%	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	142.61	+0.791%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.04	+1.092%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.71	+0.855%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.10	+1.134%	$3.4M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.08	+1.119%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0323%	1h	143.09	+1.130%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.09	+1.127%	$793K	$2.8M	50x	as long as short