Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0338%/8h= +37.0% APRpaid last 24h +0.034%

Price spread now: GMX against Bybit+0.016%7-day average +0.068% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.132%−$13 on $10k

Price spread, last 3 days (all we have)+0.367%+$37 · spread now +0.016%, 7d avg +0.068%

Together, before fees+0.235%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.052% cheaper against Bybit than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.068%). If the spread goes back, that is −$5 on $10k: about 12 hours of funding at the current rate (+$10 a day). Mind the row above: over the last 3 days funding on this pair cost −0.132%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AAVEUSDT	144.31	0.0100	pay 0.0100% / 8h	2h 36m	$61.4M	$65.5M	75x
Short	GMX AAVE/USD [AAVE-USDC]	144.33	L +0.0266% / S −0.0438%	get 0.0055% / 1h	36m 08s	$124K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $70.89
Price spread: +0.016% → +0.068%: −$5.21
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $42.68
Costs to cover: 0.230%
Break-even: 2.8 days

Slippage unknown: Bybit: live order book, 3 min ago; GMX: no order-book sample. 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 Bybit live order book, 3 min ago	0.35 bp	8.4 bp −$8	16.7 bp −$167	70.5 bp −$7,049	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Deribit AAVE_USDC-PERPETUAL	−0.0304%	1h	144.22	−0.062%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0203%	1h	144.14	−0.118%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.11	−0.139%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.78	+0.326%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.13	−0.126%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.05	−0.180%	$71K	$1.6M	3.4x	as long as short
ApeX Omni AAVEUSDT	+0.0001%	1h	144.66	+0.243%	$134K	$229K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.31	−0.002%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.32	+0.010%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.093%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.25	−0.045%	—	—	20x	as long as short
Gate AAVE_USDT	+0.0051%	8h	144.15	−0.111%	$7.7M	$15.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.30	−0.007%	$17.5M	$65.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	144.16	−0.104%	$18K	$12K	10x	as long as short
Binance AAVEUSDT	+0.0069%	8h	144.26	−0.035%	$65.6M	$183.2M	75x	as long as short
MEXC AAVE_USDT	+0.0069%	8h	144.14	−0.118%	$31.7M	$26.1M	200x	as long as short
GRVT AAVE_USDT_Perp	+0.0095%	8h	144.67	+0.250%	$459K	$4.0M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.35	+0.030%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.19	−0.080%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.17	−0.100%	$179K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.09	−0.150%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.20	−0.076%	$800K	$444K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.24	−0.049%	$80.1M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.18	−0.088%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.09	−0.152%	$328K	$505K	10x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	144.31	long leg	$61.4M	$65.5M	75x
Arcus AAVE-USD	+0.0100%	1h	144.11	−0.139%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.211%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.22	−0.062%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.17	−0.097%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.17	−0.097%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.30	−0.007%	$379K	$701K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.70	+0.267%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.12	−0.133%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.28	−0.021%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.20	−0.077%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.30	−0.006%	$725K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.19	−0.083%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.12	−0.134%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0190%	8h	144.11	−0.139%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	+0.035%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]short	L +0.0266% / S −0.0438%	1h	144.33	+0.016%	$124K	—	100x