Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.032%

Price spread now: Phemex against Bybit−0.027%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$870.867% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 3 days (all we have)+0.239%+$24 · spread now −0.027%, 7d avg +0.035%

Together, before fees+0.357%+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.062% cheaper against Bybit than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AAVEUSDT	146.40	0.0100	pay 0.0100% / 8h	56m 09s	$62.5M	$66.0M	75x
Short	Phemex AAVEUSDT	146.36	0.0100	get 0.0100% / 8h	56m 09s	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → +0.035%: −$6.18
Slippage, 4 orders: −$63.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$92.86
Costs to cover: 0.867%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phemex: 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 Bybit live order book, 3 min ago	0.34 bp	9.7 bp −$10	15.6 bp −$156	56.9 bp −$5,694	doesn't fit
Sell Phemex live order book, 3 min ago	15.73 bp	34.0 bp −$34	42.8 bp −$428	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
Phoenix AAVE	−0.0045%	1h	146.30	−0.068%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.29	−0.079%	$104K	$5K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	146.42	+0.014%	$11K	$2K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.28	−0.082%	$85K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	146.45	+0.034%	$256K	$412K	50x	as long as short
SoDEX AAVE-USD	+0.0001%	1h	146.45	+0.034%	$5K	$298K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.54	+0.095%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.45	+0.037%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.448%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0042%	8h	146.43	+0.020%	$30.6M	$25.5M	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	+0.0042%	8h	146.44	+0.029%	$66.8M	$185.0M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.39	−0.007%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	146.39	−0.007%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0066%	8h	146.37	−0.020%	$17.9M	$67.6M	50x	as long as short
Gate AAVE_USDT	+0.0076%	8h	146.40	0.000%	$7.9M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.43	+0.024%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.65	+0.169%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.40	−0.002%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.33	−0.046%	$810K	$438K	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.46	+0.044%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.37	−0.023%	$334K	$504K	10x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	146.40	long leg	$62.5M	$66.0M	75x
Arcus AAVE-USD	+0.0100%	1h	146.38	−0.014%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.417%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.39	−0.007%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.43	+0.020%	$30.6M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.37	−0.020%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	145.55	−0.584%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.73	−0.455%	$105K	$315K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.61	−0.541%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.79	−0.417%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.45	+0.034%	$128K	$466K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.34	−0.040%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.40	−0.003%	$701K	$5.0M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	146.36	−0.027%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	146.40	−0.001%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.41	+0.009%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0163%	8h	146.17	−0.157%	$3.5M	$4.0M	100x	as long as short
Hyperliquid AAVE	+0.0266%	1h	146.59	+0.130%	$81.0M	$34.2M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.45	+0.031%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.43	+0.020%	$795K	$3.1M	50x	as long as short
Backpack AAVE_USDC_PERP	+0.0298%	1h	146.54	+0.096%	$354K	$733K	10x	as long as short