Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0145%/8h= −15.8% APRpaid last 24h +0.014%

Price spread now: Phoenix against Bybit+0.028%46s7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as 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−$430.426% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)+0.380%+$38 · spread now +0.028%, 7d avg +0.090%

Together, before fees+0.451%+$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.062% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.090%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.071%, so the current rate has only just turned against you. The two prices were read 46 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	Bybit AAVEUSDT	143.96	0.0100	pay 0.0100% / 8h	1h 50m	$61.1M	$65.6M	75x
Short	Phoenix AAVE	144.00	−0.0045	pay 0.0006% / 1h	50m 45s	$5K	$100K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$30.36
Price spread: +0.028% → +0.090%: −$6.17
Slippage, 4 orders: −$24.59
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$79.12
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 62 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	0.35 bp	6.5 bp −$6	13.0 bp −$130	58.2 bp −$5,821	doesn't fit
Sell Phoenix live order book, 62 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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
01 Exchange AAVEUSD	−0.0200%	1h	143.90	−0.042%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0167%	1h	143.93	−0.021%	$253K	$480K	50x	as long as short
SoDEX AAVE-USD	−0.0142%	1h	143.90	−0.042%	$5K	$298K	10x	as long as short
Phoenix AAVEshort	−0.0045%	1h	144.00	+0.028%	$5K	$100K	10x
dYdX AAVE-USD	0.0000%	1h	144.00	+0.031%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.85	−0.076%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.00	+0.028%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.862%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0035%	8h	144.00	+0.028%	$65.4M	$185.4M	75x	as long as short
MEXC AAVE_USDT	+0.0037%	8h	143.99	+0.021%	$31.0M	$25.7M	200x	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	143.89	−0.052%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	143.99	+0.020%	$179K	$246K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0047%	8h	143.94	−0.014%	$17.4M	$66.0M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	143.90	−0.042%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.06	+0.068%	$3.4M	$2.1M	50x	as long as short
Bulk AAVE-USD	+0.0056%	1h	143.94	−0.014%	$60K	$3K	10x	as long as short
Gate AAVE_USDT	+0.0061%	8h	143.94	−0.014%	$7.8M	$15.8M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0087%	8h	144.20	+0.169%	$452K	$3.9M	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	143.94	−0.012%	$122K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.18	+0.154%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.99	+0.024%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.97	+0.010%	$797K	$438K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.08	+0.083%	$79.0M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.94	−0.011%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.02	+0.043%	$328K	$505K	10x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	143.96	long leg	$61.1M	$65.6M	75x
Arcus AAVE-USD	+0.0100%	1h	143.98	+0.014%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.98	+0.014%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.96	0.000%	$30.0M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.97	+0.007%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.02	+0.042%	$380K	$709K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.96	+0.002%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.99	+0.018%	$102K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.09	+0.090%	$134K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.00	+0.028%	$126K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.91	−0.038%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.03	+0.047%	$716K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.87	−0.063%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.85	−0.078%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0148%	8h	143.86	−0.069%	$3.4M	$5.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	143.98	+0.013%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	−0.111%	$772K	$3.0M	50x	as long as short