Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0360%/8h= −39.4% APRpaid last 24h −0.088%

Price spread now: Kalshi against Coinbase International−0.264%7-day average −0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$580.576% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.372%−$37 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.264%, 7d avg −0.154%

Together, before fees−0.241%−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Kalshi is 0.110% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.154%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AAVE-PERP-INTX	143.82	0.0360	pay 0.0045% / 1h	55m 23s	$789K	$2.8M	50x
Short	Kalshi KXAAVEPERP	143.44	0	get 0.0000% / 8h	7h 55m	$55K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.264%Rate

Funding earned: −$75.6
Price spread: −0.264% → −0.154%: −$11.04
Slippage, 4 orders: −$37.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$144.19
Costs to cover: 0.576%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Kalshi: 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 Coinbase International live order book, 3 min ago	5.56 bp	13.1 bp −$13	15.9 bp −$159	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	0.35 bp	10.4 bp −$10	17.7 bp −$177	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
dYdX AAVE-USD	0.0000%	1h	143.66	−0.115%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	143.44	−0.264%	$55K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.47	−0.243%	$220K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.96	+0.100%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.770%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.86	+0.025%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.95	+0.090%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0051%	8h	143.47	−0.243%	$4.0M	$3.7M	50x	as long as short
Phoenix AAVE	+0.0056%	1h	143.71	−0.076%	$4K	$106K	10x	as long as short
Nado AAVE-PERP	+0.0056%	1h	143.85	+0.024%	$846K	$404K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.84	+0.012%	$4.6M	$2.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.59	−0.162%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.85	+0.020%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.70	−0.083%	$329K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.95	+0.088%	$64.2M	$187.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.98	+0.111%	$61.9M	$67.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.93	+0.076%	$17.2M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.90	+0.056%	$64K	$200K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.53	−0.897%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.96	+0.097%	$8.2M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.90	+0.056%	$25.1M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.84	+0.014%	$10.6M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.90	+0.056%	$29.3M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.95	+0.090%	—	$43.8M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.38	−0.306%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.58	−0.167%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.54	−0.196%	$462K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.60	−0.153%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.91	+0.063%	$125K	$439K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.35	−0.329%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.37	−0.313%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.55	−0.188%	$690K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.72	−0.069%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.94	+0.082%	$122K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0117%	1h	143.53	−0.202%	$337K	$720K	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	143.87	+0.035%	$11K	$2K	5x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.85	+0.017%	$185K	$250K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.49	−0.229%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.49	−0.230%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.94	+0.080%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTXlong	+0.0360%	1h	143.82	long leg	$789K	$2.8M	50x
Hyperliquid AAVE	+0.0409%	1h	144.09	+0.188%	$79.2M	$36.7M	10x	as long as short