Funding you earn now, next payment 23:00 UTC−0.0307%/8h= −33.7% APRnext payment −$0.38 per $10,000 · paid last 24h −0.061%
Price spread now: Phoenix against Coinbase International−0.205%72s7-day average −0.008% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.194%−$19 on $10k
+Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.205%, 7d avg −0.008%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.197% cheaper against Coinbase International than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.194% in total (about -10.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International AAVE-PERP-INTX | 146.33 | 0.0280 | pay 0.0035% / 1h | 31m 39s | $788K | $3.0M | 50x |
| Short | Phoenix AAVE | 146.03 | −0.0027 | pay 0.0003% / 1h | 31m 39s | $5K | $99K | 10x |
Coinbase International AAVE-PERP-INTX
Phoenix AAVEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$64.56
- Price spread: −0.205% → −0.008%
- −$19.65
- Slippage, 4 orders
- no order book: not counted
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$101.21
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Coinbase International: live order book, 2 min ago; Phoenix: 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 Coinbase International live order book, 2 min ago | 5.47 bp | 11.4 bp −$11 | 15.2 bp −$152 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | −0.0160% | 1h | 146.21 | −0.082% | $255K | $394K | 50x | as long as short |
| SoDEX AAVE-USD | −0.0071% | 1h | 146.19 | −0.096% | $5K | $305K | 10x | as long as short |
| Phoenix AAVEshort | −0.0027% | 1h | 146.03 | −0.205% | $5K | $99K | 10x | |
| 01 Exchange AAVEUSD | −0.0008% | 1h | 146.30 | −0.021% | $11K | $2K | 5x | as long as short |
| dYdX AAVE-USD | 0.0000% | 1h | 146.13 | −0.135% | $104K | $5K | 10x | as long as short |
| Kalshi KXAAVEPERP | 0.0000% | 8h | 146.10 | −0.157% | $84K | $1.5M | 3.4x | as long as short |
| Kraken Futures PF_AAVEUSD | +0.0002% | 1h | 146.30 | −0.022% | $3.5M | $2.1M | 50x | as long as short |
| gTrade (Gains Network) AAVE/USD | L +0.0005% / S −0.0004% | 1h | 146.26 | −0.045% | $71K | — | 150x | as long as short |
| Injective AAVE/USDC PERP | +0.0033% | 1h | 136.96 | −6.403% | $422 | $51K | 12x | as long as short |
| MEXC AAVE_USDT | +0.0040% | 8h | 146.09 | −0.164% | $30.4M | $25.8M | 200x | as long as short |
Deribit AAVE_USDC-PERPETUAL
SoDEX AAVE-USD
01 Exchange AAVEUSD
dYdX AAVE-USD
Kalshi KXAAVEPERP
Kraken Futures PF_AAVEUSD
gTrade (Gains Network) AAVE/USD
Injective AAVE/USDC PERP
MEXC AAVE_USDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance AAVEUSDT | +0.0041% | 8h | 146.14 | −0.130% | $66.6M | $185.9M | 75x | as long as short |
| Reya AAVERUSDPERP | +0.0044% | 1h | 146.17 | −0.111% | — | — | 20x | as long as short |
| Orderly PERP_AAVE_USDC | +0.0052% | 8h | 146.20 | −0.089% | $18K | $12K | 10x | as long as short |
| OKX AAVE-USDT-SWAP | +0.0073% | 8h | 146.14 | −0.130% | $18.0M | $67.8M | 50x | as long as short |
| Gate AAVE_USDT | +0.0078% | 8h | 146.16 | −0.116% | $7.9M | $15.9M | 75x | as long as short |
| Aevo AAVE-PERP | +0.0088% | 1h | 146.23 | −0.068% | $124K | $146 | 10x | as long as short |
| Lighter AAVE | +0.0096% | 1h | 146.36 | +0.019% | $4.7M | $1.6M | 10x | as long as short |
| Paradex AAVE-USD-PERP | +0.0100% | 8h | 146.16 | −0.118% | $14K | $4K | 20x | as long as short |
| Nado AAVE-PERP | +0.0100% | 1h | 146.18 | −0.103% | $804K | $442K | 10x | as long as short |
| Hyperliquid AAVE | +0.0100% | 1h | 146.30 | −0.021% | $80.7M | $34.6M | 10x | as long as short |
| Aster AAVEUSDT | +0.0100% | 8h | 146.19 | −0.096% | $1.4M | $1.2M | 50x | as long as short |
| Pacifica AAVE | +0.0100% | 1h | 146.15 | −0.120% | $334K | $504K | 10x | as long as short |
| Bybit AAVEUSDT | +0.0100% | 8h | 146.15 | −0.123% | $62.3M | $65.9M | 75x | as long as short |
| Arcus AAVE-USD | +0.0100% | 1h | 146.18 | −0.103% | $51K | $273K | 10x | as long as short |
| Bulk AAVE-USD | +0.0100% | 1h | 145.88 | −0.308% | $61K | $3K | 10x | as long as short |
| KuCoin AAVEUSDTM | +0.0100% | 8h | 146.18 | −0.103% | $10.0M | $8.6M | 75x | as long as short |
| Bitget AAVEUSDT | +0.0100% | 8h | 146.06 | −0.185% | $30.4M | $18.3M | 75x | as long as short |
| BingX AAVE-USDC | +0.0100% | 8h | 146.15 | −0.123% | — | $6.5M | — | as long as short |
| Backpack AAVE_USDC_PERP | +0.0100% | 1h | 146.30 | −0.021% | $348K | $745K | 10x | as long as short |
| Variational Omni AAVE | +0.0100% | 8h | 146.13 | −0.138% | $3.8M | $1.4M | — | as long as short |
| edgeX AAVEUSDC | +0.0100% | 4h | 145.68 | −0.443% | $105K | $317K | 20x | as long as short |
| GRVT AAVE_USDT_Perp | +0.0100% | 8h | 145.69 | −0.437% | $461K | $3.8M | 10x | as long as short |
| ApeX Omni AAVEUSDT | +0.0100% | 1h | 146.11 | −0.150% | $136K | $229K | 50x | as long as short |
| Polymarket Perps AAVE-USD | +0.0100% | 1h | 146.32 | −0.007% | $128K | $456K | 10x | as long as short |
| SunX AAVE-USDT | +0.0100% | 8h | 146.17 | −0.108% | $2K | $1.3M | 20x | as long as short |
| HTX AAVE-USDT | +0.0100% | 8h | 146.35 | +0.012% | $699K | $5.0M | 75x | as long as short |
| Phemex AAVEUSDT | +0.0100% | 8h | 146.19 | −0.096% | $4.1M | $3.8M | 50x | as long as short |
| Extended AAVE-USD | +0.0104% | 1h | 146.12 | −0.144% | $935K | $1.7M | 50x | as long as short |
| RISEx AAVE/USDC | +0.0106% | 1h | 146.22 | −0.078% | $186K | $246K | 10x | as long as short |
| BloFin AAVE-USDT | +0.0157% | 8h | 146.26 | −0.048% | $3.5M | $4.1M | 100x | as long as short |
| GMX AAVE/USD [AAVE-USDC] | L +0.0267% / S −0.0438% | 1h | 146.26 | −0.050% | $126K | — | 100x | as long as short |
| Coinbase International AAVE-PERP-INTXlong | +0.0280% | 1h | 146.33 | long leg | $788K | $3.0M | 50x |
Binance AAVEUSDT
Reya AAVERUSDPERP
Orderly PERP_AAVE_USDC
OKX AAVE-USDT-SWAP
Gate AAVE_USDT
Aevo AAVE-PERP
Lighter AAVE
Paradex AAVE-USD-PERP
Nado AAVE-PERP
Hyperliquid AAVE
Aster AAVEUSDT
Pacifica AAVE
Bybit AAVEUSDT
Arcus AAVE-USD
Bulk AAVE-USD
KuCoin AAVEUSDTM
Bitget AAVEUSDT
BingX AAVE-USDC
Backpack AAVE_USDC_PERP
Variational Omni AAVE
edgeX AAVEUSDC
GRVT AAVE_USDT_Perp
ApeX Omni AAVEUSDT
Polymarket Perps AAVE-USD
SunX AAVE-USDT
HTX AAVE-USDT
Phemex AAVEUSDT
Extended AAVE-USD
RISEx AAVE/USDC
BloFin AAVE-USDT
GMX AAVE/USD [AAVE-USDC]