AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0193%/8h= +21.1% APRnext payment +$0.24 per $10,000 · paid last 24h +0.316%

Price spread now: Backpack against Deribit+0.165%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.506%+$51 on $10k

Price spread, last 3 days (all we have)−0.381%−$38 · spread now +0.165%, 7d avg +0.036%

Together, before fees+0.125%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.129% dearer against Deribit than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	145.62	−0.0093	get 0.0012% / 1h	0m 25s	$255K	$421K	50x
Short	Backpack AAVE_USDC_PERP	145.86	0.0100	get 0.0013% / 1h	0m 25s	$351K	$724K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.165%Rate

Funding earned: $40.53
Price spread: +0.165% → +0.036%: $12.89
Slippage, 4 orders: −$16.14
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.28
Costs to cover: 0.331%
Break-even: 3.5 days

Slippage from Deribit: live order book, 14 min ago; Backpack: live order book, 18 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 Deribit live order book, 14 min ago	5.17 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.34 bp	7.0 bp −$7	196.5 bp −$1,965	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	−0.0120%	1h	145.83	+0.144%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUALlong	−0.0093%	1h	145.62	long leg	$255K	$421K	50x
Phoenix AAVE	−0.0045%	1h	145.62	0.000%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0010%	1h	145.62	0.000%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.83	+0.147%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.58	−0.027%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.66	+0.031%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.947%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0041%	8h	145.79	+0.117%	$30.6M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0042%	8h	145.81	+0.128%	$66.5M	$185.0M	75x	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	145.77	+0.103%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	145.87	+0.169%	$184K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.59	−0.021%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.78	+0.109%	$3.5M	$2.1M	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0062%	8h	145.81	+0.130%	$17.8M	$67.2M	50x	as long as short
Gate AAVE_USDT	+0.0070%	8h	145.81	+0.130%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.66	+0.026%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.96	+0.232%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.77	+0.101%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.70	+0.058%	$806K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.93	+0.213%	$80.2M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.79	+0.113%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.77	+0.105%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.82	+0.137%	$62.2M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.84	+0.151%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	+0.117%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.81	+0.130%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.80	+0.124%	$30.5M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.83	+0.144%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	145.86	+0.165%	$351K	$724K	10x
Variational Omni AAVE	+0.0100%	8h	145.35	−0.189%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.58	−0.028%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.53	−0.062%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.49	−0.089%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.87	+0.172%	$128K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.60	−0.012%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.69	+0.046%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.62	0.000%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.77	+0.100%	$935K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	145.63	+0.007%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.65	+0.023%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.76	+0.096%	$791K	$3.0M	50x	as long as short