Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.277%

Price spread now: Bybit against Deribit+0.057%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.384%+$38 on $10k

Price spread, last 4 days (all we have)−0.195%−$20 · spread now +0.057%, 7d avg +0.003%

Together, before fees+0.189%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.053% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	141.18	0	get 0.0000% / 1h	14m 37s	$213K	$392K	50x
Short	Bybit AAVEUSDT	141.26	0.0100	get 0.0100% / 8h	14m 37s	$60.7M	$69.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.057%Rate

Funding earned: $21
Price spread: +0.057% → +0.003%: $5.35
Slippage, 4 orders: −$14.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.07
Costs to cover: 0.324%
Break-even: 9.0 days

Slippage from Deribit: live order book, 19 min ago; Bybit: live order book, 4 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, 19 min ago	4.60 bp	8.1 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.35 bp	7.7 bp −$8	12.5 bp −$125	47.9 bp −$4,785	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	141.16	−0.013%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.14	−0.028%	$45K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUALlong	0.0000%	1h	141.18	long leg	$213K	$392K	50x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.20	+0.013%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.989%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.08	−0.074%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0083%	8h	141.15	−0.021%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.43	+0.178%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.25	+0.053%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.15	−0.018%	$826K	$399K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	141.35	+0.120%	$77.2M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.27	+0.063%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.28	+0.068%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.27	+0.060%	$63.4M	$192.1M	75x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	141.26	+0.057%	$60.7M	$69.3M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.27	+0.064%	$16.6M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.40	+0.156%	$91K	$221K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.31	+0.092%	$8.0M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.27	+0.064%	$22.5M	$24.4M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.29	+0.078%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.26	+0.057%	$28.7M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.26	+0.057%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.16	−0.012%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.14	−0.026%	$108K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.19	+0.009%	$445K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.19	+0.007%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.17	−0.007%	$133K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.29	+0.075%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.16	−0.014%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.27	+0.061%	$667K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.15	−0.021%	$3.9M	$3.6M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.18	0.000%	$163K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.23	+0.033%	$909K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.31	+0.092%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.21	+0.021%	$119K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.19	+0.007%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.17	−0.007%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.35	+0.119%	$190K	$292K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.18	0.000%	$110K	—	100x	as long as short
Backpack AAVE_USDC_PERP	+0.0254%	1h	141.32	+0.099%	$384K	$732K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.28	+0.071%	$752K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0271%	1h	141.22	+0.025%	$3.4M	$2.1M	50x	as long as short