Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.297%

Price spread now: Phemex against Deribit−0.035%7-day average +0.031% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.492%+$49 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.035%, 7d avg +0.031%

Together, before fees+0.495%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.066% cheaper against Deribit than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.031%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.492% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	142.41	0	get 0.0000% / 1h	23m 48s	$217K	$394K	50x
Short	Phemex AAVEUSDT	142.36	0.0100	get 0.0100% / 8h	2h 23m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.035%Rate

Funding earned: $21
Price spread: −0.035% → +0.031%: −$6.6
Slippage, 4 orders: −$35.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$40.39
Costs to cover: 0.548%
Break-even: 20.5 days

Slippage from Deribit: live order book, 20 min ago; Phemex: live order book, 5 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, 20 min ago	4.55 bp	8.1 bp −$8	14.4 bp −$144	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	7.05 bp	13.0 bp −$13	24.5 bp −$245	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	142.16	−0.177%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.22	−0.133%	$49K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUALlong	0.0000%	1h	142.41	long leg	$217K	$394K	50x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.39	−0.013%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0031%	1h	142.24	−0.116%	$831K	$401K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.827%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.33	−0.055%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0069%	8h	142.42	+0.007%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.26	−0.106%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.34	−0.049%	$77.7M	$37.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AAVEUSDT	+0.0100%	8h	142.26	−0.104%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.27	−0.097%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.30	−0.077%	$63.8M	$190.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.27	−0.098%	$61.0M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.24	−0.119%	$17.0M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.36	−0.035%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	−0.051%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.25	−0.112%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.25	−0.112%	$25.0M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.27	−0.098%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.27	−0.098%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.31	−0.070%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.03	−0.266%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.94	−0.330%	$105K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.57	+0.111%	$446K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.04	−0.260%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.41	0.000%	$141K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.42	+0.007%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.42	+0.007%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.71	+0.213%	$682K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	142.36	−0.035%	$4.0M	$3.6M	50x
Extended AAVE-USD	+0.0104%	1h	142.19	−0.154%	$901K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.41	0.000%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.43	+0.014%	$120K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.01	−0.281%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0144%	1h	142.40	−0.007%	$338K	$730K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.30	−0.074%	$190K	$253K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.21	−0.140%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.50	+0.063%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.38	−0.024%	$111K	—	100x	as long as short
Lighter AAVE	+0.0264%	1h	142.61	+0.138%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.41	0.000%	$761K	$2.8M	50x	as long as short