Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.011%

Price spread now: Bybit against dYdX−0.015%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$162as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1701.700% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 4 days (all we have)−0.055%−$5 · spread now −0.015%, 7d avg −0.035%

Together, before fees+0.029%+$3 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 0.021% dearer against dYdX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX AAVE-USD	144.32	0	get 0.0000% / 1h	16m 45s	$103K	$4K	10x
Short	Bybit AAVEUSDT	144.30	0.0100	get 0.0100% / 8h	5h 16m	$61.5M	$64.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.015%Rate

Funding earned: $21
Price spread: −0.015% → −0.035%: $2.05
Slippage, 4 orders: −$149.01
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$146.96
Costs to cover: 1.700%
Break-even: 56.0 days

Slippage from dYdX: live order book, 47 min ago; Bybit: live order book, 2 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 dYdX live order book, 47 min ago	69.43 bp	74.4 bp −$74	74.4 bp −$744	74.4 bp −$7,443	74.4 bp −$37.2K
Sell Bybit live order book, 2 min ago	0.35 bp	10.4 bp −$10	19.0 bp −$190	74.4 bp −$7,437	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	−0.0048%	1h	144.37	+0.034%	$11K	$2K	5x	as long as short
dYdX AAVE-USDlong	0.0000%	1h	144.32	long leg	$103K	$4K	10x
Kalshi KXAAVEPERP	0.0000%	8h	144.30	−0.015%	$59K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.37	+0.034%	$229K	$389K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.42	+0.071%	$81K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.101%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.35	+0.023%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	144.39	+0.048%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0049%	1h	144.37	+0.030%	$834K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	144.46	+0.096%	$5K	$98K	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	144.51	+0.129%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.37	+0.032%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.44	+0.082%	$78.2M	$35.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.42	+0.066%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.33	+0.005%	$329K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	144.31	−0.008%	$64.6M	$182.5M	75x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	144.30	−0.015%	$61.5M	$64.1M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	144.30	−0.015%	$17.2M	$63.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.40	+0.055%	$45K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.91	−0.283%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.36	+0.027%	$7.9M	$15.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	144.35	+0.020%	$26.1M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.41	+0.062%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.34	+0.013%	$30.2M	$17.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.35	+0.020%	—	$43.8M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.48	+0.110%	$322K	$692K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.42	+0.067%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.42	+0.067%	$104K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.46	+0.095%	$461K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.44	+0.082%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.42	+0.069%	$128K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.37	+0.034%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.36	+0.027%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.50	+0.123%	$696K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.35	+0.020%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.29	−0.020%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.40	+0.056%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.43	+0.072%	$188K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.35	+0.020%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	144.43	+0.072%	$125K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0266%	1h	144.46	+0.095%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.97	−0.243%	$783K	$2.8M	50x	as long as short