Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Phemex against dYdX+0.013%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$349as in the Funding arb table

Net, price: spread back to 7d avg − costs−$367as in the Price arb table

costs, in and out, $10k−$3683.679% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 3 days (all we have)+0.158%+$16 · spread now +0.013%, 7d avg 0.000%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX AAVE-USD	145.12	0	get 0.0000% / 1h	10m 51s	$104K	$5K	10x
Short	Phemex AAVEUSDT	145.14	0.0100	get 0.0100% / 8h	1h 10m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.013%Rate

Funding earned: $21
Price spread: +0.013% → 0.000%: $1.22
Slippage, 4 orders: −$345.86
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$345.64
Costs to cover: 3.679%
Break-even: 122.2 days

Slippage from dYdX: live order book, 8 min ago; Phemex: live order book, 3 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, 8 min ago	158.47 bp	165.3 bp −$165	165.5 bp −$1,655	165.5 bp −$16.6K	265.7 bp −$132.9K
Sell Phemex live order book, 3 min ago	2.41 bp	13.0 bp −$13	22.5 bp −$225	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	−0.0136%	1h	145.08	−0.029%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0045%	1h	145.09	−0.022%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0035%	1h	145.11	−0.008%	$5K	$298K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	145.13	+0.006%	$255K	$465K	50x	as long as short
dYdX AAVE-USDlong	0.0000%	1h	145.12	long leg	$104K	$5K	10x
Kalshi KXAAVEPERP	0.0000%	8h	145.11	−0.008%	$66K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.14	+0.014%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.624%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0036%	8h	145.13	+0.006%	$30.8M	$25.9M	200x	as long as short
Binance AAVEUSDT	+0.0037%	8h	145.13	+0.003%	$66.2M	$185.3M	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	145.06	−0.046%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	145.11	−0.008%	$181K	$243K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.11	−0.008%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.22	+0.070%	$3.5M	$2.1M	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0057%	8h	145.10	−0.015%	$17.6M	$66.9M	50x	as long as short
Gate AAVE_USDT	+0.0066%	8h	145.11	−0.008%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.16	+0.030%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.29	+0.119%	$4.7M	$1.6M	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0099%	8h	145.02	−0.068%	$458K	$3.8M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.09	−0.025%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.06	−0.046%	$803K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.23	+0.075%	$79.8M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.17	+0.034%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.10	−0.014%	$331K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.11	−0.008%	$61.7M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.08	−0.029%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.07	−0.033%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.09	−0.022%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.14	+0.013%	$30.3M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.09	−0.022%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.23	+0.075%	$347K	$723K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.10	−0.017%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.01	−0.074%	$104K	$315K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.10	−0.015%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.14	+0.013%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.04	−0.054%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.22	+0.065%	$695K	$5.0M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	145.14	+0.013%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	145.10	−0.018%	$931K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0147%	8h	145.13	+0.006%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.14	+0.015%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.06	−0.042%	$787K	$3.0M	50x	as long as short