Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: Phoenix against edgeX−0.425%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$430.435% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.533%+$53 · spread now −0.425%, 7d avg +0.076%

Together, before fees+0.467%+ Points / potential airdropedgeX: Active · farm board+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.501% cheaper against edgeX than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of +0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX AAVEUSDC	144.39	0.0100	pay 0.0050% / 4h	2h 53m	$104K	$316K	20x
Short	Phoenix AAVE	143.78	0	get 0.0000% / 1h	53m 58s	$5K	$98K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now −0.425%Rate

Funding earned: −$21
Price spread: −0.425% → +0.076%: −$50.08
Slippage, 4 orders: −$27.47
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$114.56
Costs to cover: 0.435%
Break-even: never at this rate

Slippage from edgeX: live order book, 14 min ago; Phoenix: live order book, 59 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 edgeX live order book, 14 min ago	3.42 bp	7.9 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell Phoenix live order book, 59 min ago	0.69 bp	13.8 bp −$14	46.2 bp −$462	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
Deribit AAVE_USDC-PERPETUAL	−0.0446%	1h	143.58	−0.564%	$249K	$362K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	143.41	−0.681%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0042%	1h	143.72	−0.467%	$5K	$302K	10x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	143.83	−0.394%	$3.4M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.77	−0.431%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.56	−0.577%	$65K	$1.5M	3.4x	as long as short
Phoenix AAVEshort	0.0000%	1h	143.78	−0.425%	$5K	$98K	10x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.56	−0.578%	$69K	—	150x	as long as short
MEXC AAVE_USDT	+0.0033%	8h	143.88	−0.356%	$27.6M	$24.6M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.148%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0034%	8h	143.81	−0.404%	$64.9M	$185.3M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.63	−0.529%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.41	−0.679%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0060%	8h	143.86	−0.370%	$17.4M	$65.8M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	143.68	−0.495%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	143.47	−0.643%	$182K	$245K	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.89	−0.352%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.54	−0.594%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.36	−0.716%	$793K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.84	−0.384%	$78.1M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.59	−0.557%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.68	−0.491%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.84	−0.384%	$61.5M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.47	−0.640%	$45K	$236K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.56	+0.115%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.80	−0.411%	$7.8M	$14.9M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.82	−0.397%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.79	−0.418%	$29.7M	$18.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.78	−0.425%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.83	−0.390%	$326K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.57	−0.569%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDClong	+0.0100%	4h	144.39	long leg	$104K	$316K	20x
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.47	+0.053%	$454K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.40	+0.004%	$134K	$231K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.52	−0.605%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.47	−0.641%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.77	−0.435%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.79	−0.418%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.83	−0.390%	$918K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0133%	8h	143.64	−0.522%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	143.53	−0.596%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	143.60	−0.550%	$769K	$2.8M	50x	as long as short