Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4488%/8h= −491.4% APRpaid last 24h −0.298%

Price spread now: Deribit against Gate−0.500%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 3 days (all we have)+0.630%+$63 · spread now −0.500%, 7d avg −0.015%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$135 a day on $10k at the current rate, and Deribit is 0.485% cheaper against Gate than usual: you would sell low and buy high (−$48 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.422% in total (about -22.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate AAVE_USDT	143.99	0.0083	pay 0.0083% / 8h	6h 32m	$7.7M	$15.1M	75x
Short	Deribit AAVE_USDC-PERPETUAL	143.27	−0.4405	pay 0.0551% / 1h	32m 51s	$249K	$362K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now −0.500%Rate

Funding earned: −$942.48
Price spread: −0.500% → −0.015%: −$48.5
Slippage, 4 orders: −$29.11
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1,042.08
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Deribit: live order book, 31 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 Gate live order book, 1 min ago	3.82 bp	16.4 bp −$16	26.8 bp −$268	41.9 bp −$4,187	47.3 bp −$23.7K
Sell Deribit live order book, 31 min ago	6.54 bp	10.1 bp −$10	15.3 bp −$153	doesn't fit	doesn't fit

AAVE on 41 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-PERPETUALshort	−0.4405%	1h	143.27	−0.500%	$249K	$362K	50x
01 Exchange AAVEUSD	−0.0056%	1h	143.88	−0.076%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	143.96	−0.020%	$3.4M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.97	−0.013%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.03	+0.028%	$65K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.93	−0.044%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.01	+0.014%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.882%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.91	−0.056%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.84	−0.102%	—	—	20x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0050%	8h	143.99	0.000%	$27.0M	$24.8M	200x	as long as short
Binance AAVEUSDT	+0.0052%	8h	144.03	+0.026%	$64.9M	$185.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0067%	8h	144.05	+0.042%	$17.4M	$65.9M	50x	as long as short
Gate AAVE_USDTlong	+0.0083%	8h	143.99	long leg	$7.7M	$15.1M	75x
SoDEX AAVE-USD	+0.0086%	1h	143.89	−0.069%	$5K	$298K	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	143.92	−0.045%	$184K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.05	+0.044%	$4.6M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.94	−0.032%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.88	−0.078%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.79	−0.135%	$800K	$426K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.98	−0.007%	$78.0M	$35.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.98	−0.005%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.88	−0.077%	$328K	$436K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.03	+0.028%	$61.7M	$65.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.89	−0.069%	$44K	$192K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.50	−0.343%	$58K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.00	+0.007%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.96	−0.021%	$29.9M	$18.0M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.01	+0.014%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.98	−0.007%	$323K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.89	−0.068%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.91	−0.057%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.96	−0.023%	$456K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.98	−0.007%	$134K	$230K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.90	−0.063%	$124K	$418K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.92	−0.051%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.08	+0.061%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.95	−0.028%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.95	−0.029%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0357%	1h	143.95	−0.030%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.29	+0.208%	$773K	$2.8M	50x	as long as short