Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0152%/8h= −16.7% APRpaid last 24h −0.049%

Price spread now: Bybit against GMX+0.012%7-day average −0.060% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.086%+$9 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.012%, 7d avg −0.060%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.071% dearer against GMX than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.060%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 38 hours. Mind the row above: over the last 3 days funding on this pair paid +0.086%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AAVE/USD [AAVE-USDC]	142.59	L +0.0252% / S −0.0362%	pay 0.0032% / 1h	42m 14s	$111K	—	100x
Short	Bybit AAVEUSDT	142.61	0.0100	get 0.0100% / 8h	2h 42m	$61.2M	$68.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$32
Price spread: +0.012% → −0.060%: $7.15
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.86
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 2 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.35 bp	7.0 bp −$7	13.7 bp −$137	55.1 bp −$5,506	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Nado AAVE-PERP	−0.0026%	1h	142.50	−0.069%	$830K	$402K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.58	−0.008%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.57	−0.016%	$55K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.66	+0.047%	$218K	$393K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.58	−0.009%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.951%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.49	−0.072%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0064%	8h	142.64	+0.033%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0078%	8h	142.63	+0.026%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0088%	1h	142.59	−0.002%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.52	−0.054%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.76	+0.117%	$78.1M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.68	+0.059%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.60	+0.005%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.63	+0.023%	$63.7M	$189.4M	75x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	142.61	+0.012%	$61.2M	$68.3M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.59	−0.002%	$17.1M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.63	+0.026%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.52	−0.050%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.63	+0.026%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.62	+0.019%	$25.6M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.66	+0.047%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.58	−0.009%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.61	+0.012%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.88	+0.201%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.12	+0.368%	$105K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.99	+0.278%	$448K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.01	+0.292%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.58	−0.009%	$134K	$453K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.64	+0.033%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.63	+0.026%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.162%	$682K	$5.2M	75x	as long as short
Backpack AAVE_USDC_PERP	+0.0104%	1h	142.72	+0.089%	$335K	$727K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.59	−0.003%	$903K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.68	+0.057%	$121K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	143.00	+0.285%	$4K	$106K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.59	−0.002%	$186K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.58	−0.009%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0237%	1h	142.73	+0.095%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0252% / S −0.0362%	1h	142.59	long leg	$111K	—	100x
Lighter AAVE	+0.0360%	1h	142.87	+0.194%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.71	+0.082%	$785K	$2.8M	50x	as long as short