Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0152%/8h= −16.7% APRpaid last 24h −0.048%

Price spread now: MEXC against GMX−0.005%7-day average −0.035% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.099%+$10 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now −0.005%, 7d avg −0.035%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.030% dearer against GMX than usual: you sell high and buy low (spread −0.005% now, against its 7-day average of −0.035%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 3 days funding on this pair paid +0.099%, 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]	142.52	L +0.0252% / S −0.0362%	pay 0.0032% / 1h	9m 24s	$111K	—	100x
Short	MEXC AAVE_USDT	142.51	0.0100	get 0.0100% / 8h	3h 09m	$25.8M	$24.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$32
Price spread: −0.005% → −0.035%: $2.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$41.03
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.35 bp	1.9 bp −$2	6.2 bp −$62	31.5 bp −$3,151	93.4 bp −$46.7K

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
dYdX AAVE-USD	0.0000%	1h	142.74	+0.158%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.78	+0.184%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.61	+0.065%	$218K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.54	+0.016%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.899%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	142.74	+0.156%	$4K	$106K	10x	as long as short
Nado AAVE-PERP	+0.0037%	1h	142.54	+0.019%	$830K	$398K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.44	−0.057%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0057%	8h	142.52	+0.002%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0068%	8h	142.64	+0.086%	$4.0M	$3.6M	50x	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	142.70	+0.128%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.67	+0.107%	$78.0M	$37.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.57	+0.039%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.71	+0.134%	$327K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.49	−0.019%	$63.7M	$188.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.50	−0.012%	$61.3M	$67.8M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.51	−0.005%	$17.0M	$64.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.69	+0.121%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.97	+0.318%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.50	−0.012%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDTshort	+0.0100%	8h	142.51	−0.005%	$25.8M	$24.1M	200x
KuCoin AAVEUSDTM	+0.0100%	8h	142.58	+0.044%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.50	−0.012%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.47	−0.033%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.72	+0.142%	$335K	$722K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.66	+0.099%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.93	+0.288%	$104K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.96	+0.311%	$457K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.98	+0.325%	$133K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.63	+0.079%	$131K	$450K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.64	+0.085%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.62	+0.072%	$5K	$310K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.96	+0.308%	$683K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.51	−0.007%	$904K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.64	+0.086%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.53	+0.007%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	142.64	+0.085%	$185K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.67	+0.107%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	142.71	+0.133%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0252% / S −0.0362%	1h	142.52	long leg	$111K	—	100x
Lighter AAVE	+0.0256%	1h	142.94	+0.299%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	142.91	+0.276%	$781K	$2.8M	50x	as long as short