Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0215%/8h= −23.6% APRpaid last 24h −0.042%

Price spread now: OKX against GMX+0.004%7-day average −0.068% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.087%+$9 on $10k

Price spread, last 3 days (all we have)−0.358%−$36 · spread now +0.004%, 7d avg −0.068%

Together, before fees−0.271%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.072% dearer against GMX than usual: you sell high and buy low (spread +0.004% now, against its 7-day average of −0.068%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 27 hours. Mind the row above: over the last 3 days funding on this pair paid +0.087%, 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]	144.41	L +0.0266% / S −0.0438%	pay 0.0033% / 1h	31m 49s	$124K	—	100x
Short	OKX AAVE-USDT-SWAP	144.42	0.0051	get 0.0051% / 8h	2h 31m	$17.5M	$65.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$45.17
Price spread: +0.004% → −0.068%: $7.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$59.97
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 2 min ago	0.35 bp	9.8 bp −$10	16.8 bp −$168	65.4 bp −$6,542	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
Deribit AAVE_USDC-PERPETUAL	−0.0442%	1h	144.31	−0.072%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0201%	1h	144.26	−0.107%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.33	−0.059%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.43	+0.011%	$4K	$101K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0026%	1h	144.08	−0.232%	$134K	$229K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.40	−0.007%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.32	−0.066%	$71K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.41	0.000%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.42	+0.001%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.162%	$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
Reya AAVERUSDPERP	+0.0044%	1h	144.30	−0.076%	—	—	20x	as long as short
OKX AAVE-USDT-SWAPshort	+0.0051%	8h	144.42	+0.004%	$17.5M	$65.7M	50x
Orderly PERP_AAVE_USDC	+0.0054%	8h	144.32	−0.066%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0055%	8h	144.39	−0.017%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0065%	8h	144.39	−0.017%	$65.7M	$183.4M	75x	as long as short
MEXC AAVE_USDT	+0.0067%	8h	144.29	−0.086%	$31.7M	$26.2M	200x	as long as short
Nado AAVE-PERP	+0.0089%	1h	144.35	−0.045%	$801K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0094%	8h	144.35	−0.042%	$455K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.47	+0.041%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.34	−0.055%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.40	−0.013%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.44	+0.015%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.45	+0.024%	$80.2M	$33.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.34	−0.055%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.42	+0.006%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.40	−0.010%	$61.5M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.36	−0.038%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.138%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.35	−0.045%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.38	−0.024%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.38	−0.024%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.45	+0.024%	$377K	$702K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.08	−0.232%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.26	−0.106%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.41	−0.003%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.33	−0.057%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.47	+0.038%	$724K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.33	−0.059%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.32	−0.068%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0187%	8h	144.33	−0.059%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.038%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0266% / S −0.0438%	1h	144.41	long leg	$124K	—	100x