Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0191%/8h= −20.9% APRpaid last 24h −0.032%

Price spread now: Orderly against GMX−0.039%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.039% cheaper against GMX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AAVE/USD [AAVE-USDC]	146.32	L +0.0235% / S −0.0373%	pay 0.0029% / 1h	15m 56s	$130K	—	100x
Short	Orderly PERP_AAVE_USDC	146.26	0.0045	get 0.0045% / 8h	7h 15m	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.039%Rate

Funding earned: −$40.05
Price spread: −0.039% → 0.000%: −$3.85
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$61.9
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.48	+0.111%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0152%	1h	146.39	+0.050%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0088%	1h	146.35	+0.023%	$5K	$305K	10x	as long as short
Phemex AAVEUSDT	−0.0061%	8h	146.32	+0.002%	$4.2M	$3.8M	50x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0023%	1h	146.34	+0.016%	$255K	$369K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.31	−0.007%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.36	+0.030%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.33	+0.009%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.33	+0.009%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0022%	8h	146.41	+0.064%	$28.9M	$25.8M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0022%	8h	146.41	+0.065%	$66.3M	$183.5M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.395%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.25	−0.044%	—	—	20x	as long as short
Orderly PERP_AAVE_USDCshort	+0.0045%	8h	146.26	−0.039%	$18K	$10K	10x
Gate AAVE_USDT	+0.0057%	8h	146.40	+0.057%	$7.9M	$15.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0064%	8h	146.35	+0.023%	$17.9M	$66.4M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0074%	1h	146.56	+0.167%	$136K	$231K	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.38	+0.042%	$124K	$146	10x	as long as short
BloFin AAVE-USDT	+0.0088%	8h	146.04	−0.189%	$3.5M	$3.5M	100x	as long as short
Lighter AAVE	+0.0096%	1h	146.57	+0.173%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.37	+0.035%	$14K	$4K	20x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.37	+0.037%	$62.7M	$65.0M	75x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.34	+0.016%	$800K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.52	+0.139%	$79.9M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.41	+0.062%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.37	+0.034%	$334K	$503K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.39	+0.050%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.362%	$59K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.50	+0.126%	$11.1M	$9.0M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.38	+0.044%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.41	+0.064%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.48	+0.112%	$332K	$736K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.27	−0.030%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.46	+0.101%	$106K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.48	+0.112%	$464K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.38	+0.044%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.35	+0.026%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.64	+0.219%	$713K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.38	+0.042%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.42	+0.070%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0235% / S −0.0373%	1h	146.32	long leg	$130K	—	100x
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.42	+0.071%	$785K	$2.9M	50x	as long as short