Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h −0.026%

Price spread now: Phemex against GMX−0.206%7-day average −0.030% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.137%+$14 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.206%, 7d avg −0.030%

Together, before fees+0.269%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.175% cheaper against GMX than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.030%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.137%, 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]	141.89	L +0.0261% / S −0.0408%	pay 0.0033% / 1h	48m 49s	$120K	—	100x
Short	Phemex AAVEUSDT	141.60	0.0100	get 0.0100% / 8h	4h 48m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$33.78
Price spread: −0.206% → −0.030%: −$17.52
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$75.3
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 5 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 Phemex live order book, 5 min ago	1.05 bp	10.4 bp −$10	18.6 bp −$186	doesn't fit	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
01 Exchange AAVEUSD	−0.0160%	1h	141.83	−0.043%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0103%	1h	141.70	−0.135%	$223K	$396K	50x	as long as short
SoDEX AAVE-USD	−0.0082%	1h	141.58	−0.220%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.07	+0.129%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.69	−0.142%	$53K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.67	−0.155%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.476%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.84	−0.035%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0046%	8h	141.69	−0.142%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	142.03	+0.098%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0066%	1h	141.97	+0.059%	$832K	$438K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.63	−0.186%	$4.5M	$1.8M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.01	+0.087%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.90	+0.006%	$76.6M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.67	−0.156%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.99	+0.070%	$323K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.82	−0.053%	$63.5M	$185.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.86	−0.022%	$60.6M	$66.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.86	−0.022%	$17.0M	$63.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.95	+0.041%	$44K	$183K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.73	−0.114%	$7.9M	$15.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.80	−0.065%	$25.2M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.80	−0.065%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.71	−0.128%	$28.9M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.81	−0.058%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.72	−0.121%	$336K	$712K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.06	+0.119%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.49	+0.423%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.52	+0.443%	$450K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.05	+0.112%	$132K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.92	+0.020%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.59	−0.215%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.09	+0.141%	$684K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	141.60	−0.206%	$4.0M	$3.7M	50x
Bulk AAVE-USD	+0.0100%	1h	142.68	+0.553%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.82	−0.053%	$895K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.51	−0.266%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	141.93	+0.024%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.55	−0.241%	$3.3M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0261% / S −0.0408%	1h	141.89	long leg	$120K	—	100x
Kraken Futures PF_AAVEUSD	+0.0327%	1h	141.65	−0.168%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	141.73	−0.114%	$767K	$2.8M	50x	as long as short