Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Backpack against GRVT+0.166%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.342%−$34 · spread now +0.166%, 7d avg +0.009%

Together, before fees−0.276%+ Points / potential airdropGRVT: Active · farm board−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.158% dearer against GRVT than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT AAVE_USDT_Perp	143.96	0.0100	pay 0.0100% / 8h	6h 11m	$450K	$3.8M	10x
Short	Backpack AAVE_USDC_PERP	144.20	0.0100	get 0.0013% / 1h	11m 36s	$321K	$744K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now +0.166%Rate

Funding earned: $0
Price spread: +0.166% → +0.009%: $15.79
Slippage, 4 orders: −$17.06
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.27
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Backpack: live order book, 57 min ago.

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 GRVT live order book, 2 min ago	0.69 bp	12.5 bp −$12	34.0 bp −$340	33920.8 bp −$3.39M	doesn't fit
Sell Backpack live order book, 57 min ago	1.03 bp	7.4 bp −$7	375.8 bp −$3,758	doesn't fit	doesn't fit

AAVE on 41 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	−0.0034%	1h	144.20	+0.166%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	143.98	+0.014%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.08	+0.081%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.01	+0.034%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.12	+0.111%	$245K	$369K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.15	+0.128%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.44	+0.333%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.863%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.04	+0.052%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.14	+0.125%	$18K	$10K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0073%	8h	144.00	+0.028%	$26.6M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0076%	8h	143.96	−0.004%	$64.9M	$184.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0082%	8h	143.98	+0.014%	$17.3M	$65.1M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.02	+0.040%	$199K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.23	+0.187%	$4.6M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.17	+0.147%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.94	−0.011%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.93	−0.021%	$801K	$422K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.18	+0.153%	$78.0M	$35.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.09	+0.089%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.04	+0.052%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.98	+0.014%	$61.6M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.00	+0.028%	$44K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.98	+0.014%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.10	+0.097%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.90	−0.042%	$29.9M	$17.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.92	−0.028%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.20	+0.166%	$321K	$744K	10x
Variational Omni AAVE	+0.0100%	8h	144.03	+0.047%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.08	+0.080%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perplong	+0.0100%	8h	143.96	long leg	$450K	$3.8M	10x
ApeX Omni AAVEUSDT	+0.0100%	1h	144.04	+0.055%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.10	+0.097%	$124K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.09	+0.087%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.10	+0.097%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.46	+0.345%	$699K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.11	+0.104%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.09	+0.094%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.86	−0.071%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0248% / S −0.0386%	1h	144.12	+0.112%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.76	+0.555%	$778K	$2.8M	50x	as long as short