Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.010%

Price spread now: dYdX against GRVT−0.194%50s7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$332as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$3223.218% of the position

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.194%, 7d avg −0.006%

Together, before fees−0.072%+ Points / potential airdropGRVT: Active · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.188% cheaper against GRVT than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.006%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT AAVE_USDT_Perp	143.60	0.0091	pay 0.0091% / 8h	2h 02m	$449K	$3.9M	10x
Short	dYdX AAVE-USD	143.32	0	get 0.0000% / 1h	2m 37s	$102K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.194%Rate

Funding earned: −$19.11
Price spread: −0.194% → −0.006%: −$18.82
Slippage, 4 orders: −$302.78
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$359.71
Costs to cover: 3.218%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; dYdX: live order book, 21 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, 1 min ago	0.35 bp	5.5 bp −$6	26.1 bp −$261	34612.1 bp −$3.46M	doesn't fit
Sell dYdX live order book, 21 min ago	146.85 bp	151.8 bp −$152	151.8 bp −$1,518	228.9 bp −$22.9K	510.5 bp −$255.2K

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	−0.0448%	1h	143.23	−0.258%	$252K	$489K	50x	as long as short
SoDEX AAVE-USD	−0.0151%	1h	143.19	−0.286%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0104%	1h	143.10	−0.349%	$10K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	143.24	−0.251%	$5K	$101K	10x	as long as short
dYdX AAVE-USDshort	0.0000%	1h	143.32	−0.194%	$102K	$5K	10x
Kalshi KXAAVEPERP	0.0000%	8h	143.24	−0.251%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.27	−0.227%	$69K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.31	−0.204%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.624%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0044%	8h	143.31	−0.202%	$65.1M	$185.3M	75x	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	143.17	−0.301%	—	—	20x	as long as short
MEXC AAVE_USDT	+0.0045%	8h	143.30	−0.209%	$30.7M	$26.5M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	143.20	−0.279%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	143.34	−0.182%	$17.3M	$65.8M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0058%	1h	143.62	+0.013%	$134K	$229K	50x	as long as short
Gate AAVE_USDT	+0.0063%	8h	143.30	−0.209%	$7.7M	$16.0M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	+0.261%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perplong	+0.0091%	8h	143.60	long leg	$449K	$3.9M	10x
Lighter AAVE	+0.0096%	1h	143.52	−0.054%	$4.6M	$1.7M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.22	−0.263%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.39	−0.149%	$178K	$247K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.31	−0.199%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.09	−0.352%	$792K	$438K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.40	−0.140%	$78.7M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.35	−0.175%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.34	−0.183%	$326K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.32	−0.195%	$60.9M	$65.7M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.34	−0.182%	$50K	$274K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.30	−0.209%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.31	−0.202%	$29.8M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.31	−0.202%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.33	−0.188%	$379K	$710K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.38	−0.155%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.50	−0.073%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.24	−0.251%	$125K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.18	−0.296%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.22	−0.264%	$712K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.28	−0.223%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.29	−0.214%	$919K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0166%	8h	143.17	−0.300%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	143.44	−0.112%	$769K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	143.28	−0.223%	$123K	—	100x	as long as short