Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0127%/8h= −14.0% APRpaid last 24h −0.001%

Price spread now: Phoenix against GRVT+0.233%7-day average +0.075% · you sell dearer than you buy

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

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now +0.233%, 7d avg +0.075%

Together, before fees−0.066%+ Points / potential airdropGRVT: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.158% dearer against GRVT than usual: you sell high and buy low (spread +0.233% now, against its 7-day average of +0.075%): +$16 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT AAVE_USDT_Perp	145.69	0.0100	pay 0.0100% / 8h	32m 52s	$461K	$3.8M	10x
Short	Phoenix AAVE	146.03	−0.0027	pay 0.0003% / 1h	32m 52s	$5K	$99K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhoenixbpOrdersPrice spread, now +0.233%Rate

Funding earned: −$26.76
Price spread: +0.233% → +0.075%: $15.78
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$26.97
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 1 min ago; Phoenix: 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 GRVT live order book, 1 min ago	0.34 bp	6.1 bp −$6	12.4 bp −$124	14847.9 bp −$1.48M	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
SoDEX AAVE-USD	−0.0066%	1h	146.27	+0.397%	$5K	$305K	10x	as long as short
Phoenix AAVEshort	−0.0027%	1h	146.03	+0.233%	$5K	$99K	10x
dYdX AAVE-USD	0.0000%	1h	146.14	+0.305%	$104K	$5K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	146.28	+0.404%	$11K	$2K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.16	+0.322%	$84K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	146.32	+0.432%	$256K	$394K	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.36	+0.458%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.32	+0.429%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.993%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0039%	8h	146.26	+0.391%	$66.7M	$185.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0040%	8h	146.25	+0.384%	$30.5M	$25.8M	200x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.25	+0.382%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.25	+0.384%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0075%	8h	146.28	+0.404%	$18.0M	$67.8M	50x	as long as short
Gate AAVE_USDT	+0.0078%	8h	146.21	+0.356%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.33	+0.442%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.49	+0.550%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.19	+0.340%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.13	+0.298%	$804K	$442K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.43	+0.507%	$80.8M	$34.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.23	+0.373%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.19	+0.343%	$334K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.25	+0.384%	$62.4M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.26	+0.391%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.88	+0.130%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.25	+0.384%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.17	+0.329%	$30.4M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.24	+0.377%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.39	+0.480%	$348K	$745K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.13	+0.300%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.68	−0.006%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perplong	+0.0100%	8h	145.69	long leg	$461K	$3.8M	10x
ApeX Omni AAVEUSDT	+0.0100%	1h	146.11	+0.288%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.31	+0.425%	$128K	$456K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.25	+0.385%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.27	+0.396%	$699K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.28	+0.404%	$4.2M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.15	+0.318%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.29	+0.408%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0157%	8h	146.26	+0.391%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.32	+0.432%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.38	+0.473%	$789K	$3.0M	50x	as long as short