Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.019%

Price spread now: Backpack against HTX−0.047%7-day average +0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.536%+$54 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.047%, 7d avg +0.142%

Together, before fees+0.580%+$58 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 0.190% cheaper against HTX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.142%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX AAVE-USDT	143.39	0.0100	pay 0.0100% / 8h	3h 33m	$689K	$5.2M	75x
Short	Backpack AAVE_USDC_PERP	143.32	0.0106	get 0.0013% / 1h	33m 54s	$336K	$720K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.047%Rate

Funding earned: $1.34
Price spread: −0.047% → +0.142%: −$18.98
Slippage, 4 orders: −$28.2
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$67.85
Costs to cover: 0.502%
Break-even: 361.7 days

Slippage from HTX: live order book, 5 min ago; Backpack: live order book, 20 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 HTX live order book, 5 min ago	4.88 bp	17.0 bp −$17	43.6 bp −$436	doesn't fit	doesn't fit
Sell Backpack live order book, 20 min ago	0.35 bp	6.5 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit

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
dYdX AAVE-USD	0.0000%	1h	143.51	+0.085%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.29	−0.068%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.20	−0.131%	$219K	$397K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.26	−0.091%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0022%	1h	143.28	−0.072%	$837K	$398K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.483%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	143.53	+0.099%	$4K	$106K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.19	−0.137%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0049%	8h	143.28	−0.075%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	143.18	−0.145%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0088%	1h	143.33	−0.040%	$10K	$2K	5x	as long as short
Lighter AAVE	+0.0096%	1h	143.40	+0.009%	$4.5M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.39	−0.002%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.28	−0.075%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.50	+0.077%	$328K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.18	−0.142%	$63.9M	$188.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.17	−0.152%	$61.6M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.19	−0.138%	$17.1M	$64.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.41	+0.015%	$64K	$200K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.20	−0.131%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.19	−0.138%	$25.7M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.23	−0.110%	$10.4M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.20	−0.131%	$29.2M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.20	−0.131%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.26	−0.089%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.43	+0.033%	$104K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.20	−0.129%	$449K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.41	+0.015%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.35	−0.027%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.27	−0.084%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.20	−0.131%	$5K	$309K	10x	as long as short
HTX AAVE-USDTlong	+0.0100%	8h	143.39	long leg	$689K	$5.2M	75x
Bulk AAVE-USD	+0.0100%	1h	143.72	+0.232%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.14	−0.174%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.33	−0.041%	$121K	$146	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0106%	1h	143.32	−0.047%	$336K	$720K	10x
RISEx AAVE/USDC	+0.0132%	1h	143.36	−0.022%	$186K	$252K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.37	−0.013%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.30	−0.065%	$3.4M	$2.1M	50x	as long as short
Hyperliquid AAVE	+0.0252%	1h	143.37	−0.013%	$78.6M	$36.9M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.26	−0.091%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.68	+0.204%	$788K	$2.8M	50x	as long as short