Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h +0.021%

Price spread now: Phoenix against HTX−0.109%7-day average +0.198% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.491%+$49 on $10k

Price spread, last 3 days (all we have)+0.189%+$19 · spread now −0.109%, 7d avg +0.198%

Together, before fees+0.681%+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.307% cheaper against HTX than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of +0.198%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.491%, 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	HTX AAVE-USDT	144.43	0.0100	pay 0.0100% / 8h	2h 15m	$718K	$4.9M	75x
Short	Phoenix AAVE	144.27	−0.0044	pay 0.0005% / 1h	15m 08s	$5K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$30.21
Price spread: −0.109% → +0.198%: −$30.68
Slippage, 4 orders: −$43.87
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$123.75
Costs to cover: 0.629%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Phoenix: live order book, 38 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, 4 min ago	10.59 bp	16.6 bp −$17	58.6 bp −$586	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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
Deribit AAVE_USDC-PERPETUAL	−0.0165%	1h	144.37	−0.039%	$254K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0161%	1h	144.33	−0.067%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0120%	1h	144.37	−0.039%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.27	−0.109%	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.28	−0.100%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.24	−0.129%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.37	−0.038%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.48	+0.034%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.170%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.30	−0.090%	—	—	20x	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	+0.0048%	8h	144.35	−0.053%	$31.3M	$26.3M	200x	as long as short
Binance AAVEUSDT	+0.0049%	8h	144.34	−0.060%	$65.7M	$184.8M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	144.32	−0.074%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0053%	8h	144.31	−0.081%	$17.4M	$66.1M	50x	as long as short
Gate AAVE_USDT	+0.0056%	8h	144.33	−0.067%	$7.8M	$15.9M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0061%	1h	144.10	−0.226%	$134K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0086%	8h	144.18	−0.168%	$451K	$3.9M	10x	as long as short
Nado AAVE-PERP	+0.0093%	1h	144.30	−0.084%	$801K	$436K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.54	+0.077%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.37	−0.043%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.33	−0.064%	$180K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.28	−0.103%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.47	+0.030%	$80.3M	$33.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.35	−0.052%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.30	−0.085%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.35	−0.053%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.31	−0.081%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.40	−0.019%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.32	−0.074%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.35	−0.053%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.48	+0.037%	$380K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.27	−0.110%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.15	−0.189%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.40	−0.019%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.32	−0.076%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDTlong	+0.0100%	8h	144.43	long leg	$718K	$4.9M	75x
Phemex AAVEUSDT	+0.0100%	8h	144.29	−0.095%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.33	−0.064%	$61K	$3K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.31	−0.080%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0169%	8h	144.30	−0.088%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.51	+0.057%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.37	−0.041%	$124K	—	100x	as long as short