Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.025%

Price spread now: Backpack against Hyperliquid−0.049%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now −0.049%, 7d avg −0.081%

Together, before fees−0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 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 0.032% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	143.10	0.0100	pay 0.0013% / 1h	6m 59s	$77.8M	$36.1M	10x
Short	Backpack AAVE_USDC_PERP	143.03	0.0100	get 0.0013% / 1h	6m 59s	$336K	$721K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.081%: $3.16
Slippage, 4 orders: −$12.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.12
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Backpack: live order book, 52 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 Hyperliquid live order book, 7 min ago	1.05 bp	6.4 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit
Sell Backpack live order book, 52 min ago	1.40 bp	9.3 bp −$9	552.8 bp −$5,528	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
01 Exchange AAVEUSD	−0.0136%	1h	142.85	−0.175%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.98	−0.084%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.95	−0.105%	$53K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.92	−0.126%	$219K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.95	−0.104%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0007%	1h	142.96	−0.094%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.291%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.84	−0.180%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	142.90	−0.140%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.01	−0.063%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0072%	1h	142.93	−0.119%	$5K	$302K	10x	as long as short
Phemex AAVEUSDT	+0.0090%	8h	142.87	−0.161%	$4.0M	$3.7M	50x	as long as short
Lighter AAVE	+0.0096%	1h	143.03	−0.045%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.91	−0.135%	$13K	$4K	20x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	143.10	long leg	$77.8M	$36.1M	10x
Aster AAVEUSDT	+0.0100%	8h	142.99	−0.080%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.96	−0.097%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.91	−0.130%	$63.7M	$186.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.86	−0.168%	$61.3M	$67.5M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.85	−0.175%	$17.1M	$64.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.97	−0.091%	$64K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.62	−0.333%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.94	−0.112%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.92	−0.126%	$25.1M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.96	−0.098%	$10.5M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.75	−0.245%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.92	−0.126%	—	$43.8M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	143.03	−0.049%	$336K	$721K	10x
Variational Omni AAVE	+0.0100%	8h	142.83	−0.190%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.88	−0.154%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.90	−0.140%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.95	−0.105%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.96	−0.098%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.82	−0.196%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.05	−0.034%	$688K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.80	−0.210%	$898K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.94	−0.112%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.89	−0.148%	$178K	$244K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.85	−0.175%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.93	−0.117%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	143.02	−0.057%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.01	−0.063%	$793K	$2.8M	50x	as long as short