Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.047%

Price spread now: Orderly against Hyperliquid−0.042%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.042% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	144.10	0.0100	pay 0.0013% / 1h	11m 25s	$78.0M	$35.7M	10x
Short	Orderly PERP_AAVE_USDC	144.04	0.0044	get 0.0044% / 8h	6h 11m	$18K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.042%Rate

Funding earned: −$11.7
Price spread: −0.042% → 0.000%: −$4.16
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.86
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 12 min ago; Orderly: 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 Hyperliquid live order book, 12 min ago	1.73 bp	6.8 bp −$7	11.3 bp −$113	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 41 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
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.20	+0.069%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	143.98	−0.083%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.08	−0.016%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.01	−0.062%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.12	+0.014%	$245K	$369K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.96	−0.096%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.11	+0.007%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.955%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.96	−0.097%	—	—	20x	as long as short
Orderly PERP_AAVE_USDCshort	+0.0044%	8h	144.04	−0.042%	$18K	$10K	10x

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0073%	8h	143.99	−0.076%	$26.6M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0076%	8h	143.97	−0.090%	$64.9M	$184.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0082%	8h	144.04	−0.042%	$17.3M	$65.1M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.02	−0.057%	$199K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.23	+0.090%	$4.6M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.09	−0.003%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.94	−0.108%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.93	−0.118%	$801K	$422K	10x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	144.10	long leg	$78.0M	$35.7M	10x
Aster AAVEUSDT	+0.0100%	8h	143.99	−0.079%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.04	−0.045%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.03	−0.049%	$61.6M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.00	−0.069%	$44K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.97	−0.090%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.99	−0.076%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.94	−0.111%	$29.9M	$17.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.02	−0.056%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.20	+0.069%	$321K	$744K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.03	−0.050%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.08	−0.017%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.96	−0.097%	$450K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.04	−0.042%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.02	−0.056%	$124K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.09	−0.010%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.10	0.000%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.46	+0.248%	$699K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.11	+0.007%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.09	−0.003%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.86	−0.167%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0249% / S −0.0387%	1h	143.96	−0.097%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.76	+0.458%	$778K	$2.8M	50x	as long as short