Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.027%

Price spread now: Phemex against Hyperliquid−0.137%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$480.477% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.217%+$22 · spread now −0.137%, 7d avg −0.081%

Together, before fees+0.205%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 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: Phemex is 0.056% cheaper against Hyperliquid than usual: you would sell low and buy high, −$6 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	145.93	0.0100	pay 0.0013% / 1h	0m 15s	$80.2M	$33.8M	10x
Short	Phemex AAVEUSDT	145.73	0.0100	get 0.0100% / 8h	1h 00m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → −0.081%: −$5.65
Slippage, 4 orders: −$26.74
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.38
Costs to cover: 0.477%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Phemex: live order book, 4 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, 3 min ago	0.69 bp	6.3 bp −$6	11.8 bp −$118	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	4.46 bp	22.1 bp −$22	27.9 bp −$279	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	−0.0120%	1h	145.83	−0.069%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0093%	1h	145.77	−0.110%	$255K	$417K	50x	as long as short
Phoenix AAVE	−0.0045%	1h	145.62	−0.212%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0008%	1h	145.74	−0.130%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.83	−0.066%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.58	−0.240%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.85	−0.053%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.147%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0041%	8h	145.79	−0.096%	$30.6M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0042%	8h	145.78	−0.101%	$66.5M	$185.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	145.77	−0.110%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	145.87	−0.044%	$184K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.75	−0.123%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.87	−0.042%	$3.5M	$2.1M	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0062%	8h	145.76	−0.116%	$17.8M	$67.2M	50x	as long as short
Gate AAVE_USDT	+0.0070%	8h	145.80	−0.089%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.73	−0.137%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.97	+0.031%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.77	−0.111%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.70	−0.154%	$806K	$437K	10x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	145.93	long leg	$80.2M	$33.8M	10x
Aster AAVEUSDT	+0.0100%	8h	145.85	−0.052%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.77	−0.108%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.78	−0.103%	$62.2M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.84	−0.062%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.096%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.81	−0.082%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.80	−0.089%	$30.5M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.80	−0.089%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.86	−0.048%	$351K	$724K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.55	−0.264%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.58	−0.241%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.53	−0.274%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.49	−0.302%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.87	−0.041%	$128K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.70	−0.156%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.89	−0.028%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	145.73	−0.137%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	145.71	−0.153%	$935K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	145.63	−0.206%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.85	−0.056%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.97	+0.027%	$793K	$3.0M	50x	as long as short