Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: Phemex against Injective+5.461%65s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 5.461% dearer against Injective than usual: you sell high and buy low: +$546 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AAVE/USDC PERP	136.96	0.0033	pay 0.0004% / 1h	29m 26s	$422	$51K	12x
Short	Phemex AAVEUSDT	144.44	0.0100	get 0.0100% / 8h	6h 29m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +5.461%Rate

Funding earned: $14
Price spread: +5.461% → 0.000%: $546.14
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $548.12
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	1.74 bp	17.2 bp −$17	23.9 bp −$239	doesn't fit	doesn't fit

Injective: 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
01 Exchange AAVEUSD	−0.0056%	1h	144.44	+5.461%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.61	+5.583%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.49	+5.500%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.16	+5.257%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.51	+5.513%	$251K	$362K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.22	+5.303%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.55	+5.542%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERPlong	+0.0033%	1h	136.96	long leg	$422	$51K	12x
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.15	+5.250%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.23	+5.306%	—	—	20x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0053%	8h	144.25	+5.323%	$26.9M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0053%	8h	144.21	+5.293%	$65.0M	$184.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0072%	8h	144.13	+5.235%	$17.4M	$65.4M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.50	+5.504%	$189K	$231K	10x	as long as short
Gate AAVE_USDT	+0.0091%	8h	144.29	+5.352%	$7.8M	$15.2M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.69	+5.642%	$4.7M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.50	+5.505%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.48	+5.493%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.32	+5.374%	$803K	$425K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	+5.505%	$78.3M	$35.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.54	+5.534%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.51	+5.514%	$329K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.18	+5.272%	$61.7M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.48	+5.491%	$45K	$181K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.50	+4.773%	$58K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.31	+5.367%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.40	+5.432%	$30.0M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.19	+5.279%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.66	+5.622%	$325K	$746K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.14	+5.244%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.20	+5.283%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.87	+5.048%	$452K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.20	+5.286%	$134K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.44	+5.461%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.50	+5.502%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.50	+5.505%	$5K	$298K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.86	+5.771%	$702K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	144.44	+5.461%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.36	+5.404%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0238% / S −0.0363%	1h	144.26	+5.332%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.51	+5.513%	$774K	$2.8M	50x	as long as short