Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.041%

Price spread now: Backpack against Kalshi+0.104%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 3 days (all we have)−0.333%−$33 · spread now +0.104%, 7d avg +0.093%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.093%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXAAVEPERP	144.10	0	get 0.0000% / 8h	6h 37m	$70K	$1.6M	3.4x
Short	Backpack AAVE_USDC_PERP	144.25	0.0100	get 0.0013% / 1h	37m 18s	$379K	$701K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.104%Rate

Funding earned: $21
Price spread: +0.104% → +0.093%: $1.08
Slippage, 4 orders: −$24.24
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.17
Costs to cover: 0.442%
Break-even: 14.4 days

Slippage from Kalshi: live order book, 1 min ago; Backpack: live order book, 51 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 Kalshi live order book, 1 min ago	5.55 bp	13.9 bp −$14	21.4 bp −$214	doesn't fit	doesn't fit
Sell Backpack live order book, 51 min ago	0.68 bp	8.5 bp −$9	94.6 bp −$946	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	−0.0235%	1h	144.17	+0.049%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0201%	1h	144.10	0.000%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.19	+0.062%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.78	+0.472%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.25	+0.102%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	144.10	long leg	$70K	$1.6M	3.4x
ApeX Omni AAVEUSDT	+0.0001%	1h	144.66	+0.389%	$134K	$229K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.21	+0.073%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.28	+0.123%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.955%	$422	$51K	12x	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	144.06	−0.025%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.15	+0.035%	$17.5M	$65.5M	50x	as long as short
Gate AAVE_USDT	+0.0053%	8h	144.08	−0.014%	$7.7M	$15.7M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	144.15	+0.035%	$18K	$12K	10x	as long as short
MEXC AAVE_USDT	+0.0069%	8h	144.13	+0.021%	$31.8M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0070%	8h	144.13	+0.021%	$65.6M	$183.0M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0095%	8h	144.67	+0.397%	$459K	$4.0M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.38	+0.192%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.18	+0.056%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.26	+0.110%	$179K	$242K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.16	+0.041%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.16	+0.045%	$800K	$444K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.17	+0.049%	$80.1M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.10	+0.003%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.19	+0.060%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.19	+0.062%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.23	+0.090%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.357%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.14	+0.028%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.12	+0.014%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.16	+0.042%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.25	+0.104%	$379K	$701K	10x
Variational Omni AAVE	+0.0100%	8h	144.70	+0.413%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.12	+0.012%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.21	+0.076%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.13	+0.020%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.29	+0.134%	$728K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.16	+0.042%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.10	+0.003%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0191%	8h	144.02	−0.056%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.38	+0.194%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.21	+0.078%	$124K	—	100x	as long as short