Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.067%

Price spread now: Hyperliquid against Kalshi+0.114%7-day average +0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$22 on $10k

Price spread, last 3 days (all we have)−0.163%−$16 · spread now +0.114%, 7d avg +0.171%

Together, before fees+0.062%+ Points / potential airdropHyperliquid: Season 2 · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.057% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.114% now, against its 7-day average of +0.171%). If the spread goes back, that is −$6 on $10k: about 46 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXAAVEPERP	146.15	0	get 0.0000% / 8h	4h 31m	$85K	$1.5M	3.4x
Short	Hyperliquid AAVE	146.32	0.0100	get 0.0013% / 1h	31m 06s	$80.7M	$34.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.114%Rate

Funding earned: $21
Price spread: +0.114% → +0.171%: −$5.74
Slippage, 4 orders: −$28.83
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.57
Costs to cover: 0.478%
Break-even: 17.9 days

Slippage from Kalshi: live order book, 2 min ago; Hyperliquid: live order book, 13 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, 2 min ago	0.34 bp	22.2 bp −$22	26.6 bp −$266	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.68 bp	6.3 bp −$6	11.2 bp −$112	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	−0.0160%	1h	146.15	0.000%	$255K	$394K	50x	as long as short
SoDEX AAVE-USD	−0.0076%	1h	146.12	−0.021%	$5K	$305K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	146.34	+0.130%	$5K	$99K	10x	as long as short
01 Exchange AAVEUSD	−0.0008%	1h	146.18	+0.021%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.13	−0.012%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	146.15	long leg	$85K	$1.5M	3.4x
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.24	+0.065%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.25	+0.065%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.288%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0040%	8h	146.14	−0.007%	$30.4M	$25.8M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0041%	8h	146.13	−0.011%	$66.6M	$185.9M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.16	+0.005%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.13	−0.014%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0074%	8h	146.13	−0.014%	$18.0M	$67.8M	50x	as long as short
Gate AAVE_USDT	+0.0078%	8h	146.18	+0.021%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.15	+0.002%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.36	+0.144%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.16	+0.005%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.10	−0.031%	$804K	$442K	10x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	146.32	+0.114%	$80.7M	$34.6M	10x
Aster AAVEUSDT	+0.0100%	8h	146.18	+0.020%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.15	+0.003%	$334K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.15	0.000%	$62.3M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.18	+0.021%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.88	−0.185%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.18	+0.021%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.11	−0.027%	$30.4M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.16	+0.007%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.25	+0.068%	$348K	$745K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.17	+0.012%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.18	+0.021%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.26	+0.073%	$462K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.19	+0.027%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.23	+0.055%	$128K	$456K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.11	−0.026%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.21	+0.042%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.19	+0.027%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.08	−0.045%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.22	+0.046%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	146.20	+0.034%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.23	+0.058%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.33	+0.123%	$788K	$3.0M	50x	as long as short