Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.021%

Price spread now: Injective against Kalshi−5.231%66s7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 5.231% cheaper against Kalshi than usual: you would sell low and buy high (spread −5.231% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$523 on $10k: about 17 months of funding at the current rate (+$1 a day). The two prices were read 66 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	Kalshi KXAAVEPERP	144.52	0	get 0.0000% / 8h	6h 27m	$71K	$1.5M	3.4x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	27m 37s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.231%Rate

Funding earned: $7
Price spread: −5.231% → 0.000%: −$523.11
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$526.13
Costs to cover: 0.100%
Break-even: 533.1 days

Slippage unknown: Kalshi: live order book, 1 min ago; Injective: 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 Kalshi live order book, 1 min ago	0.35 bp	20.0 bp −$20	26.9 bp −$269	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 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	−0.0442%	1h	144.47	−0.035%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0188%	1h	144.44	−0.055%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.84	+0.221%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.43	−0.062%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.66	+0.094%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	144.52	long leg	$71K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.56	+0.031%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.60	+0.052%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−5.231%	$422	$51K	12x
ApeX Omni AAVEUSDT	+0.0041%	1h	144.40	−0.083%	$134K	$229K	50x	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	144.81	+0.199%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.77	+0.173%	$17.5M	$66.1M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0053%	8h	144.47	−0.035%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0055%	8h	144.64	+0.083%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0060%	8h	144.77	+0.170%	$65.9M	$183.7M	75x	as long as short
MEXC AAVE_USDT	+0.0061%	8h	144.65	+0.090%	$31.6M	$26.3M	200x	as long as short
Nado AAVE-PERP	+0.0087%	1h	144.81	+0.204%	$803K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.45	−0.046%	$455K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.86	+0.232%	$4.7M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.51	−0.008%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.83	+0.212%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.69	+0.116%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.80	+0.194%	$80.4M	$33.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.67	+0.106%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.69	+0.115%	$330K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.78	+0.180%	$61.6M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.77	+0.173%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.30	−0.155%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.71	+0.131%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.81	+0.201%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.67	+0.104%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.64	+0.083%	$378K	$701K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.45	−0.049%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	−0.109%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.86	+0.235%	$127K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.53	+0.008%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.60	+0.057%	$723K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.54	+0.014%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.63	+0.078%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0182%	8h	144.48	−0.028%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.111%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.56	+0.030%	$124K	—	100x	as long as short