Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.044%

Price spread now: Lighter against Kalshi+0.054%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.006%+$1 · spread now +0.054%, 7d avg +0.158%

Together, before fees+0.231%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.105% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.158%). If the spread goes back, that is −$10 on $10k: about 3.6 days 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	141.90	0	get 0.0000% / 8h	2h 20m	$42K	$1.4M	3.4x
Short	Lighter AAVE	141.98	0.0096	get 0.0012% / 1h	20m 25s	$4.6M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now +0.054%Rate

Funding earned: $20.16
Price spread: +0.054% → +0.158%: −$10.48
Slippage, 4 orders: −$28.63
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$28.95
Costs to cover: 0.386%
Break-even: 17.1 days

Slippage from Kalshi: live order book, 1 min ago; Lighter: live order book, 5 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	0.35 bp	20.4 bp −$20	26.8 bp −$268	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.38 bp	4.5 bp −$4	18.9 bp −$189	57.3 bp −$5,733	doesn't fit

AAVE on 42 exchanges

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
SoDEX AAVE-USD	−0.0108%	1h	141.82	−0.056%	$6K	$241K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0070%	1h	141.55	−0.247%	$132K	$221K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.94	+0.025%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.83	−0.049%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	141.90	long leg	$42K	$1.4M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.87	−0.021%	$210K	$356K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.90	+0.002%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.481%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.72	−0.130%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0046%	8h	141.82	−0.056%	$3.9M	$3.6M	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit AAVEUSDT	+0.0052%	8h	141.77	−0.092%	$61.1M	$62.3M	75x	as long as short
Phoenix AAVE	+0.0062%	1h	141.72	−0.127%	$4K	$97K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	141.74	−0.113%	$17K	$2K	10x	as long as short
Lighter AAVEshort	+0.0096%	1h	141.98	+0.054%	$4.6M	$2.2M	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	141.78	−0.082%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.76	−0.097%	$814K	$319K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.99	+0.063%	$78.0M	$31.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.90	0.000%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.83	−0.049%	$345K	$340K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.77	−0.088%	$63.9M	$170.9M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.76	−0.099%	$16.5M	$55.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.97	+0.049%	$95K	$209K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.80	−0.070%	$164K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.84	−0.042%	$8.1M	$14.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.80	−0.070%	$22.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.87	−0.021%	$10.3M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.77	−0.092%	$29.3M	$16.6M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.82	−0.056%	—	$43.3M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.78	−0.087%	$3.7M	$724K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.58	−0.226%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.226%	$452K	$3.3M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.92	+0.014%	$134K	$400K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.81	−0.060%	$2K	$1.2M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.02	+0.084%	$663K	$1.5M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.76	−0.097%	$916K	$1.6M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.89	−0.009%	$120K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0109%	1h	142.01	+0.078%	$388K	$634K	10x	as long as short
RISEx AAVE/USDC	+0.0164%	1h	141.89	−0.006%	$172K	$204K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0176%	1h	141.97	+0.047%	$3.4M	$1.9M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.86	−0.028%	$3.3M	$3.4M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0232%	1h	142.00	+0.070%	$753K	$2.3M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.82	−0.058%	$110K	—	100x	as long as short