Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.036%

Price spread now: Nado against Kalshi+0.011%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$450.453% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.111%+$11 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now +0.011%, 7d avg +0.050%

Together, before fees+0.248%+ Points / potential airdropNado: Active · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.039% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.050%). If the spread goes back, that is −$4 on $10k: about 31 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	141.57	0	get 0.0000% / 8h	3h 48m	$46K	$1.4M	3.4x
Short	Nado AAVE-PERP	141.59	0.0100	get 0.0012% / 1h	48m 30s	$828K	$400K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.011%Rate

Funding earned: $21
Price spread: +0.011% → +0.050%: −$3.9
Slippage, 4 orders: −$28.3
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$28.2
Costs to cover: 0.453%
Break-even: 16.4 days

Slippage from Kalshi: live order book, 5 min ago; Nado: live order book, 50 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, 5 min ago	9.56 bp	14.6 bp −$15	21.7 bp −$217	doesn't fit	doesn't fit
Sell Nado live order book, 50 min ago	1.06 bp	7.0 bp −$7	15.5 bp −$155	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
dYdX AAVE-USD	0.0000%	1h	141.60	+0.022%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	141.57	long leg	$46K	$1.4M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.65	+0.057%	$214K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.65	+0.054%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.256%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.55	−0.012%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0086%	8h	141.61	+0.028%	$17K	$8K	10x	as long as short
Phoenix AAVE	+0.0096%	1h	141.55	−0.014%	$4K	$99K	10x	as long as short
Phemex AAVEUSDT	+0.0096%	8h	141.57	0.000%	$3.9M	$3.6M	50x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.46	−0.077%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERPshort	+0.0100%	1h	141.59	+0.011%	$828K	$400K	10x
Hyperliquid AAVE	+0.0100%	1h	141.63	+0.042%	$77.3M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.60	+0.021%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.52	−0.039%	$330K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.56	−0.007%	$63.6M	$192.3M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.56	−0.007%	$61.0M	$69.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.59	+0.014%	$16.6M	$64.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.65	+0.057%	$94K	$224K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.052%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.54	−0.021%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.49	−0.057%	$22.8M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.55	−0.014%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.55	−0.014%	$28.8M	$18.0M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.50	−0.049%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.52	−0.034%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.24	−0.230%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.30	−0.193%	$452K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.25	−0.226%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.61	+0.028%	$134K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.64	+0.052%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.62	+0.035%	$5K	$298K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.72	+0.107%	$667K	$5.3M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.44	−0.092%	$909K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.62	+0.035%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.65	+0.058%	$120K	$146	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.46	−0.078%	$753K	$2.7M	50x	as long as short
Lighter AAVE	+0.0216%	1h	141.71	+0.102%	$4.5M	$2.5M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.56	−0.007%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.57	+0.003%	$178K	$296K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0240%	1h	141.77	+0.141%	$385K	$732K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	141.68	+0.075%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.65	+0.054%	$110K	—	100x	as long as short