Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.023%

Price spread now: Phoenix against Kalshi−0.014%74s7-day average +0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.582% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.014%, 7d avg +0.148%

Together, before fees+0.331%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.162% cheaper against Kalshi than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.148%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.168%, so the current rate has only just turned against you. The two prices were read 74 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	144.45	0	get 0.0000% / 8h	6h 29m	$71K	$1.6M	3.4x
Short	Phoenix AAVE	144.43	−0.0044	pay 0.0005% / 1h	29m 33s	$4K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$9.21
Price spread: −0.014% → +0.148%: −$16.21
Slippage, 4 orders: −$41.2
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.62
Costs to cover: 0.582%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Phoenix: live order book, 23 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, 4 min ago	7.62 bp	13.1 bp −$13	19.5 bp −$195	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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	−0.0373%	1h	144.40	−0.035%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0189%	1h	144.37	−0.055%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.61	+0.111%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.43	−0.014%	$4K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.52	+0.051%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	144.45	long leg	$71K	$1.6M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.48	+0.019%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.54	+0.062%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.185%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0041%	1h	144.40	−0.035%	$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	144.54	+0.064%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0050%	8h	144.56	+0.076%	$17.5M	$65.9M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0054%	8h	144.37	−0.055%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0054%	8h	144.67	+0.152%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0062%	8h	144.60	+0.102%	$65.8M	$183.6M	75x	as long as short
MEXC AAVE_USDT	+0.0063%	8h	144.61	+0.111%	$31.6M	$26.3M	200x	as long as short
Nado AAVE-PERP	+0.0087%	1h	144.65	+0.138%	$803K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.45	+0.002%	$455K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.78	+0.226%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.41	−0.028%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.65	+0.139%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.59	+0.100%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.70	+0.173%	$80.3M	$33.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.56	+0.076%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.61	+0.111%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.64	+0.132%	$61.6M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.61	+0.111%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.30	−0.106%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.68	+0.159%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.59	+0.097%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.65	+0.138%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.57	+0.083%	$378K	$701K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.45	−0.001%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	−0.060%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.67	+0.152%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.37	−0.053%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.50	+0.033%	$722K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.43	−0.014%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.57	+0.082%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0183%	8h	144.43	−0.014%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.062%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.46	+0.006%	$124K	—	100x	as long as short