Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.035%

Price spread now: Bybit against Kraken Futures−0.073%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)−0.258%−$26 · spread now −0.073%, 7d avg −0.050%

Together, before fees−0.211%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.023% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.073% now, against its 7-day average of −0.050%). If the spread goes back, that is −$2 on $10k: about 21 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.046% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_AAVEUSD	144.51	0.0012	pay 0.0002% / 1h	35m 17s	$3.4M	$2.1M	50x
Short	Bybit AAVEUSDT	144.40	0.0100	get 0.0100% / 8h	2h 35m	$61.5M	$65.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.073%Rate

Funding earned: $18.41
Price spread: −0.073% → −0.050%: −$2.31
Slippage, 4 orders: −$29.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.94
Costs to cover: 0.500%
Break-even: 19.9 days

Slippage from Kraken Futures: live order book, 4 min ago; Bybit: live order book, 4 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 Kraken Futures live order book, 4 min ago	7.98 bp	18.3 bp −$18	27.5 bp −$275	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.35 bp	9.8 bp −$10	18.2 bp −$182	62.4 bp −$6,238	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	−0.0304%	1h	144.39	−0.080%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0194%	1h	144.34	−0.115%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.32	−0.129%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.13	−0.260%	$4K	$101K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0026%	1h	144.08	−0.295%	$134K	$229K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.40	−0.070%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.05	−0.316%	$71K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.41	−0.070%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSDlong	+0.0012%	1h	144.51	long leg	$3.4M	$2.1M	50x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.222%	$422	$51K	12x	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	144.34	−0.117%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	144.36	−0.101%	$17.5M	$65.6M	50x	as long as short
Gate AAVE_USDT	+0.0054%	8h	144.34	−0.115%	$7.7M	$15.7M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	144.32	−0.129%	$18K	$12K	10x	as long as short
MEXC AAVE_USDT	+0.0068%	8h	144.30	−0.143%	$31.8M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0068%	8h	144.32	−0.131%	$65.7M	$183.2M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0093%	8h	144.12	−0.270%	$450K	$4.0M	10x	as long as short
Nado AAVE-PERP	+0.0093%	1h	144.34	−0.111%	$801K	$437K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.54	+0.027%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.40	−0.073%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.37	−0.097%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.39	−0.083%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.45	−0.039%	$80.2M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.35	−0.109%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.36	−0.102%	$329K	$505K	10x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	144.40	−0.073%	$61.5M	$65.4M	75x
Arcus AAVE-USD	+0.0100%	1h	144.32	−0.129%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.075%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.40	−0.073%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.35	−0.108%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.35	−0.108%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.30	−0.143%	$379K	$701K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.08	−0.295%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.12	−0.269%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.40	−0.073%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.34	−0.111%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.30	−0.141%	$725K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.19	−0.219%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.35	−0.109%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0190%	8h	144.11	−0.274%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.101%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.40	−0.074%	$124K	—	100x	as long as short