Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h +0.058%

Price spread now: Phemex against Kraken Futures−0.101%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$660.661% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.101%, 7d avg −0.019%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.082% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.019%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.163%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_AAVEUSD	143.21	0.0268	pay 0.0034% / 1h	37m 44s	$3.5M	$2.1M	50x
Short	Phemex AAVEUSDT	143.07	0.0100	get 0.0100% / 8h	5h 37m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$35.36
Price spread: −0.101% → −0.019%: −$8.2
Slippage, 4 orders: −$44.11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$109.67
Costs to cover: 0.661%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago	5.23 bp	15.4 bp −$15	27.3 bp −$273	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.52 bp	26.6 bp −$27	34.8 bp −$348	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
01 Exchange AAVEUSD	−0.0064%	1h	143.20	−0.010%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0029%	1h	143.13	−0.059%	$238K	$378K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.07	−0.098%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.16	−0.038%	$59K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.18	−0.023%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.367%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.12	−0.066%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.13	−0.062%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0088%	1h	143.13	−0.063%	$830K	$431K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.55	+0.234%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.32	+0.071%	$4.6M	$1.5M	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0098%	8h	143.18	−0.024%	$17.1M	$63.2M	50x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.24	+0.020%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.26	+0.030%	$77.5M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.11	−0.073%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.15	−0.046%	$326K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.11	−0.073%	$64.1M	$182.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.20	−0.010%	$61.2M	$64.2M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.20	−0.010%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.56	+0.239%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.17	−0.031%	$7.9M	$15.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.15	−0.045%	$25.8M	$23.5M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.15	−0.045%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.18	−0.024%	$30.0M	$17.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.19	−0.017%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.12	−0.066%	$319K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.49	+0.190%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.52	+0.210%	$103K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.78	+0.395%	$456K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.78	+0.395%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.15	−0.045%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.13	−0.058%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.14	−0.052%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.24	+0.014%	$692K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.07	−0.101%	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	143.13	−0.058%	$913K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.16	−0.035%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.25	+0.025%	$187K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.11	−0.073%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.17	−0.033%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSDlong	+0.0268%	1h	143.21	long leg	$3.5M	$2.1M	50x
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.47	+0.178%	$776K	$2.8M	50x	as long as short