Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.012%

Price spread now: Phemex against KuCoin−0.041%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on KuCoin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 3 days (all we have)+0.164%+$16 · spread now −0.041%, 7d avg +0.012%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.053% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin AAVEUSDTM	145.59	0.0100	pay 0.0100% / 8h	7h 56m	$10.0M	$8.7M	75x
Short	Phemex AAVEUSDT	145.53	0.0100	get 0.0100% / 8h	7h 56m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against KuCoin. 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 KuCoinbpFee PhemexbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → +0.012%: −$5.28
Slippage, 4 orders: −$37.33
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.61
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Phemex: live order book, 2 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 KuCoin live order book, 1 min ago	1.03 bp	20.4 bp −$20	43.6 bp −$436	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.09 bp	12.0 bp −$12	21.3 bp −$213	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
Kraken Futures PF_AAVEUSD	−0.0185%	1h	145.60	+0.005%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0096%	1h	145.49	−0.069%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	145.79	+0.137%	$5K	$102K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.50	−0.063%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.39	−0.137%	$77K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	145.48	−0.076%	$254K	$391K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.56	−0.017%	$70K	—	150x	as long as short
MEXC AAVE_USDT	+0.0027%	8h	145.66	+0.048%	$29.3M	$25.5M	200x	as long as short
Binance AAVEUSDT	+0.0027%	8h	145.72	+0.092%	$66.1M	$188.3M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.928%	$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	145.42	−0.120%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	145.42	−0.117%	$18K	$12K	10x	as long as short
SoDEX AAVE-USD	+0.0056%	1h	145.45	−0.096%	$5K	$305K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0068%	8h	145.71	+0.082%	$17.8M	$67.3M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.58	−0.004%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.65	+0.040%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.40	−0.129%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.35	−0.165%	$795K	$453K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.81	+0.151%	$79.6M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.58	−0.008%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.40	−0.128%	$332K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.70	+0.076%	$62.2M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.50	−0.062%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.52	−0.045%	$61K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	145.68	+0.062%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTMlong	+0.0100%	8h	145.59	long leg	$10.0M	$8.7M	75x
Bitget AAVEUSDT	+0.0100%	8h	145.67	+0.055%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.72	+0.089%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.68	+0.062%	$348K	$744K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.88	+0.196%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.77	+0.122%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.91	+0.220%	$467K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.87	+0.192%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.50	−0.062%	$127K	$455K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.44	−0.106%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.51	−0.053%	$688K	$5.1M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	145.53	−0.041%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	145.59	−0.002%	$934K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	145.54	−0.038%	$184K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0108%	8h	145.45	−0.096%	$3.4M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.56	−0.020%	$127K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	145.64	+0.034%	$780K	$3.1M	50x	as long as short