AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%

Price spread now: Backpack against Lighter−0.015%7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.224%−$22 · spread now −0.015%, 7d avg −0.115%

Together, before fees−0.235%+ Points / potential airdropLighter: Season 3 · farm board−$24 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: Backpack is 0.100% dearer against Lighter than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AAVE	144.62	0.0096	pay 0.0012% / 1h	40m 38s	$4.6M	$1.6M	10x
Short	Backpack AAVE_USDC_PERP	144.60	0.0100	get 0.0013% / 1h	40m 38s	$380K	$701K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now −0.015%Rate

Funding earned: $0.84
Price spread: −0.015% → −0.115%: $9.96
Slippage, 4 orders: −$16.94
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$16.14
Costs to cover: 0.269%
Break-even: 141.5 days

Slippage from Lighter: live order book, 7 min ago; Backpack: live order book, 48 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 Lighter live order book, 7 min ago	1.96 bp	8.1 bp −$8	13.0 bp −$130	45.1 bp −$4,512	doesn't fit
Sell Backpack live order book, 48 min ago	0.68 bp	8.5 bp −$9	94.6 bp −$946	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	−0.0372%	1h	144.64	+0.012%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0184%	1h	144.62	−0.001%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.66	+0.026%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.78	+0.109%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.48	−0.099%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.63	+0.006%	$72K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.72	+0.065%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.77	+0.104%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.298%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0037%	1h	144.98	+0.248%	$135K	$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	144.64	+0.009%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0050%	8h	144.43	−0.133%	$17.5M	$65.5M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0056%	8h	144.63	+0.006%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0056%	8h	144.39	−0.160%	$7.7M	$15.6M	75x	as long as short
MEXC AAVE_USDT	+0.0072%	8h	144.41	−0.147%	$31.9M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0072%	8h	144.40	−0.154%	$65.7M	$182.2M	75x	as long as short
Nado AAVE-PERP	+0.0093%	1h	144.75	+0.089%	$803K	$444K	10x	as long as short
Lighter AAVElong	+0.0096%	1h	144.62	long leg	$4.6M	$1.6M	10x
Aevo AAVE-PERP	+0.0096%	1h	144.66	+0.026%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.72	+0.068%	$180K	$242K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0098%	8h	144.97	+0.241%	$460K	$4.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.42	−0.141%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.61	−0.011%	$80.8M	$32.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.40	−0.153%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.45	−0.121%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.43	−0.133%	$61.5M	$65.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.43	−0.133%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	−0.005%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.46	−0.112%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.42	−0.140%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.43	−0.133%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.60	−0.015%	$380K	$701K	10x
Variational Omni AAVE	+0.0100%	8h	145.12	+0.341%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.93	+0.215%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.71	+0.061%	$127K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.62	−0.003%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.77	+0.103%	$734K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.56	−0.043%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.40	−0.150%	$935K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0192%	8h	144.58	−0.029%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.92	+0.206%	$779K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.70	+0.056%	$124K	—	100x	as long as short