Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0328%/8h= −35.9% APRpaid last 24h −0.042%

Price spread now: Kalshi against Lighter−0.391%7-day average −0.157% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Lighter Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 7 days+0.264%+$26 · spread now −0.391%, 7d avg −0.157%

Together, before fees+0.042%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Kalshi is 0.235% cheaper against Lighter than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.157%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.223% in total (about -11.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AAVE	143.34	0.0328	pay 0.0041% / 1h	35m 38s	$4.5M	$2.4M	10x
Short	Kalshi KXAAVEPERP	142.78	0	get 0.0000% / 8h	6h 35m	$55K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.391%Rate

Funding earned: −$68.88
Price spread: −0.391% → −0.157%: −$23.46
Slippage, 4 orders: −$29.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$132.09
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Kalshi: live order book, 3 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	2.03 bp	3.9 bp −$4	16.7 bp −$167	48.8 bp −$4,876	doesn't fit
Sell Kalshi live order book, 3 min ago	5.61 bp	19.8 bp −$20	26.4 bp −$264	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
Nado AAVE-PERP	−0.0005%	1h	142.87	−0.329%	$832K	$402K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.08	−0.182%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.78	−0.391%	$55K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.84	−0.350%	$218K	$393K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.83	−0.358%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.452%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.75	−0.410%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0062%	8h	142.91	−0.301%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0066%	8h	142.82	−0.363%	$18K	$10K	10x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	143.22	−0.084%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	143.15	−0.130%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.20	−0.097%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.18	−0.112%	$328K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.20	−0.098%	$63.9M	$189.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.16	−0.126%	$61.4M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.15	−0.133%	$17.1M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.25	−0.063%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.52	−0.571%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.18	−0.112%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.16	−0.126%	$25.4M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.17	−0.119%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.12	−0.154%	$29.3M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.15	−0.133%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.78	−0.389%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.65	−0.483%	$105K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.72	−0.433%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.27	−0.747%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.93	−0.287%	$135K	$460K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.88	−0.320%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.84	−0.350%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.18	−0.111%	$684K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.12	−0.156%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.84	−0.350%	$121K	$146	10x	as long as short
Hyperliquid AAVE	+0.0111%	1h	143.27	−0.050%	$78.3M	$37.1M	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.58	−0.531%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0137%	1h	143.09	−0.175%	$336K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	143.21	−0.091%	$188K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.73	−0.426%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0237%	1h	142.95	−0.273%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.80	−0.374%	$112K	—	100x	as long as short
Lighter AAVElong	+0.0328%	1h	143.34	long leg	$4.5M	$2.4M	10x
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.93	−0.287%	$777K	$2.8M	50x	as long as short