Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: Phemex against Lighter−0.129%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.129%, 7d avg −0.111%

Together, before fees+0.108%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter AAVE	144.66	0.0096	pay 0.0012% / 1h	49m 58s	$4.6M	$1.4M	10x
Short	Phemex AAVEUSDT	144.47	0.0100	get 0.0100% / 8h	6h 49m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.129%Rate

Funding earned: $0.84
Price spread: −0.129% → −0.111%: −$1.79
Slippage, 4 orders: −$24.48
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.43
Costs to cover: 0.365%
Break-even: 318.9 days

Slippage from Lighter: live order book, 13 min ago; Phemex: 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 Lighter live order book, 13 min ago	3.41 bp	7.7 bp −$8	12.1 bp −$121	44.8 bp −$4,479	doesn't fit
Sell Phemex live order book, 4 min ago	1.74 bp	10.8 bp −$11	16.5 bp −$165	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	−0.0056%	1h	144.46	−0.136%	$11K	$2K	5x	as long as short
ApeX Omni AAVEUSDT	−0.0050%	1h	143.99	−0.461%	$134K	$230K	50x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.56	−0.070%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.34	−0.220%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.14	−0.357%	$65K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.44	−0.150%	$251K	$362K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.40	−0.175%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.22	−0.302%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.321%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0036%	8h	144.56	−0.067%	$27.6M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0037%	8h	144.53	−0.088%	$65.2M	$185.5M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.44	−0.150%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.37	−0.196%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0064%	8h	144.56	−0.067%	$17.5M	$66.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.46	−0.136%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.49	−0.116%	$183K	$245K	10x	as long as short
Lighter AAVElong	+0.0096%	1h	144.66	long leg	$4.6M	$1.4M	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	144.46	−0.135%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.35	−0.209%	$799K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.64	−0.012%	$78.6M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.45	−0.144%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.43	−0.160%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.55	−0.074%	$61.9M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.47	−0.129%	$45K	$236K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.56	−0.067%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.55	−0.074%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.56	−0.067%	$10.9M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.55	−0.074%	$29.9M	$18.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.53	−0.088%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.61	−0.032%	$325K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.293%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.86	−0.549%	$104K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.95	−0.490%	$455K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.47	−0.129%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.38	−0.194%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.45	−0.143%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.72	+0.044%	$702K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	144.47	−0.129%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.54	−0.080%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0144%	8h	144.16	−0.344%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.40	−0.179%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.47	−0.129%	$775K	$2.8M	50x	as long as short