Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.002%

Price spread now: Phoenix against MEXC+0.287%92s7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.311% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.287%, 7d avg +0.056%

Together, before fees+0.095%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.232% dearer against MEXC than usual: you sell high and buy low (spread +0.287% now, against its 7-day average of +0.056%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 18 days. The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC AAVE_USDT	142.62	0.0100	pay 0.0100% / 8h	4h 27m	$25.1M	$23.8M	200x
Short	Phoenix AAVE	143.03	0.0056	get 0.0007% / 1h	27m 59s	$4K	$102K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.287%Rate

Funding earned: −$9.25
Price spread: +0.287% → +0.056%: $23.19
Slippage, 4 orders: −$24.06
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.11
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Phoenix: live order book, 22 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 MEXC live order book, 1 min ago	0.35 bp	0.7 bp −$1	5.3 bp −$53	40.0 bp −$3,999	120.8 bp −$60.4K
Sell Phoenix live order book, 22 min ago	3.53 bp	14.3 bp −$14	47.0 bp −$470	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	−0.0152%	1h	142.61	−0.007%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0101%	1h	142.47	−0.105%	$219K	$401K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.74	+0.083%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.50	−0.084%	$46K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.56	−0.042%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0014%	1h	142.65	+0.025%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.969%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.68	+0.043%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	142.49	−0.091%	$18K	$10K	10x	as long as short
Phoenix AAVEshort	+0.0056%	1h	143.03	+0.287%	$4K	$102K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0082%	1h	142.46	−0.112%	$5K	$292K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.57	−0.032%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.70	+0.056%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.60	−0.014%	$76.8M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.55	−0.048%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.74	+0.087%	$327K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.59	−0.021%	$63.8M	$186.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.57	−0.035%	$61.0M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.61	−0.007%	$17.1M	$64.1M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.82	+0.140%	$64K	$205K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.789%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.49	−0.091%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDTlong	+0.0100%	8h	142.62	long leg	$25.1M	$23.8M	200x
KuCoin AAVEUSDTM	+0.0100%	8h	142.49	−0.091%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.48	−0.098%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.49	−0.091%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.57	−0.035%	$336K	$719K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.70	+0.056%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.66	+0.026%	$103K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.75	+0.091%	$446K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.16	−0.323%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.70	+0.056%	$123K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.45	−0.116%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.140%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.43	−0.133%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.56	−0.039%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.52	−0.068%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.71	+0.060%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.10	+0.337%	$3.4M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.58	−0.026%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0325%	1h	142.58	−0.031%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.09	+0.330%	$793K	$2.8M	50x	as long as short