Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Backpack against Nado+0.113%7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.270%−$27 · spread now +0.113%, 7d avg +0.041%

Together, before fees−0.266%+ Points / potential airdropNado: Active · farm board−$27 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 0.072% dearer against Nado than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado AAVE-PERP	146.03	0.0100	pay 0.0012% / 1h	35m 10s	$803K	$442K	10x
Short	Backpack AAVE_USDC_PERP	146.19	0.0100	get 0.0013% / 1h	35m 10s	$359K	$737K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.113%Rate

Funding earned: $0
Price spread: +0.113% → +0.041%: $7.22
Slippage, 4 orders: −$11.33
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$21.11
Costs to cover: 0.283%
Break-even: 2168554688620461.0 days

Slippage from Nado: live order book, 43 min ago; Backpack: live order book, 44 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 Nado live order book, 43 min ago	1.38 bp	7.4 bp −$7	19.8 bp −$198	doesn't fit	doesn't fit
Sell Backpack live order book, 44 min ago	0.34 bp	7.0 bp −$7	196.5 bp −$1,965	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	−0.0092%	1h	146.09	+0.045%	$255K	$394K	50x	as long as short
SoDEX AAVE-USD	−0.0066%	1h	146.05	+0.017%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	146.03	+0.003%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.14	+0.076%	$104K	$5K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	146.22	+0.134%	$11K	$2K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.09	+0.045%	$85K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.17	+0.099%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.18	+0.105%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.208%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0040%	8h	146.09	+0.045%	$30.5M	$25.8M	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	+0.0040%	8h	146.07	+0.033%	$66.5M	$186.1M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.13	+0.074%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.05	+0.017%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0073%	8h	146.13	+0.072%	$18.0M	$67.8M	50x	as long as short
Gate AAVE_USDT	+0.0075%	8h	146.16	+0.092%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.10	+0.055%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.29	+0.183%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.02	−0.003%	$14K	$4K	20x	as long as short
Nado AAVE-PERPlong	+0.0100%	1h	146.03	long leg	$803K	$442K	10x
Hyperliquid AAVE	+0.0100%	1h	146.30	+0.188%	$80.7M	$34.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.20	+0.117%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.09	+0.046%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.12	+0.065%	$62.3M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.17	+0.099%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.88	−0.099%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.15	+0.086%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.08	+0.038%	$30.4M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.16	+0.092%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	146.19	+0.113%	$359K	$737K	10x
Variational Omni AAVE	+0.0100%	8h	146.13	+0.071%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.68	−0.235%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.69	−0.229%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.66	−0.250%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.23	+0.140%	$128K	$456K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.07	+0.032%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.45	+0.294%	$700K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.11	+0.058%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.03	+0.005%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.22	+0.131%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0160%	8h	146.13	+0.072%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.22	+0.131%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.23	+0.140%	$789K	$3.0M	50x	as long as short