Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado+0.085%7-day average +0.046% · 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−$40as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now +0.085%, 7d avg +0.046%

Together, before fees+0.025%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.039% dearer against Nado than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.046%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado AAVE-PERP	146.34	0.0100	pay 0.0012% / 1h	12m 32s	$800K	$423K	10x
Short	Phemex AAVEUSDT	146.46	−0.0026	pay 0.0026% / 8h	7h 12m	$4.2M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$26.51
Price spread: +0.085% → +0.046%: $3.93
Slippage, 4 orders: −$24.89
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.47
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Nado: live order book, 61 min ago; Phemex: live order book, 1 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, 61 min ago	1.37 bp	7.3 bp −$7	15.8 bp −$158	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.05 bp	16.7 bp −$17	24.4 bp −$244	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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.61	+0.188%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0152%	1h	146.26	−0.051%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0075%	1h	146.48	+0.099%	$5K	$295K	10x	as long as short
Phemex AAVEUSDTshort	−0.0026%	8h	146.46	+0.085%	$4.2M	$3.8M	50x
dYdX AAVE-USD	0.0000%	1h	146.44	+0.072%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.44	+0.072%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.55	+0.147%	$5K	$102K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	146.57	+0.161%	$256K	$367K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.38	+0.029%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0023%	8h	146.31	−0.017%	$28.7M	$25.9M	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	+0.0024%	8h	146.33	−0.005%	$66.3M	$183.3M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.407%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.25	−0.060%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	146.52	+0.126%	$18K	$10K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0046%	1h	146.45	+0.079%	$136K	$231K	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0064%	8h	146.27	−0.044%	$17.9M	$66.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.47	+0.096%	$124K	$146	10x	as long as short
Gate AAVE_USDT	+0.0094%	8h	146.39	+0.038%	$7.9M	$15.3M	75x	as long as short
BloFin AAVE-USDT	+0.0095%	8h	146.33	−0.003%	$3.5M	$3.5M	100x	as long as short
Lighter AAVE	+0.0096%	1h	146.56	+0.156%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.36	+0.014%	$14K	$4K	20x	as long as short
Nado AAVE-PERPlong	+0.0100%	1h	146.34	long leg	$800K	$423K	10x
Hyperliquid AAVE	+0.0100%	1h	146.43	+0.068%	$79.8M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.40	+0.044%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.36	+0.018%	$334K	$503K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.30	−0.024%	$62.6M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.36	+0.017%	$46K	$270K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.375%	$59K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.41	+0.051%	$11.1M	$9.0M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.21	−0.085%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.33	−0.003%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.53	+0.133%	$332K	$736K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.27	−0.043%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.39	+0.041%	$106K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.46	+0.085%	$466K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.37	+0.024%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.44	+0.074%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.50	+0.109%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.33	−0.002%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.34	+0.006%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0373%	1h	146.58	+0.166%	$130K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.42	+0.058%	$785K	$2.9M	50x	as long as short