Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.031%

Price spread now: Backpack against OKX+0.179%46s7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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 OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 4 days (all we have)−0.205%−$20 · spread now +0.179%, 7d avg +0.036%

Together, before fees−0.085%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.143% dearer against OKX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.036%. The two prices were read 46 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	OKX AAVE-USDT-SWAP	145.63	0.0062	pay 0.0062% / 8h	7h 46m	$17.9M	$67.1M	50x
Short	Backpack AAVE_USDC_PERP	145.89	0.0100	get 0.0013% / 1h	46m 28s	$346K	$740K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.179%Rate

Funding earned: $7.98
Price spread: +0.179% → +0.036%: $14.29
Slippage, 4 orders: −$11.09
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$8.81
Costs to cover: 0.311%
Break-even: 14.7 days

Slippage from OKX: live order book, 2 min ago; Backpack: live order book, 27 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 OKX live order book, 2 min ago	0.34 bp	8.2 bp −$8	14.0 bp −$140	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	0.34 bp	7.5 bp −$8	426.9 bp −$4,269	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	−0.0185%	1h	145.82	+0.128%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0128%	1h	145.62	−0.007%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0077%	1h	145.67	+0.027%	$5K	$305K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.80	+0.117%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.89	+0.179%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.12	+0.336%	$5K	$102K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	145.74	+0.076%	$254K	$391K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.65	+0.015%	$70K	—	150x	as long as short
Phemex AAVEUSDT	+0.0006%	8h	145.72	+0.062%	$4.1M	$3.8M	50x	as long as short
Gate AAVE_USDT	+0.0012%	8h	145.56	−0.048%	$7.8M	$15.2M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0024%	8h	145.58	−0.034%	$29.0M	$25.6M	200x	as long as short
Binance AAVEUSDT	+0.0024%	8h	145.63	0.000%	$66.0M	$187.6M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0031%	1h	145.81	+0.124%	$136K	$229K	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.953%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.51	−0.080%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	145.67	+0.027%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAPlong	+0.0062%	8h	145.63	long leg	$17.9M	$67.1M	50x
Aevo AAVE-PERP	+0.0088%	1h	145.66	+0.024%	$123K	$146	10x	as long as short
Bybit AAVEUSDT	+0.0093%	8h	145.62	−0.007%	$62.2M	$65.9M	75x	as long as short
Lighter AAVE	+0.0096%	1h	145.86	+0.160%	$4.7M	$1.5M	10x	as long as short
BloFin AAVE-USDT	+0.0096%	8h	145.69	+0.041%	$3.4M	$4.1M	100x	as long as short
GRVT AAVE_USDT_Perp	+0.0097%	8h	145.88	+0.172%	$457K	$3.9M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.69	+0.042%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.63	−0.003%	$796K	$448K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.70	+0.048%	$79.5M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.79	+0.111%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.70	+0.048%	$332K	$503K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.68	+0.034%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.05	+0.288%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.54	−0.062%	$10.0M	$8.8M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.60	−0.021%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.59	−0.027%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	145.89	+0.179%	$346K	$740K	10x
Variational Omni AAVE	+0.0100%	8h	145.63	+0.002%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.78	+0.104%	$105K	$318K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.60	−0.021%	$127K	$445K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.66	+0.023%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.78	+0.103%	$696K	$5.1M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.63	−0.002%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	145.69	+0.038%	$184K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.66	+0.017%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	145.90	+0.185%	$784K	$3.1M	50x	as long as short