Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.283%

Price spread now: Deribit against OKX+0.264%56s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as 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−$370.367% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 3 days (all we have)−0.133%−$13 · spread now +0.264%, 7d avg +0.004%

Together, before fees−0.522%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.259% dearer against OKX than usual: you sell high and buy low (spread +0.264% now, against its 7-day average of +0.004%): +$26 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 7 days (−0.389% in total) that is about 4.7 days. The two prices were read 56 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	144.13	0.0072	pay 0.0072% / 8h	6h 29m	$17.4M	$65.4M	50x
Short	Deribit AAVE_USDC-PERPETUAL	144.51	0	get 0.0000% / 1h	29m 26s	$251K	$362K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.264%Rate

Funding earned: −$15.19
Price spread: +0.264% → +0.004%: $25.92
Slippage, 4 orders: −$19.72
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.99
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Deribit: live order book, 34 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, 4 min ago	0.35 bp	9.2 bp −$9	14.5 bp −$145	79.5 bp −$7,947	doesn't fit
Sell Deribit live order book, 34 min ago	6.54 bp	10.1 bp −$10	15.3 bp −$153	doesn't fit	doesn't fit

AAVE on 41 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	144.44	+0.215%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.61	+0.330%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.49	+0.252%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.16	+0.021%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUALshort	0.0000%	1h	144.51	+0.264%	$251K	$362K	50x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.22	+0.065%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.55	+0.291%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.975%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.15	+0.014%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.23	+0.067%	—	—	20x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0053%	8h	144.25	+0.083%	$26.9M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0053%	8h	144.21	+0.055%	$65.0M	$184.4M	75x	as long as short
OKX AAVE-USDT-SWAPlong	+0.0072%	8h	144.13	long leg	$17.4M	$65.4M	50x
RISEx AAVE/USDC	+0.0089%	1h	144.50	+0.256%	$189K	$231K	10x	as long as short
Gate AAVE_USDT	+0.0091%	8h	144.29	+0.111%	$7.8M	$15.2M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.69	+0.386%	$4.7M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.50	+0.257%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.48	+0.245%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.32	+0.132%	$803K	$425K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	+0.257%	$78.3M	$35.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.54	+0.284%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.51	+0.265%	$329K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.18	+0.035%	$61.7M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.48	+0.243%	$45K	$181K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.50	−0.439%	$58K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.31	+0.125%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.40	+0.187%	$30.0M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.19	+0.042%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.66	+0.368%	$325K	$746K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.14	+0.009%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.20	+0.045%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.87	−0.178%	$452K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.20	+0.049%	$134K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.44	+0.215%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.50	+0.254%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.50	+0.257%	$5K	$298K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.86	+0.509%	$702K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.44	+0.215%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.36	+0.160%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0238% / S −0.0363%	1h	144.26	+0.092%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.51	+0.264%	$774K	$2.8M	50x	as long as short