Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0427%/8h= −46.8% APRpaid last 24h −0.288%

Price spread now: Deribit against Orderly+0.007%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	145.24	0.0058	pay 0.0058% / 8h	2h 47m	$18K	$12K	10x
Short	Deribit AAVE_USDC-PERPETUAL	145.25	−0.0369	pay 0.0046% / 1h	47m 48s	$250K	$483K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$89.69
Price spread: +0.007% → 0.000%: $0.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$102
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 36 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 36 min ago	14.23 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-PERPETUALshort	−0.0369%	1h	145.25	+0.007%	$250K	$483K	50x
SoDEX AAVE-USD	−0.0158%	1h	145.25	+0.007%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	145.22	−0.014%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	145.11	−0.090%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.30	+0.043%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.28	+0.028%	$74K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.32	+0.055%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	145.43	+0.132%	$3.5M	$2.0M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0019%	1h	145.02	−0.151%	$135K	$229K	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.701%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	145.24	+0.001%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	145.12	−0.083%	$17.7M	$65.7M	50x	as long as short
Orderly PERP_AAVE_USDClong	+0.0058%	8h	145.24	long leg	$18K	$12K	10x
Gate AAVE_USDT	+0.0064%	8h	145.15	−0.062%	$7.8M	$15.6M	75x	as long as short
Nado AAVE-PERP	+0.0065%	1h	145.24	−0.003%	$806K	$445K	10x	as long as short
MEXC AAVE_USDT	+0.0079%	8h	145.17	−0.048%	$32.3M	$26.0M	200x	as long as short
Binance AAVEUSDT	+0.0079%	8h	145.10	−0.094%	$66.0M	$181.8M	75x	as long as short
Lighter AAVE	+0.0096%	1h	145.43	+0.130%	$4.7M	$1.6M	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	145.30	+0.040%	$181K	$242K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.33	+0.064%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.29	+0.036%	$81.2M	$32.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.32	+0.054%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.36	+0.084%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.16	−0.055%	$61.8M	$64.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.29	+0.034%	$51K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.14	−0.071%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.18	−0.041%	$10.3M	$8.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.14	−0.069%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.13	−0.076%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.33	+0.062%	$381K	$703K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.98	−0.182%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.27	+0.019%	$100K	$312K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.95	−0.201%	$459K	$4.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.30	+0.041%	$127K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.18	−0.039%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.45	+0.147%	$738K	$4.8M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.24	0.000%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.11	−0.090%	$936K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	145.29	+0.034%	$123K	$146	10x	as long as short
BloFin AAVE-USDT	+0.0200%	8h	145.11	−0.090%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	145.44	+0.138%	$782K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	145.32	+0.054%	$125K	—	100x	as long as short