Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.002%

Price spread now: Injective against Orderly−4.876%118s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Injective

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

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Injective is 4.876% cheaper against Orderly than usual: you would sell low and buy high (−$488 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 118 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	Orderly PERP_AAVE_USDC	143.98	0.0044	pay 0.0044% / 8h	6h 53m	$18K	$10K	10x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	53m 26s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.876%Rate

Funding earned: −$2.15
Price spread: −4.876% → 0.000%: −$487.57
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$495.74
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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-PERPETUAL	−0.0446%	1h	143.58	−0.278%	$249K	$362K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	143.97	−0.007%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0042%	1h	143.72	−0.181%	$5K	$302K	10x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	143.83	−0.107%	$3.4M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.82	−0.112%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.56	−0.292%	$65K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.11	+0.093%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	143.78	−0.139%	$5K	$98K	10x	as long as short
MEXC AAVE_USDT	+0.0033%	8h	144.02	+0.028%	$27.6M	$24.6M	200x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−4.876%	$422	$51K	12x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0035%	8h	144.10	+0.083%	$65.1M	$185.3M	75x	as long as short
Orderly PERP_AAVE_USDClong	+0.0044%	8h	143.98	long leg	$18K	$10K	10x
Reya AAVERUSDPERP	+0.0044%	1h	144.02	+0.026%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0062%	8h	143.98	0.000%	$17.4M	$65.8M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	143.68	−0.209%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	143.99	+0.008%	$182K	$245K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.00	+0.015%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.79	−0.131%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.94	−0.024%	$797K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.06	+0.056%	$78.3M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.97	−0.005%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.85	−0.093%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.99	+0.007%	$61.6M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.96	−0.014%	$45K	$236K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.56	+0.403%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.07	+0.063%	$7.8M	$14.9M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.99	+0.007%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.98	0.000%	$29.8M	$18.1M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.09	+0.076%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.83	−0.104%	$326K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.57	−0.283%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.39	+0.287%	$104K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.78	−0.139%	$452K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.40	+0.292%	$134K	$231K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.05	+0.049%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.47	−0.356%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.77	−0.149%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.79	−0.132%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.89	−0.061%	$918K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0133%	8h	143.64	−0.236%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.09	+0.078%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	143.60	−0.264%	$769K	$2.8M	50x	as long as short