Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.020%

Price spread now: Lighter against Orderly+0.027%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 Lighter

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.027% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	143.05	0.0050	pay 0.0050% / 8h	4h 02m	$18K	$10K	10x
Short	Lighter AAVE	143.09	0.0096	get 0.0012% / 1h	2m 26s	$4.5M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.027%Rate

Funding earned: $9.61
Price spread: +0.027% → 0.000%: $2.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $6.26
Costs to cover: 0.060%
Break-even: 2.4 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 5 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 Lighter live order book, 5 min ago	2.48 bp	6.6 bp −$7	23.5 bp −$235	58.0 bp −$5,799	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
01 Exchange AAVEUSD	−0.0128%	1h	143.00	−0.035%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.04	−0.005%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.95	−0.070%	$56K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.10	+0.035%	$220K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.04	−0.006%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0011%	1h	142.99	−0.038%	$841K	$449K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.257%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.96	−0.062%	—	—	20x	as long as short
Orderly PERP_AAVE_USDClong	+0.0050%	8h	143.05	long leg	$18K	$10K	10x
Phoenix AAVE	+0.0056%	1h	142.73	−0.224%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAVEUSDT	+0.0084%	8h	143.03	−0.014%	$4.0M	$3.7M	50x	as long as short
SoDEX AAVE-USD	+0.0085%	1h	143.09	+0.028%	$5K	$302K	10x	as long as short
Lighter AAVEshort	+0.0096%	1h	143.09	+0.027%	$4.5M	$2.0M	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	142.99	−0.043%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.17	+0.084%	$78.0M	$36.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.04	−0.006%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.99	−0.039%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.04	−0.004%	$63.8M	$186.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.08	+0.021%	$61.4M	$67.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.05	0.000%	$17.1M	$64.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.07	+0.014%	$64K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.53	−0.364%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.04	−0.007%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.98	−0.049%	$25.0M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.03	−0.014%	$10.5M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.01	−0.028%	$29.1M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.02	−0.021%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.14	+0.063%	$336K	$721K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.73	−0.224%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.62	−0.301%	$103K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.87	−0.123%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.69	−0.252%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.04	−0.007%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.95	−0.071%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.20	+0.105%	$688K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.02	−0.021%	$897K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.11	+0.041%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	143.02	−0.018%	$178K	$245K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.00	−0.035%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.03	−0.015%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0323%	1h	143.20	+0.101%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.92	−0.091%	$793K	$2.8M	50x	as long as short