Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.004%

Price spread now: Phoenix against Orderly+0.577%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 Phoenix

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 pays, funding is against you. Phoenix is 0.577% dearer against Orderly than usual: you sell high and buy low (spread +0.577% now, against zero (this spread has no 7-day history yet)): +$58 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 19 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	143.95	0.0056	pay 0.0056% / 8h	2h 38m	$18K	$12K	10x
Short	Phoenix AAVE	144.78	−0.0044	pay 0.0005% / 1h	38m 55s	$4K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.577%Rate

Funding earned: −$20.91
Price spread: +0.577% → 0.000%: $57.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $23.75
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 14 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 Phoenix live order book, 14 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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-PERPETUAL	−0.0305%	1h	143.98	+0.021%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0213%	1h	144.00	+0.035%	$5K	$302K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	143.98	+0.021%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.78	+0.577%	$4K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.27	+0.220%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.05	+0.069%	$70K	$1.6M	3.4x	as long as short
ApeX Omni AAVEUSDT	+0.0001%	1h	144.66	+0.493%	$134K	$229K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.13	+0.122%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.20	+0.170%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.856%	$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	144.05	+0.068%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.20	+0.174%	$17.5M	$65.4M	50x	as long as short
Gate AAVE_USDT	+0.0052%	8h	144.12	+0.118%	$7.7M	$15.7M	75x	as long as short
Orderly PERP_AAVE_USDClong	+0.0056%	8h	143.95	long leg	$18K	$12K	10x
Binance AAVEUSDT	+0.0071%	8h	144.11	+0.111%	$65.5M	$183.0M	75x	as long as short
MEXC AAVE_USDT	+0.0072%	8h	144.10	+0.104%	$31.8M	$26.1M	200x	as long as short
GRVT AAVE_USDT_Perp	+0.0095%	8h	144.67	+0.501%	$459K	$4.0M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.22	+0.186%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.05	+0.066%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.07	+0.080%	$179K	$242K	10x	as long as short
Nado AAVE-PERP	+0.0098%	1h	144.03	+0.059%	$799K	$444K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.04	+0.064%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.16	+0.146%	$80.4M	$32.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.05	+0.069%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.17	+0.150%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.17	+0.153%	$61.4M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.01	+0.042%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.462%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.13	+0.125%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.14	+0.132%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.14	+0.132%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.16	+0.146%	$378K	$703K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.70	+0.518%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.64	+0.482%	$100K	$312K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.11	+0.111%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.99	+0.026%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.50	+0.384%	$732K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.06	+0.076%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.09	+0.097%	$929K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0191%	8h	144.02	+0.049%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.19	+0.167%	$776K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.12	+0.117%	$124K	—	100x	as long as short