Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h −0.013%

Price spread now: SoDEX against Orderly−0.042%7-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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. SoDEX is 0.042% cheaper against Orderly than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 9.3 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	141.48	0.0085	pay 0.0085% / 8h	7h 58m	$17K	$8K	10x
Short	SoDEX AAVE-USD	141.42	0.0100	get 0.0013% / 1h	58m 03s	$5K	$298K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $3.21
Price spread: −0.042% → 0.000%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$15.03
Costs to cover: 0.140%
Break-even: 39.8 days

Slippage unknown: Orderly: no order-book sample; SoDEX: live order book, 41 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 SoDEX live order book, 41 min ago	0.35 bp	5.1 bp −$5	10.0 bp −$100	91.8 bp −$9,185	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
Phemex AAVEUSDT	−0.1148%	8h	141.49	+0.007%	$3.9M	$3.6M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.61	+0.091%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.57	+0.064%	$46K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.49	+0.007%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.50	+0.013%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.195%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.41	−0.049%	—	—	20x	as long as short
Orderly PERP_AAVE_USDClong	+0.0085%	8h	141.48	long leg	$17K	$8K	10x
Lighter AAVE	+0.0096%	1h	141.61	+0.093%	$4.5M	$2.5M	10x	as long as short
Nado AAVE-PERP	+0.0098%	1h	141.57	+0.067%	$828K	$400K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	141.54	+0.046%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.53	+0.035%	$77.3M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.52	+0.029%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.58	+0.073%	$330K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.43	−0.035%	$63.6M	$192.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.44	−0.028%	$60.9M	$69.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.46	−0.014%	$16.6M	$64.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.71	+0.163%	$92K	$222K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.56	+0.060%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.44	−0.028%	$8.1M	$15.8M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.46	−0.014%	$23.0M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.45	−0.021%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.45	−0.021%	$28.7M	$18.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.41	−0.049%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.53	+0.032%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.28	−0.141%	$109K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.49	+0.004%	$452K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.24	−0.170%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.62	+0.099%	$134K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.39	−0.061%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USDshort	+0.0100%	1h	141.42	−0.042%	$5K	$298K	10x
HTX AAVE-USDT	+0.0100%	8h	141.54	+0.045%	$667K	$5.3M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.42	−0.040%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.51	+0.024%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0128%	1h	141.65	+0.120%	$10K	$2K	5x	as long as short
Phoenix AAVE	+0.0152%	1h	141.70	+0.155%	$4K	$97K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.53	+0.035%	$753K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.37	−0.078%	$3.2M	$3.5M	100x	as long as short
Backpack AAVE_USDC_PERP	+0.0221%	1h	141.55	+0.049%	$385K	$732K	10x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.63	+0.105%	$185K	$294K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	141.53	+0.032%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.49	+0.005%	$110K	—	100x	as long as short