Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.020%

Price spread now: Phoenix against Paradex+0.202%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.202% dearer against Paradex than usual: you sell high and buy low (spread +0.202% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex AAVE-USD-PERP	144.69	0.0100	pay 0.0100% / 8h	1h 22m	$14K	$4K	20x
Short	Phoenix AAVE	144.98	−0.0045	pay 0.0006% / 1h	22m 43s	$5K	$100K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.202%Rate

Funding earned: −$30.28
Price spread: +0.202% → 0.000%: $20.17
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$21.11
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Phoenix: 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Paradex and Phoenix: 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	−0.0144%	1h	144.86	+0.119%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0045%	1h	144.98	+0.202%	$5K	$100K	10x
SoDEX AAVE-USD	−0.0042%	1h	144.84	+0.105%	$5K	$298K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	144.87	+0.126%	$254K	$480K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.06	+0.255%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.84	+0.105%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.88	+0.135%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.341%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0034%	8h	144.87	+0.126%	$30.8M	$25.8M	200x	as long as short
Binance AAVEUSDT	+0.0035%	8h	145.01	+0.222%	$66.1M	$185.5M	75x	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	144.78	+0.061%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.89	+0.139%	$180K	$244K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	144.83	+0.098%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	145.03	+0.236%	$17.6M	$66.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.96	+0.186%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0059%	8h	144.88	+0.133%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.87	+0.122%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0094%	8h	144.79	+0.067%	$457K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.14	+0.314%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERPlong	+0.0100%	8h	144.69	long leg	$14K	$4K	20x
Nado AAVE-PERP	+0.0100%	1h	144.84	+0.108%	$801K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.07	+0.264%	$79.7M	$33.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.95	+0.182%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.77	+0.057%	$330K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.03	+0.236%	$61.6M	$65.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.84	+0.105%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.27	−0.291%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.89	+0.140%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.90	+0.146%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.89	+0.140%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.00	+0.216%	$381K	$710K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.67	−0.015%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.72	+0.022%	$103K	$315K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.77	+0.057%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.90	+0.146%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.74	+0.039%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.86	+0.116%	$694K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.86	+0.119%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.83	+0.097%	$931K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0141%	8h	144.87	+0.126%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.88	+0.130%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.97	+0.195%	$787K	$3.0M	50x	as long as short