Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.001%

Price spread now: Backpack against Phemex+0.070%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.257%−$26 · spread now +0.070%, 7d avg +0.008%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.062% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	143.31	0.0051	pay 0.0051% / 8h	3h 32m	$4.0M	$3.6M	50x
Short	Backpack AAVE_USDC_PERP	143.41	0.0105	get 0.0013% / 1h	32m 42s	$337K	$720K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.070%Rate

Funding earned: $11.34
Price spread: +0.070% → +0.008%: $6.2
Slippage, 4 orders: −$35.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$40
Costs to cover: 0.575%
Break-even: 31.7 days

Slippage from Phemex: live order book, 6 min ago; Backpack: live order book, 21 min ago.

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 Phemex live order book, 6 min ago	5.23 bp	15.0 bp −$15	24.8 bp −$248	doesn't fit	doesn't fit
Sell Backpack live order book, 21 min ago	0.35 bp	6.5 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit

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
dYdX AAVE-USD	0.0000%	1h	143.27	−0.031%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.25	−0.042%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.34	+0.021%	$219K	$397K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.35	+0.029%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0026%	1h	143.31	+0.003%	$837K	$398K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.431%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	143.52	+0.147%	$4K	$106K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.28	−0.021%	—	—	20x	as long as short
Phemex AAVEUSDTlong	+0.0051%	8h	143.31	long leg	$4.0M	$3.6M	50x
Orderly PERP_AAVE_USDC	+0.0056%	8h	143.30	−0.007%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0088%	1h	143.39	+0.056%	$10K	$2K	5x	as long as short
Lighter AAVE	+0.0096%	1h	143.50	+0.134%	$4.5M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.28	−0.018%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.37	+0.040%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.33	+0.014%	$328K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.31	0.000%	$64.0M	$188.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.28	−0.021%	$61.6M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.28	−0.021%	$17.1M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.44	+0.091%	$64K	$200K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.28	−0.021%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.34	+0.021%	$25.7M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.35	+0.028%	$10.4M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.30	−0.007%	$29.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.31	0.000%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.26	−0.035%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.33	+0.011%	$104K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.37	+0.039%	$457K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.41	+0.070%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.40	+0.063%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.32	+0.006%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.28	−0.021%	$5K	$309K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.39	+0.054%	$689K	$5.2M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.31	0.000%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.27	−0.029%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.35	+0.029%	$121K	$146	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0105%	1h	143.41	+0.070%	$337K	$720K	10x
RISEx AAVE/USDC	+0.0132%	1h	143.41	+0.069%	$186K	$252K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.33	+0.014%	$3.3M	$3.6M	100x	as long as short
Hyperliquid AAVE	+0.0244%	1h	143.47	+0.112%	$78.6M	$36.9M	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.38	+0.046%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.34	+0.024%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.68	+0.258%	$788K	$2.8M	50x	as long as short