Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.032%

Price spread now: Bybit against Phemex−0.014%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now −0.014%, 7d avg −0.034%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.020% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	146.09	0.0100	pay 0.0100% / 8h	30m 15s	$4.1M	$3.8M	50x
Short	Bybit AAVEUSDT	146.07	0.0100	get 0.0100% / 8h	30m 15s	$62.3M	$65.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.034%: $2
Slippage, 4 orders: −$23.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.67
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	2.39 bp	12.8 bp −$13	18.6 bp −$186	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.34 bp	8.0 bp −$8	15.2 bp −$152	58.3 bp −$5,830	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
Deribit AAVE_USDC-PERPETUAL	−0.0161%	1h	146.07	−0.014%	$255K	$394K	50x	as long as short
SoDEX AAVE-USD	−0.0080%	1h	146.07	−0.014%	$5K	$305K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	146.34	+0.171%	$5K	$99K	10x	as long as short
01 Exchange AAVEUSD	−0.0008%	1h	146.13	+0.027%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.13	+0.029%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.01	−0.055%	$84K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.16	+0.047%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.15	+0.038%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.250%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0040%	8h	146.10	+0.007%	$30.4M	$25.8M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0040%	8h	146.07	−0.013%	$66.6M	$185.9M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.07	−0.012%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.07	−0.014%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0073%	8h	146.07	−0.014%	$18.0M	$67.7M	50x	as long as short
Gate AAVE_USDT	+0.0078%	8h	146.11	+0.014%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.10	+0.010%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.29	+0.140%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.05	−0.025%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.09	+0.003%	$804K	$442K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.28	+0.127%	$80.7M	$34.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.16	+0.049%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.10	+0.007%	$333K	$504K	10x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	146.07	−0.014%	$62.3M	$65.9M	75x
Arcus AAVE-USD	+0.0100%	1h	146.09	0.000%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.07	−0.014%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.09	0.000%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.02	−0.048%	$30.4M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.11	+0.014%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.25	+0.110%	$348K	$745K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.17	+0.054%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.18	+0.062%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.26	+0.114%	$462K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.19	+0.068%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.14	+0.034%	$128K	$456K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.04	−0.033%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.18	+0.064%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	146.09	long leg	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	146.03	−0.042%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.14	+0.035%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	146.20	+0.075%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.14	+0.032%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.33	+0.164%	$788K	$3.0M	50x	as long as short