Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.056%

Price spread now: Coinbase International against Phemex−0.085%7-day average +0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$550.547% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.085%, 7d avg +0.067%

Together, before fees+0.219%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.152% cheaper against Phemex than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of +0.067%). If the spread goes back, that is −$15 on $10k: about 2.8 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.168% in total) that is about 6.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	141.85	0.0053	pay 0.0053% / 8h	6h 21m	$3.9M	$3.6M	50x
Short	Coinbase International AAVE-PERP-INTX	141.73	0.0232	get 0.0029% / 1h	21m 29s	$752K	$2.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.085%Rate

Funding earned: $37.62
Price spread: −0.085% → +0.067%: −$15.18
Slippage, 4 orders: −$32.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$32.23
Costs to cover: 0.547%
Break-even: 13.0 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	1.76 bp	13.1 bp −$13	21.0 bp −$210	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	5.64 bp	13.7 bp −$14	16.4 bp −$164	doesn't fit	doesn't fit

AAVE on 42 exchanges

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
SoDEX AAVE-USD	−0.0106%	1h	141.81	−0.028%	$6K	$241K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0070%	1h	141.55	−0.211%	$132K	$221K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.94	+0.060%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.75	−0.070%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.76	−0.063%	$42K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.88	+0.021%	$210K	$356K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.87	+0.013%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.447%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.81	−0.028%	—	—	20x	as long as short
Phemex AAVEUSDTlong	+0.0053%	8h	141.85	long leg	$3.9M	$3.6M	50x

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit AAVEUSDT	+0.0059%	8h	141.93	+0.056%	$61.1M	$62.4M	75x	as long as short
Phoenix AAVE	+0.0062%	1h	141.72	−0.092%	$4K	$97K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	141.82	−0.021%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.13	+0.194%	$4.6M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.89	+0.025%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.90	+0.035%	$814K	$319K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.12	+0.190%	$78.0M	$31.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.98	+0.093%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.94	+0.066%	$346K	$340K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.93	+0.057%	$63.9M	$171.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.93	+0.056%	$16.6M	$55.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.10	+0.176%	$95K	$209K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.80	−0.035%	$164K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.94	+0.063%	$8.1M	$14.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.91	+0.042%	$22.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.94	+0.063%	$10.3M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.90	+0.035%	$29.3M	$16.7M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.90	+0.035%	—	$43.3M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.57	−0.200%	$3.7M	$727K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.58	−0.191%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.190%	$452K	$3.3M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.04	+0.134%	$134K	$401K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.77	−0.054%	$2K	$1.2M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.89	+0.029%	$662K	$1.5M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.82	−0.019%	$916K	$1.6M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.89	+0.028%	$120K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0106%	1h	142.04	+0.134%	$389K	$634K	10x	as long as short
RISEx AAVE/USDC	+0.0164%	1h	142.03	+0.124%	$172K	$204K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0176%	1h	141.95	+0.072%	$3.4M	$1.9M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.57	−0.197%	$3.3M	$3.4M	100x	as long as short
Coinbase International AAVE-PERP-INTXshort	+0.0232%	1h	141.73	−0.085%	$752K	$2.2M	50x
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.87	+0.015%	$110K	—	100x	as long as short