Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Extended against Phemex+0.028%7-day average −0.074% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.233%−$23 · spread now +0.028%, 7d avg −0.074%

Together, before fees−0.235%+ Points / potential airdropExtended: Active · farm board−$23 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: Extended is 0.101% dearer against Phemex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	144.64	0.0100	pay 0.0100% / 8h	1h 43m	$4.1M	$3.8M	50x
Short	Extended AAVE-USD	144.68	0.0104	get 0.0013% / 1h	43m 02s	$924K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0.84
Price spread: +0.028% → −0.074%: $10.15
Slippage, 4 orders: −$20.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$27.01
Costs to cover: 0.380%
Break-even: 232.0 days

Slippage from Phemex: live order book, 6 min ago; Extended: live order book, 1 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	1.74 bp	12.2 bp −$12	18.1 bp −$181	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	2.42 bp	7.0 bp −$7	23.1 bp −$231	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
01 Exchange AAVEUSD	−0.0184%	1h	144.61	−0.021%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0068%	1h	144.67	+0.021%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0045%	1h	144.56	−0.055%	$5K	$100K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	144.71	+0.048%	$254K	$480K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.60	−0.030%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.60	−0.028%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.73	+0.064%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.310%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0035%	8h	144.75	+0.076%	$31.1M	$25.7M	200x	as long as short
Binance AAVEUSDT	+0.0035%	8h	144.69	+0.037%	$65.7M	$185.3M	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	144.69	+0.034%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.68	+0.029%	$180K	$246K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0048%	8h	144.70	+0.041%	$17.4M	$66.4M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.65	+0.007%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.80	+0.112%	$3.5M	$2.1M	50x	as long as short
Bulk AAVE-USD	+0.0056%	1h	143.94	−0.484%	$60K	$3K	10x	as long as short
Gate AAVE_USDT	+0.0073%	8h	144.74	+0.069%	$7.8M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.69	+0.034%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.30	−0.236%	$451K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.90	+0.176%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.65	+0.007%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.72	+0.052%	$801K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.84	+0.138%	$79.4M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.75	+0.077%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.60	−0.027%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.72	+0.055%	$61.5M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.64	0.000%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.71	+0.048%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.68	+0.028%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.71	+0.048%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.82	+0.124%	$382K	$709K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.94	−0.483%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.22	−0.290%	$102K	$316K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.27	−0.256%	$134K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.81	+0.118%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.60	−0.026%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.06	+0.289%	$719K	$4.9M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.64	long leg	$4.1M	$3.8M	50x
Extended AAVE-USDshort	+0.0104%	1h	144.68	+0.028%	$924K	$1.8M	50x
BloFin AAVE-USDT	+0.0141%	8h	144.60	−0.028%	$3.4M	$4.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.72	+0.053%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	−0.581%	$772K	$3.0M	50x	as long as short