Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.036%

Price spread now: GMX against Phemex−0.049%7-day average +0.033% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.170%−$17 on $10k

Price spread, last 3 days (all we have)+0.075%+$7 · spread now −0.049%, 7d avg +0.033%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.083% cheaper against Phemex than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.033%). If the spread goes back, that is −$8 on $10k: about 25 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 3 days funding on this pair cost −0.170%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	144.47	0.0100	pay 0.0100% / 8h	6h 50m	$4.1M	$3.8M	50x
Short	GMX AAVE/USD [AAVE-USDC]	144.40	L +0.0235% / S −0.0366%	get 0.0046% / 1h	50m 06s	$129K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.049%Rate

Funding earned: $55.88
Price spread: −0.049% → +0.033%: −$8.28
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $23.61
Costs to cover: 0.240%
Break-even: 4.0 days

Slippage unknown: Phemex: live order book, 4 min ago; GMX: 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 Phemex live order book, 4 min ago	1.74 bp	12.7 bp −$13	22.0 bp −$220	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0056%	1h	144.46	−0.007%	$11K	$2K	5x	as long as short
ApeX Omni AAVEUSDT	−0.0050%	1h	143.99	−0.332%	$134K	$230K	50x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.56	+0.059%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.34	−0.091%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.14	−0.228%	$65K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.44	−0.021%	$251K	$362K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.40	−0.046%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.22	−0.173%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.198%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0036%	8h	144.50	+0.021%	$27.6M	$24.7M	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	+0.0037%	8h	144.47	0.000%	$65.2M	$185.5M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.44	−0.021%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.37	−0.067%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0064%	8h	144.54	+0.048%	$17.5M	$66.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.46	−0.007%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.49	+0.014%	$183K	$245K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.66	+0.129%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.46	−0.006%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.35	−0.080%	$799K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.64	+0.118%	$78.6M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.44	−0.023%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.43	−0.030%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.52	+0.035%	$61.8M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.47	0.000%	$45K	$236K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.56	+0.062%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.55	+0.055%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.49	+0.014%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.49	+0.014%	$29.9M	$18.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.53	+0.042%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.61	+0.097%	$325K	$747K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.164%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.86	−0.420%	$104K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.95	−0.361%	$455K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.47	0.000%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.38	−0.064%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.45	−0.014%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.72	+0.174%	$702K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.47	long leg	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.41	−0.040%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0144%	8h	144.16	−0.215%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]short	L +0.0235% / S −0.0366%	1h	144.40	−0.049%	$129K	—	100x
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.47	0.000%	$775K	$2.8M	50x	as long as short