Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.027%

Price spread now: Hyperliquid against Phemex+0.083%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.393%−$39 · spread now +0.083%, 7d avg +0.081%

Together, before fees−0.380%+ Points / potential airdropHyperliquid: Season 2 · farm board−$38 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	144.42	0.0100	pay 0.0100% / 8h	5h 18m	$4.1M	$3.7M	50x
Short	Hyperliquid AAVE	144.54	0.0100	get 0.0013% / 1h	18m 53s	$78.2M	$35.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0
Price spread: +0.083% → +0.081%: $0.19
Slippage, 4 orders: −$16.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$37.26
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Hyperliquid: 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	2.77 bp	11.4 bp −$11	20.1 bp −$201	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.69 bp	6.7 bp −$7	13.6 bp −$136	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	−0.0048%	1h	144.48	+0.042%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.44	+0.017%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.36	−0.042%	$61K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.42	0.000%	$229K	$389K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.48	+0.044%	$81K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.165%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.43	+0.006%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	144.42	0.000%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0046%	1h	144.48	+0.042%	$834K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	144.46	+0.028%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	144.63	+0.145%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.49	+0.049%	$14K	$4K	20x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	144.54	+0.083%	$78.2M	$35.1M	10x
Aster AAVEUSDT	+0.0100%	8h	144.48	+0.044%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.55	+0.089%	$329K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	144.40	−0.014%	$64.6M	$182.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.38	−0.028%	$61.6M	$64.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	144.39	−0.021%	$17.3M	$63.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.52	+0.069%	$45K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.91	−0.351%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.43	+0.007%	$7.9M	$15.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	144.40	−0.014%	$26.2M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.47	+0.035%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.46	+0.028%	$30.2M	$17.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.40	−0.014%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.51	+0.062%	$322K	$693K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.42	−0.001%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.40	−0.012%	$104K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.31	−0.079%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.44	+0.014%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.53	+0.076%	$129K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.44	+0.014%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.43	+0.007%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.55	+0.088%	$696K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.42	long leg	$4.1M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	144.36	−0.043%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.44	+0.016%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.53	+0.074%	$188K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.43	+0.007%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	144.47	+0.032%	$125K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0266%	1h	144.53	+0.076%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.97	−0.312%	$783K	$2.8M	50x	as long as short