Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against Phemex−3.840%65s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.840% cheaper against Phemex than usual: you would sell low and buy high (−$384 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	142.43	0.0100	pay 0.0100% / 8h	4h 28m	$4.0M	$3.7M	50x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	28m 11s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.840%Rate

Funding earned: −$14
Price spread: −3.840% → 0.000%: −$384.05
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$410.07
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Injective: 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, 6 min ago	1.41 bp	12.8 bp −$13	23.3 bp −$233	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0152%	1h	142.61	+0.126%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0101%	1h	142.47	+0.028%	$219K	$401K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.74	+0.217%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.50	+0.049%	$46K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.56	+0.091%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0014%	1h	142.65	+0.158%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−3.840%	$422	$51K	12x
Reya AAVERUSDPERP	+0.0044%	1h	142.68	+0.177%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	142.49	+0.042%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.03	+0.421%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0082%	1h	142.46	+0.021%	$5K	$292K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.57	+0.102%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.70	+0.189%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.60	+0.119%	$76.8M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.71	+0.200%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.74	+0.220%	$327K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.50	+0.049%	$63.8M	$186.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.48	+0.035%	$61.0M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.44	+0.007%	$17.1M	$64.0M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.82	+0.274%	$64K	$205K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.656%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.49	+0.042%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.46	+0.021%	$25.1M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.49	+0.042%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.37	−0.042%	$28.9M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.49	+0.042%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.57	+0.098%	$336K	$719K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.70	+0.190%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.66	+0.159%	$103K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.75	+0.225%	$446K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.16	−0.190%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.70	+0.190%	$123K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.45	+0.017%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.273%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	142.43	long leg	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	142.42	−0.008%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.52	+0.065%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.71	+0.193%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.10	+0.470%	$3.4M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.58	+0.108%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0325%	1h	142.58	+0.102%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.09	+0.463%	$793K	$2.8M	50x	as long as short