Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Phemex+0.178%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.175%−$17 · spread now +0.178%, 7d avg +0.111%

Together, before fees−0.157%+ Points / potential airdropLighter: Season 3 · farm board−$16 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: Lighter is 0.067% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.111%.

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 49m	$4.1M	$3.8M	50x
Short	Lighter AAVE	144.73	0.0096	get 0.0012% / 1h	49m 45s	$4.6M	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.178%Rate

Funding earned: −$0.84
Price spread: +0.178% → +0.111%: $6.65
Slippage, 4 orders: −$24.48
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$30.67
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 13 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, 4 min ago	1.74 bp	12.7 bp −$13	22.0 bp −$220	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	3.41 bp	5.3 bp −$5	20.3 bp −$203	61.4 bp −$6,137	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	−0.0056%	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	144.56	+0.062%	$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	144.58	+0.078%	$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	144.62	+0.104%	$17.5M	$66.3M	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 AAVEshort	+0.0096%	1h	144.73	+0.178%	$4.6M	$1.4M	10x
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	144.72	+0.173%	$78.6M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.57	+0.068%	$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	144.60	+0.090%	$61.9M	$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	144.56	+0.062%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.56	+0.062%	$10.9M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.57	+0.069%	$29.9M	$18.1M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.58	+0.076%	—	$44.2M	—	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	144.54	+0.050%	$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]	L +0.0235% / S −0.0366%	1h	144.40	−0.049%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.47	0.000%	$775K	$2.8M	50x	as long as short