Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h 0.000%

Price spread now: Nado against Phemex+0.010%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.414%−$41 · spread now +0.010%, 7d avg −0.046%

Together, before fees−0.417%+ Points / potential airdropNado: Active · farm board−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.057% dearer against Phemex than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.046%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.1 days. At the pace of the last 3 days (−0.003% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	143.90	0.0100	pay 0.0100% / 8h	5h 14m	$4.1M	$3.7M	50x
Short	Nado AAVE-PERP	143.91	0.0054	get 0.0007% / 1h	14m 08s	$831K	$433K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now +0.010%Rate

Funding earned: −$9.66
Price spread: +0.010% → −0.046%: $5.66
Slippage, 4 orders: −$18.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$41.28
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 49 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	1.73 bp	11.3 bp −$11	20.3 bp −$203	doesn't fit	doesn't fit
Sell Nado live order book, 49 min ago	0.69 bp	6.7 bp −$7	13.3 bp −$133	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
Deribit AAVE_USDC-PERPETUAL	−0.3502%	1h	143.39	−0.354%	$227K	$389K	50x	as long as short
01 Exchange AAVEUSD	−0.0048%	1h	143.91	+0.007%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.98	+0.056%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.86	−0.028%	$59K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.87	−0.020%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.823%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.79	−0.076%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	143.88	−0.014%	$18K	$10K	10x	as long as short
Nado AAVE-PERPshort	+0.0054%	1h	143.91	+0.010%	$831K	$433K	10x
Phoenix AAVE	+0.0089%	1h	144.42	+0.361%	$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	144.07	+0.120%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.96	+0.039%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.01	+0.076%	$77.9M	$35.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.95	+0.035%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.94	+0.028%	$328K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.85	−0.036%	$64.4M	$182.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.82	−0.056%	$61.4M	$64.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.83	−0.049%	$17.2M	$63.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.95	+0.035%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	+0.121%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.88	−0.014%	$7.9M	$15.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.88	−0.014%	$26.1M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.92	+0.014%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.87	−0.021%	$30.2M	$17.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.89	−0.007%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.96	+0.042%	$321K	$691K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.28	+0.262%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.34	+0.308%	$104K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.39	+0.341%	$461K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.40	+0.347%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.87	−0.021%	$128K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.87	−0.020%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.88	−0.014%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.260%	$695K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	143.90	long leg	$4.1M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	143.84	−0.044%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.91	+0.003%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.98	+0.057%	$187K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.05	+0.104%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.86	−0.025%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0267%	1h	143.95	+0.038%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.32	+0.292%	$785K	$2.8M	50x	as long as short