Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.022%

Price spread now: Phoenix against Phemex−0.243%47s7-day average +0.044% · you buy dearer than you sell

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

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 3 days (all we have)+0.206%+$21 · spread now −0.243%, 7d avg +0.044%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.286% cheaper against Phemex than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.044%). Swap the legs. The two prices were read 47 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	144.12	0.0100	pay 0.0100% / 8h	6h 05m	$4.1M	$3.8M	50x
Short	Phoenix AAVE	143.77	0.0006	get 0.0001% / 1h	5m 20s	$5K	$98K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.243%Rate

Funding earned: −$19.84
Price spread: −0.243% → +0.044%: −$28.64
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$67.48
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Phoenix: 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, 3 min ago	3.13 bp	12.6 bp −$13	21.7 bp −$217	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 41 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
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.24	+0.082%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	144.07	−0.035%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.04	−0.054%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.94	−0.125%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.12	0.000%	$245K	$370K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.16	+0.025%	$70K	—	150x	as long as short
Phoenix AAVEshort	+0.0006%	1h	143.77	−0.243%	$5K	$98K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.968%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.12	−0.003%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.16	+0.028%	$18K	$10K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0083%	8h	144.16	+0.028%	$26.6M	$25.0M	200x	as long as short
Binance AAVEUSDT	+0.0083%	8h	144.14	+0.015%	$65.0M	$182.9M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0088%	8h	144.12	0.000%	$17.3M	$64.2M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.14	+0.013%	$200K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.31	+0.134%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.10	−0.013%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.05	−0.049%	$801K	$415K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.26	+0.097%	$78.1M	$35.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.11	−0.006%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.10	−0.017%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.15	+0.021%	$61.7M	$64.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.11	−0.007%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.13	+0.007%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.11	−0.007%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.11	−0.007%	$30.0M	$17.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.13	+0.007%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.18	+0.042%	$322K	$717K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.02	−0.070%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.83	−0.203%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.60	−0.361%	$459K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.85	−0.187%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.17	+0.035%	$126K	$421K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.07	−0.032%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.12	0.000%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.40	+0.193%	$699K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.12	long leg	$4.1M	$3.8M	50x
Bulk AAVE-USD	+0.0100%	1h	144.07	−0.038%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.07	−0.037%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.13	+0.004%	$122K	$146	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0395%	1h	144.16	+0.027%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.10	−0.014%	$774K	$2.8M	50x	as long as short