Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.016%

Price spread now: Aster against Phoenix−0.160%85s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.451% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.145%−$15 · spread now −0.160%, 7d avg −0.054%

Together, before fees−0.109%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.106% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.160% now, against its 7-day average of −0.054%). If the spread goes back, that is −$11 on $10k: about 2.5 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.037% in total) that is about 20 days. The two prices were read 85 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	Phoenix AAVE	144.53	−0.0044	get 0.0005% / 1h	17m 56s	$5K	$101K	10x
Short	Aster AAVEUSDT	144.30	0.0100	get 0.0100% / 8h	2h 17m	$1.3M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.160%Rate

Funding earned: $30.21
Price spread: −0.160% → −0.054%: −$10.61
Slippage, 4 orders: −$30.11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$25.51
Costs to cover: 0.451%
Break-even: 12.9 days

Slippage from Phoenix: live order book, 35 min ago; Aster: 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 Phoenix live order book, 35 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	4.16 bp	8.8 bp −$9	21.8 bp −$218	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	−0.0304%	1h	144.33	−0.138%	$253K	$488K	50x	as long as short
SoDEX AAVE-USD	−0.0186%	1h	144.29	−0.166%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0128%	1h	144.36	−0.118%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	144.53	long leg	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.27	−0.181%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.24	−0.201%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.37	−0.109%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.43	−0.066%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.238%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.29	−0.169%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0048%	8h	144.21	−0.221%	$65.6M	$184.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.16	−0.256%	$17.4M	$66.0M	50x	as long as short
MEXC AAVE_USDT	+0.0049%	8h	144.16	−0.256%	$31.3M	$26.3M	200x	as long as short
Gate AAVE_USDT	+0.0050%	8h	144.26	−0.187%	$7.7M	$15.9M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.29	−0.166%	$18K	$12K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0055%	1h	144.42	−0.076%	$134K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.39	−0.098%	$460K	$3.9M	10x	as long as short
Nado AAVE-PERP	+0.0088%	1h	144.25	−0.194%	$800K	$436K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.50	−0.022%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.34	−0.131%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.38	−0.106%	$180K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.23	−0.208%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.40	−0.090%	$80.2M	$33.1M	10x	as long as short
Aster AAVEUSDTshort	+0.0100%	8h	144.30	−0.160%	$1.3M	$1.2M	50x
Pacifica AAVE	+0.0100%	1h	144.28	−0.173%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.22	−0.214%	$61.3M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.31	−0.152%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.22	−0.214%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.20	−0.228%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.26	−0.187%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.41	−0.083%	$377K	$703K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.27	−0.182%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.29	−0.168%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.38	−0.104%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.29	−0.167%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.33	−0.141%	$718K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.25	−0.194%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.33	−0.135%	$61K	$3K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.14	−0.273%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0170%	8h	144.19	−0.235%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.118%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.36	−0.119%	$124K	—	100x	as long as short