AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0094%/8h= +10.3% APRnext payment +$0.12 per $10,000 · paid last 24h +0.023%

Price spread now: Backpack against Phoenix−0.166%80s7-day average −0.049% · you buy dearer than you sell

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

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.166%, 7d avg −0.049%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.117% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.166% now, against its 7-day average of −0.049%). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.056% in total) that is about 15 days. The two prices were read 80 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	144.44	0.0006	pay 0.0001% / 1h	11m 49s	$5K	$98K	10x
Short	Backpack AAVE_USDC_PERP	144.20	0.0100	get 0.0013% / 1h	11m 49s	$321K	$744K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now −0.166%Rate

Funding earned: $19.84
Price spread: −0.166% → −0.049%: −$11.72
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$8.88
Costs to cover: 0.170%
Break-even: 10.1 days

Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 57 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Backpack live order book, 57 min ago	1.03 bp	7.4 bp −$7	375.8 bp −$3,758	doesn't fit	doesn't fit

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
01 Exchange AAVEUSD	−0.0040%	1h	144.05	−0.270%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.20	−0.167%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.08	−0.252%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.01	−0.298%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.12	−0.222%	$245K	$369K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.15	−0.204%	$70K	—	150x	as long as short
Phoenix AAVElong	+0.0006%	1h	144.44	long leg	$5K	$98K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.179%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.04	−0.280%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.14	−0.208%	$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	+0.0073%	8h	144.12	−0.222%	$26.6M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0076%	8h	144.03	−0.284%	$65.0M	$184.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0082%	8h	143.90	−0.374%	$17.3M	$65.0M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.12	−0.225%	$199K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.23	−0.146%	$4.6M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.17	−0.186%	$122K	$146	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.02	−0.293%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.07	−0.256%	$801K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.18	−0.180%	$78.0M	$35.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.13	−0.213%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.04	−0.280%	$328K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.98	−0.318%	$61.5M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.09	−0.242%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.09	−0.242%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.12	−0.222%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.03	−0.284%	$30.0M	$17.8M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.07	−0.256%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.20	−0.166%	$321K	$744K	10x
Variational Omni AAVE	+0.0100%	8h	144.03	−0.285%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.08	−0.252%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.08	−0.249%	$450K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.15	−0.201%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.10	−0.235%	$124K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.09	−0.245%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.10	−0.235%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.46	+0.012%	$699K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.11	−0.228%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.09	−0.239%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.08	−0.250%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0248% / S −0.0386%	1h	144.12	−0.221%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.76	+0.222%	$778K	$2.8M	50x	as long as short