Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h 0.000%

Price spread now: Binance against Phoenix−0.103%7-day average −0.062% · you buy dearer than you sell

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

Long on Phoenix Short on Binance

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)−0.266%−$27 · spread now −0.103%, 7d avg −0.062%

Together, before fees−0.284%−$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.103% now, against its 7-day average of −0.062%). If the spread goes back, that is −$4 on $10k: about 38 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	145.88	−0.0045	get 0.0006% / 1h	59m 12s	$5K	$99K	10x
Short	Binance AAVEUSDT	145.73	0.0042	get 0.0042% / 8h	59m 12s	$66.4M	$185.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.103%Rate

Funding earned: $18.18
Price spread: −0.103% → −0.062%: −$4.11
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$2.93
Costs to cover: 0.170%
Break-even: 8.1 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 14 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 Binance live order book, 14 min ago	0.34 bp	6.5 bp −$6	12.8 bp −$128	34.9 bp −$3,487	153.2 bp −$76.6K

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 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	−0.0162%	1h	145.73	−0.103%	$255K	$417K	50x	as long as short
Phoenix AAVElong	−0.0045%	1h	145.88	long leg	$5K	$99K	10x
SoDEX AAVE-USD	−0.0013%	1h	145.73	−0.103%	$5K	$298K	10x	as long as short
01 Exchange AAVEUSD	−0.0008%	1h	145.77	−0.075%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.83	−0.031%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.83	−0.034%	$68K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	145.82	−0.038%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.78	−0.072%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.115%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0041%	8h	145.74	−0.096%	$30.6M	$25.5M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDTshort	+0.0042%	8h	145.73	−0.103%	$66.4M	$185.0M	75x
Reya AAVERUSDPERP	+0.0044%	1h	145.65	−0.155%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	145.71	−0.117%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	145.72	−0.110%	$17.8M	$67.2M	50x	as long as short
Gate AAVE_USDT	+0.0071%	8h	145.71	−0.117%	$7.8M	$15.7M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.65	−0.154%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.95	+0.049%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.81	−0.048%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.74	−0.096%	$806K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.84	−0.027%	$80.2M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.75	−0.092%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.87	−0.010%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.73	−0.103%	$62.2M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.77	−0.075%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.062%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.76	−0.082%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.72	−0.110%	$30.5M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.72	−0.110%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.90	+0.014%	$351K	$724K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.55	−0.229%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.58	−0.206%	$105K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.61	−0.186%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.49	−0.267%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.76	−0.082%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.73	−0.101%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.83	−0.032%	$698K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.73	−0.103%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.70	−0.123%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	145.81	−0.046%	$185K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0162%	8h	145.72	−0.110%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.77	−0.075%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.08	+0.137%	$793K	$3.0M	50x	as long as short