Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.009%

Price spread now: BingX against Phoenix+0.096%49s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.096% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 49 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	145.88	−0.0045	get 0.0006% / 1h	58m 43s	$5K	$99K	10x
Short	BingX AAVE-USDC	146.02	0.0100	get 0.0100% / 8h	58m 43s	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.096%Rate

Funding earned: $30.36
Price spread: +0.096% → 0.000%: $9.6
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $22.96
Costs to cover: 0.170%
Break-even: 1.7 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 2 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 BingX live order book, 2 min ago	0.69 bp	15.1 bp −$15	35.3 bp −$353	243.9 bp −$24.4K	634.6 bp −$317.3K

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	145.99	+0.077%	$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	+0.0042%	8h	146.03	+0.103%	$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 AAVEUSDT	+0.0042%	8h	146.04	+0.110%	$66.6M	$184.8M	75x	as long as short
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	146.02	+0.096%	$17.8M	$67.3M	50x	as long as short
Gate AAVE_USDT	+0.0071%	8h	145.80	−0.055%	$7.9M	$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	146.18	+0.208%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.04	+0.112%	$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	145.95	+0.045%	$80.4M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.87	−0.006%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.00	+0.085%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.01	+0.089%	$62.3M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.04	+0.110%	$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	146.02	+0.096%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.03	+0.103%	$30.5M	$18.2M	75x	as long as short
BingX AAVE-USDCshort	+0.0100%	8h	146.02	+0.096%	—	$6.5M	—
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.88	0.000%	$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	145.98	+0.069%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.09	+0.144%	$186K	$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