Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0011%/8h= +1.3% APRpaid last 24h +0.010%

Price spread now: Bitget against Phoenix−0.273%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bitget is 0.273% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.273% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 3 months of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.007% in total) that is about 9 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	142.93	0.0089	pay 0.0011% / 1h	55m 10s	$4K	$102K	10x
Short	Bitget AAVEUSDT	142.54	0.0100	get 0.0100% / 8h	4h 55m	$29.1M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.273%Rate

Funding earned: $2.4
Price spread: −0.273% → 0.000%: −$27.29
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$43.89
Costs to cover: 0.190%
Break-even: 135.0 days

Slippage unknown: Phoenix: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	0.35 bp	9.1 bp −$9	14.4 bp −$144	30.3 bp −$3,027	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 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
01 Exchange AAVEUSD	−0.0128%	1h	142.52	−0.287%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0020%	1h	142.54	−0.273%	$5K	$303K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.45	−0.334%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.44	−0.343%	$53K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.58	−0.245%	$225K	$395K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.54	−0.273%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.177%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.42	−0.359%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	142.58	−0.245%	$18K	$10K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0065%	1h	142.29	−0.448%	$132K	$219K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0085%	1h	142.41	−0.364%	$834K	$438K	10x	as long as short
Phoenix AAVElong	+0.0089%	1h	142.93	long leg	$4K	$102K	10x
Lighter AAVE	+0.0096%	1h	142.70	−0.159%	$4.5M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.45	−0.335%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.74	−0.133%	$77.1M	$35.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.64	−0.203%	$1.3M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.48	−0.318%	$324K	$434K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.75	−0.126%	$64.0M	$184.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.74	−0.133%	$61.3M	$65.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.75	−0.126%	$17.0M	$63.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.56	−0.259%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.99	+0.044%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.64	−0.203%	$7.9M	$15.3M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.64	−0.203%	$25.4M	$23.5M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.58	−0.245%	$10.6M	$9.2M	75x	as long as short
Bitget AAVEUSDTshort	+0.0100%	8h	142.54	−0.273%	$29.1M	$18.3M	75x
BingX AAVE-USDT	+0.0100%	8h	142.67	−0.182%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.77	−0.112%	$347K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.65	−0.195%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.24	−0.480%	$102K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.15	−0.546%	$449K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.51	−0.294%	$122K	$385K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.46	−0.326%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.63	−0.208%	$686K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.60	−0.231%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.50	−0.302%	$906K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.59	−0.236%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.59	−0.238%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.53	−0.280%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0261% / S −0.0408%	1h	142.54	−0.275%	$121K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.62	−0.215%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.82	−0.077%	$774K	$2.8M	50x	as long as short