Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.037%

Price spread now: BloFin against Phoenix+0.146%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$450.453% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now +0.146%, 7d avg −0.048%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and BloFin is 0.194% dearer against Phoenix than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	143.73	−0.0045	get 0.0006% / 1h	52m 33s	$5K	$100K	10x
Short	BloFin AAVE-USDT	143.94	0.0152	get 0.0152% / 8h	1h 52m	$3.4M	$5.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.146%Rate

Funding earned: $41.25
Price spread: +0.146% → −0.048%: $19.37
Slippage, 4 orders: −$26.25
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $15.37
Costs to cover: 0.453%
Break-even: 4.4 days

Slippage from Phoenix: live order book, 60 min ago; BloFin: live order book, 6 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, 60 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.35 bp	9.6 bp −$10	13.9 bp −$139	38.0 bp −$3,803	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	−0.0236%	1h	143.95	+0.153%	$253K	$480K	50x	as long as short
01 Exchange AAVEUSD	−0.0192%	1h	143.99	+0.181%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0119%	1h	143.94	+0.146%	$5K	$298K	10x	as long as short
Phoenix AAVElong	−0.0045%	1h	143.73	long leg	$5K	$100K	10x
dYdX AAVE-USD	0.0000%	1h	144.00	+0.191%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.05	+0.223%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.04	+0.214%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.710%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0037%	8h	144.04	+0.216%	$31.1M	$25.7M	200x	as long as short
Binance AAVEUSDT	+0.0038%	8h	144.02	+0.203%	$65.4M	$185.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	143.96	+0.160%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.07	+0.239%	$179K	$246K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0048%	8h	144.07	+0.237%	$17.4M	$66.0M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	143.95	+0.153%	$18K	$12K	10x	as long as short
Bulk AAVE-USD	+0.0049%	1h	143.56	−0.118%	$60K	$3K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.06	+0.233%	$3.4M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0061%	8h	144.04	+0.216%	$7.8M	$15.8M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0087%	8h	144.20	+0.330%	$452K	$3.9M	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.00	+0.184%	$122K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.25	+0.361%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.02	+0.202%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.00	+0.188%	$797K	$438K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.14	+0.285%	$79.1M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.08	+0.242%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.06	+0.232%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.08	+0.244%	$61.2M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.04	+0.216%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.06	+0.230%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.99	+0.181%	$30.0M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.03	+0.209%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.99	+0.181%	$380K	$709K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.96	+0.162%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.14	+0.284%	$102K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.28	+0.383%	$134K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.07	+0.237%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.98	+0.171%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.37	+0.442%	$716K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.96	+0.160%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.99	+0.179%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDTshort	+0.0152%	8h	143.94	+0.146%	$3.4M	$5.3M	100x
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.03	+0.209%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	+0.049%	$772K	$3.0M	50x	as long as short