Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0127%/8h= +14.0% APRpaid last 24h −0.012%

Price spread now: Bybit against Phoenix−0.144%7-day average −0.090% · you buy dearer than you sell

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

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.264%−$26 · spread now −0.144%, 7d avg −0.090%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.054% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.144% now, against its 7-day average of −0.090%). If the spread goes back, that is −$5 on $10k: about 34 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.070%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	146.26	−0.0027	get 0.0003% / 1h	10m 50s	$5K	$99K	10x
Short	Bybit AAVEUSDT	146.05	0.0100	get 0.0100% / 8h	10m 50s	$62.3M	$65.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.144%Rate

Funding earned: $26.76
Price spread: −0.144% → −0.090%: −$5.41
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $3.35
Costs to cover: 0.180%
Break-even: 6.1 days

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.34 bp	8.8 bp −$9	15.6 bp −$156	58.0 bp −$5,803	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
SoDEX AAVE-USD	−0.0117%	1h	145.90	−0.246%	$5K	$305K	10x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	145.96	−0.205%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0027%	1h	146.26	long leg	$5K	$99K	10x
dYdX AAVE-USD	0.0000%	1h	146.23	−0.019%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.06	−0.137%	$83K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	145.98	−0.191%	$255K	$391K	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.05	−0.141%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.00	−0.174%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0032%	8h	146.04	−0.153%	$66.6M	$186.7M	75x	as long as short
MEXC AAVE_USDT	+0.0033%	8h	146.04	−0.150%	$29.8M	$26.1M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.359%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.91	−0.240%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	145.91	−0.239%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0069%	8h	146.02	−0.164%	$17.9M	$67.6M	50x	as long as short
Gate AAVE_USDT	+0.0072%	8h	146.04	−0.150%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.94	−0.219%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.15	−0.077%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.10	−0.111%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.02	−0.164%	$804K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.21	−0.034%	$80.6M	$34.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.02	−0.164%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.11	−0.102%	$333K	$504K	10x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	146.05	−0.144%	$62.3M	$65.8M	75x
Arcus AAVE-USD	+0.0100%	1h	146.00	−0.178%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.23	−0.018%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.05	−0.144%	$10.0M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.01	−0.171%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.01	−0.171%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.02	−0.164%	$347K	$744K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.93	−0.223%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.13	−0.089%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.16	−0.066%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.12	−0.096%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.02	−0.164%	$127K	$454K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.91	−0.237%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.23	−0.018%	$692K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.03	−0.157%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.02	−0.166%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.01	−0.170%	$185K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0130%	8h	145.93	−0.226%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.02	−0.163%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.32	+0.041%	$790K	$3.0M	50x	as long as short