Funding you earn now, next payment 00:00 UTC+0.0296%/8h= +32.4% APRnext payment +$0.37 per $10,000 · paid last 24h +0.065%
Price spread now: Coinbase International against Phoenix−0.116%7-day average +0.013% · you buy dearer than you sell
Net, funding: paid 7d − costs−$34as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$540.541% of the position
Funding, last 7 days+0.197%+$20 on $10k
+Price spread, last 3 days (all we have)+0.112%+$11 · spread now −0.116%, 7d avg +0.013%
=Funding pays, the price is against you. Coinbase International is 0.129% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of +0.013%). If the spread goes back, that is −$13 on $10k: about 35 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.197% in total) that is about 4.6 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.197% in total (about 10.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix AAVE | 146.58 | 0 | get 0.0000% / 1h | 18m 45s | $5K | $102K | 10x |
| Short | Coinbase International AAVE-PERP-INTX | 146.41 | 0.0296 | get 0.0037% / 1h | 18m 45s | $785K | $2.9M | 50x |
Phoenix AAVE
Coinbase International AAVE-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $62.16
- Price spread: −0.116% → +0.013%
- −$12.86
- Slippage, 4 orders
- −$37.13
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$4.83
- Costs to cover
- 0.541%
- Break-even
- 7.5 days
Slippage from Phoenix: live order book, 34 min ago; Coinbase International: live order book, 5 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, 34 min ago | 0.69 bp | 13.8 bp −$14 | 53.9 bp −$539 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 5 min ago | 6.13 bp | 14.4 bp −$14 | 20.4 bp −$204 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_AAVEUSD | −0.0185% | 1h | 146.01 | −0.388% | $3.5M | $2.0M | 50x | as long as short |
| 01 Exchange AAVEUSD | −0.0160% | 1h | 146.18 | −0.273% | $11K | $2K | 5x | as long as short |
| SoDEX AAVE-USD | −0.0094% | 1h | 145.90 | −0.464% | $5K | $305K | 10x | as long as short |
| Deribit AAVE_USDC-PERPETUAL | −0.0092% | 1h | 146.05 | −0.362% | $255K | $369K | 50x | as long as short |
| dYdX AAVE-USD | 0.0000% | 1h | 145.77 | −0.552% | $104K | $4K | 10x | as long as short |
| Kalshi KXAAVEPERP | 0.0000% | 8h | 146.12 | −0.314% | $77K | $1.5M | 3.4x | as long as short |
| Phoenix AAVElong | 0.0000% | 1h | 146.58 | long leg | $5K | $102K | 10x | |
| gTrade (Gains Network) AAVE/USD | L +0.0005% / S −0.0004% | 1h | 146.13 | −0.306% | $71K | — | 150x | as long as short |
| Gate AAVE_USDT | +0.0009% | 8h | 145.79 | −0.539% | $7.9M | $15.3M | 75x | as long as short |
| MEXC AAVE_USDT | +0.0021% | 8h | 145.75 | −0.566% | $28.9M | $25.8M | 200x | as long as short |
Kraken Futures PF_AAVEUSD
01 Exchange AAVEUSD
SoDEX AAVE-USD
Deribit AAVE_USDC-PERPETUAL
dYdX AAVE-USD
Kalshi KXAAVEPERP
gTrade (Gains Network) AAVE/USD
Gate AAVE_USDT
MEXC AAVE_USDTShow all 42 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance AAVEUSDT | +0.0021% | 8h | 145.74 | −0.573% | $66.0M | $183.5M | 75x | as long as short |
| Phemex AAVEUSDT | +0.0033% | 8h | 145.92 | −0.450% | $4.2M | $3.8M | 50x | as long as short |
| Injective AAVE/USDC PERP | +0.0033% | 1h | 136.96 | −6.563% | $422 | $51K | 12x | as long as short |
| Reya AAVERUSDPERP | +0.0044% | 1h | 146.05 | −0.363% | — | — | 20x | as long as short |
| Orderly PERP_AAVE_USDC | +0.0045% | 8h | 146.02 | −0.382% | $18K | $10K | 10x | as long as short |
| OKX AAVE-USDT-SWAP | +0.0063% | 8h | 145.79 | −0.539% | $17.9M | $66.2M | 50x | as long as short |
| Bybit AAVEUSDT | +0.0068% | 8h | 145.80 | −0.532% | $62.4M | $65.0M | 75x | as long as short |
| ApeX Omni AAVEUSDT | +0.0074% | 1h | 146.56 | −0.014% | $136K | $231K | 50x | as long as short |
| BloFin AAVE-USDT | +0.0085% | 8h | 146.04 | −0.368% | $3.5M | $3.5M | 100x | as long as short |
| Aevo AAVE-PERP | +0.0088% | 1h | 146.10 | −0.325% | $123K | $146 | 10x | as long as short |
| Lighter AAVE | +0.0096% | 1h | 145.99 | −0.403% | $4.7M | $1.5M | 10x | as long as short |
| Paradex AAVE-USD-PERP | +0.0100% | 8h | 145.71 | −0.592% | $14K | $4K | 20x | as long as short |
| Nado AAVE-PERP | +0.0100% | 1h | 146.14 | −0.302% | $799K | $423K | 10x | as long as short |
| Hyperliquid AAVE | +0.0100% | 1h | 145.90 | −0.464% | $79.5M | $35.4M | 10x | as long as short |
| Aster AAVEUSDT | +0.0100% | 8h | 145.85 | −0.496% | $1.4M | $1.2M | 50x | as long as short |
| Pacifica AAVE | +0.0100% | 1h | 145.82 | −0.522% | $333K | $503K | 10x | as long as short |
| Arcus AAVE-USD | +0.0100% | 1h | 145.78 | −0.546% | $46K | $278K | 10x | as long as short |
| Bulk AAVE-USD | +0.0100% | 1h | 146.36 | −0.153% | $61K | −$0 | 10x | as long as short |
| KuCoin AAVEUSDTM | +0.0100% | 8h | 145.85 | −0.498% | $10.3M | $8.9M | 75x | as long as short |
| Bitget AAVEUSDT | +0.0100% | 8h | 145.70 | −0.600% | $30.2M | $17.9M | 75x | as long as short |
| BingX AAVE-USDC | +0.0100% | 8h | 145.72 | −0.587% | — | $6.5M | — | as long as short |
| Backpack AAVE_USDC_PERP | +0.0100% | 1h | 145.93 | −0.443% | $333K | $735K | 10x | as long as short |
| Variational Omni AAVE | +0.0100% | 8h | 146.44 | −0.095% | $3.8M | $1.3M | — | as long as short |
| edgeX AAVEUSDC | +0.0100% | 4h | 146.46 | −0.079% | $106K | $317K | 20x | as long as short |
| GRVT AAVE_USDT_Perp | +0.0100% | 8h | 146.48 | −0.068% | $464K | $3.7M | 10x | as long as short |
| Polymarket Perps AAVE-USD | +0.0100% | 1h | 146.13 | −0.307% | $127K | $416K | 10x | as long as short |
| SunX AAVE-USDT | +0.0100% | 8h | 146.06 | −0.358% | $1K | $1.3M | 20x | as long as short |
| HTX AAVE-USDT | +0.0100% | 8h | 146.46 | −0.085% | $711K | $5.2M | 75x | as long as short |
| Extended AAVE-USD | +0.0104% | 1h | 145.76 | −0.557% | $939K | $1.7M | 50x | as long as short |
| RISEx AAVE/USDC | +0.0107% | 1h | 146.21 | −0.256% | $185K | $246K | 10x | as long as short |
| GMX AAVE/USD [AAVE-USDC] | L +0.0233% / S −0.0363% | 1h | 146.13 | −0.308% | $128K | — | 100x | as long as short |
| Coinbase International AAVE-PERP-INTXshort | +0.0296% | 1h | 146.41 | −0.116% | $785K | $2.9M | 50x |
Binance AAVEUSDT
Phemex AAVEUSDT
Injective AAVE/USDC PERP
Reya AAVERUSDPERP
Orderly PERP_AAVE_USDC
OKX AAVE-USDT-SWAP
Bybit AAVEUSDT
ApeX Omni AAVEUSDT
BloFin AAVE-USDT
Aevo AAVE-PERP
Lighter AAVE
Paradex AAVE-USD-PERP
Nado AAVE-PERP
Hyperliquid AAVE
Aster AAVEUSDT
Pacifica AAVE
Arcus AAVE-USD
Bulk AAVE-USD
KuCoin AAVEUSDTM
Bitget AAVEUSDT
BingX AAVE-USDC
Backpack AAVE_USDC_PERP
Variational Omni AAVE
edgeX AAVEUSDC
GRVT AAVE_USDT_Perp
Polymarket Perps AAVE-USD
SunX AAVE-USDT
HTX AAVE-USDT
Extended AAVE-USD
RISEx AAVE/USDC
GMX AAVE/USD [AAVE-USDC]