Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0018%/8h= −1.9% APRpaid last 24h +0.007%

Price spread now: Gate against Phoenix−0.497%62s7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$580.584% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.270%+$27 · spread now −0.497%, 7d avg −0.062%

Together, before fees+0.236%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.435% cheaper against Phoenix than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of −0.062%). Swap the legs. The two prices were read 62 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	142.85	0.0118	pay 0.0015% / 1h	32m 13s	$4K	$106K	10x
Short	Gate AAVE_USDT	142.14	0.0100	get 0.0100% / 8h	2h 32m	$8.0M	$16.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.497%Rate

Funding earned: −$3.72
Price spread: −0.497% → −0.062%: −$43.53
Slippage, 4 orders: −$36.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$105.65
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; Gate: live order book, 1 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, 7 min ago	0.70 bp	14.0 bp −$14	54.4 bp −$544	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.46 bp	14.1 bp −$14	26.1 bp −$261	43.8 bp −$4,384	49.9 bp −$25.0K

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
dYdX AAVE-USD	0.0000%	1h	142.30	−0.382%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.02	−0.581%	$56K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.05	−0.560%	$216K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.14	−0.494%	$79K	—	150x	as long as short
Nado AAVE-PERP	+0.0018%	1h	142.16	−0.480%	$828K	$400K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.123%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.10	−0.526%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0067%	8h	142.11	−0.518%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0088%	8h	142.10	−0.525%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	142.35	−0.350%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.32	−0.370%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.12	−0.513%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.35	−0.350%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.10	−0.525%	$63.4M	$189.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.08	−0.539%	$60.9M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.07	−0.546%	$17.0M	$64.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.41	−0.308%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	−0.359%	$57K	−$0	10x	as long as short
Gate AAVE_USDTshort	+0.0100%	8h	142.14	−0.497%	$8.0M	$16.1M	75x
MEXC AAVE_USDT	+0.0100%	8h	142.09	−0.532%	$25.2M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.08	−0.539%	$10.2M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.02	−0.581%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.12	−0.511%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.78	−0.047%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.11	+0.182%	$106K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.72	−0.091%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.17	+0.224%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.30	−0.385%	$136K	$462K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.32	−0.370%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.07	−0.546%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.44	−0.286%	$681K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.00	−0.597%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.13	−0.507%	$120K	$146	10x	as long as short
Hyperliquid AAVE	+0.0112%	1h	142.31	−0.378%	$77.8M	$37.1M	10x	as long as short
Phoenix AAVElong	+0.0118%	1h	142.85	long leg	$4K	$106K	10x
Backpack AAVE_USDC_PERP	+0.0145%	1h	142.48	−0.259%	$334K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.37	−0.337%	$188K	$252K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.34	−0.357%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.17	−0.477%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.14	−0.500%	$111K	—	100x	as long as short
Lighter AAVE	+0.0296%	1h	142.29	−0.391%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.15	−0.490%	$770K	$2.8M	50x	as long as short