Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h −0.020%

Price spread now: HTX against Phoenix−0.050%7-day average −0.198% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$670.665% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.490%−$49 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now −0.050%, 7d avg −0.198%

Together, before fees−0.521%−$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and HTX is 0.148% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.198%. Mind the row above: over the last 7 days funding on this pair cost −0.490%, 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	144.94	−0.0045	get 0.0006% / 1h	35m 02s	$5K	$100K	10x
Short	HTX AAVE-USDT	144.87	0.0100	get 0.0100% / 8h	1h 35m	$694K	$5.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $30.36
Price spread: −0.050% → −0.198%: $14.77
Slippage, 4 orders: −$47.51
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$21.38
Costs to cover: 0.665%
Break-even: 11.9 days

Slippage from Phoenix: live order book, 78 min ago; HTX: live order book, 4 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, 78 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	8.99 bp	19.5 bp −$19	84.0 bp −$840	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
01 Exchange AAVEUSD	−0.0168%	1h	144.73	−0.145%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0095%	1h	144.77	−0.117%	$254K	$480K	50x	as long as short
SoDEX AAVE-USD	−0.0064%	1h	144.72	−0.152%	$5K	$298K	10x	as long as short
Phoenix AAVElong	−0.0045%	1h	144.94	long leg	$5K	$100K	10x
dYdX AAVE-USD	0.0000%	1h	144.60	−0.231%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.67	−0.186%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.81	−0.092%	$70K	—	150x	as long as short
MEXC AAVE_USDT	+0.0033%	8h	144.74	−0.138%	$31.0M	$25.7M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.506%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0033%	8h	144.69	−0.176%	$65.8M	$185.6M	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	144.77	−0.114%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.78	−0.109%	$180K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.76	−0.124%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.62	−0.221%	$17.6M	$66.7M	50x	as long as short
Gate AAVE_USDT	+0.0053%	8h	144.66	−0.193%	$7.8M	$15.8M	75x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.83	−0.077%	$3.5M	$2.1M	50x	as long as short
Bulk AAVE-USD	+0.0080%	1h	144.69	−0.176%	$61K	$3K	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.81	−0.086%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0090%	8h	144.82	−0.082%	$463K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.92	−0.012%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.63	−0.211%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.65	−0.197%	$801K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.81	−0.090%	$79.6M	$34.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.73	−0.148%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.61	−0.226%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.64	−0.207%	$61.4M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.74	−0.138%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.74	−0.138%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.68	−0.179%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.70	−0.166%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.82	−0.083%	$380K	$713K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.61	−0.229%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.86	−0.052%	$103K	$315K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.96	+0.014%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.84	−0.069%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.76	−0.121%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDTshort	+0.0100%	8h	144.87	−0.050%	$694K	$5.0M	75x
Phemex AAVEUSDT	+0.0100%	8h	144.72	−0.152%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.60	−0.234%	$929K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0134%	8h	144.68	−0.179%	$3.4M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.82	−0.083%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.94	0.000%	$781K	$3.0M	50x	as long as short