AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0044%/8h= +4.8% APRnext payment +$0.06 per $10,000 · paid last 24h +0.048%

Price spread now: Hyperliquid against Phoenix+0.657%81s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as 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−$450.446% of the position

Long on Phoenix Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.901%−$90 · spread now +0.657%, 7d avg +0.030%

Together, before fees−0.841%+ Points / potential airdropHyperliquid: Season 2 · farm board−$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.627% dearer against Phoenix than usual: you sell high and buy low: +$63 more if the spread goes back to its 7-day average of +0.030%. The two prices were read 81 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	141.63	0.0056	pay 0.0007% / 1h	32m 05s	$4K	$102K	10x
Short	Hyperliquid AAVE	142.56	0.0100	get 0.0013% / 1h	32m 05s	$76.8M	$35.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.657%Rate

Funding earned: $9.25
Price spread: +0.657% → +0.030%: $62.7
Slippage, 4 orders: −$28.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $27.34
Costs to cover: 0.446%
Break-even: from the start

Slippage from Phoenix: live order book, 17 min ago; Hyperliquid: live order book, 12 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, 17 min ago	3.53 bp	14.3 bp −$14	54.4 bp −$544	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	2.46 bp	9.0 bp −$9	doesn't fit	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	−0.0160%	1h	142.32	+0.487%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.41	+0.552%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.37	+0.522%	$43K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.45	+0.579%	$221K	$399K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.47	+0.596%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0016%	1h	142.38	+0.526%	$839K	$449K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.297%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.40	+0.544%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0047%	8h	142.43	+0.565%	$18K	$10K	10x	as long as short
SoDEX AAVE-USD	+0.0055%	1h	142.44	+0.572%	$5K	$299K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVElong	+0.0056%	1h	141.63	long leg	$4K	$102K	10x
Lighter AAVE	+0.0096%	1h	142.53	+0.638%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.39	+0.540%	$13K	$4K	20x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	142.56	+0.657%	$76.8M	$35.4M	10x
Aster AAVEUSDT	+0.0100%	8h	142.53	+0.636%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.42	+0.555%	$326K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.45	+0.579%	$63.7M	$186.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.46	+0.586%	$60.9M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.46	+0.586%	$17.1M	$63.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.44	+0.572%	$63K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.095%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.49	+0.607%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.45	+0.579%	$25.1M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.47	+0.593%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.35	+0.508%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.43	+0.565%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.56	+0.657%	$336K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	141.38	−0.176%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.50	−0.089%	$102K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.035%	$454K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.57	−0.042%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.49	+0.607%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.37	+0.521%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.56	+0.655%	$685K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.41	+0.551%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.39	+0.539%	$892K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.49	+0.604%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.39	+0.534%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.22	+0.417%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.47	+0.593%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0325%	1h	142.55	+0.646%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.59	+0.678%	$790K	$2.8M	50x	as long as short