Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.023%

Price spread now: Kalshi against Phoenix−0.007%7-day average −0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$580.582% of the position

Long on Phoenix Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 3 days (all we have)−0.142%−$14 · spread now −0.007%, 7d avg −0.148%

Together, before fees−0.310%−$31 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 Kalshi is 0.141% dearer against Phoenix than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.148%. Mind the row above: over the last 7 days funding on this pair cost −0.168%, 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	144.43	−0.0044	get 0.0005% / 1h	29m 12s	$5K	$101K	10x
Short	Kalshi KXAAVEPERP	144.42	0	get 0.0000% / 8h	6h 29m	$71K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.007%Rate

Funding earned: $9.21
Price spread: −0.007% → −0.148%: $14.13
Slippage, 4 orders: −$41.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$34.87
Costs to cover: 0.582%
Break-even: 33.5 days

Slippage from Phoenix: live order book, 24 min ago; Kalshi: 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, 24 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell Kalshi live order book, 4 min ago	7.62 bp	17.5 bp −$17	26.4 bp −$264	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
Deribit AAVE_USDC-PERPETUAL	−0.0372%	1h	144.55	+0.083%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0187%	1h	144.52	+0.062%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.61	+0.125%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	144.43	long leg	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.52	+0.065%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	144.42	−0.007%	$71K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.65	+0.152%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.70	+0.188%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.172%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0041%	1h	144.40	−0.021%	$134K	$229K	50x	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	144.54	+0.078%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0050%	8h	144.50	+0.048%	$17.5M	$65.9M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0053%	8h	144.53	+0.069%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0054%	8h	144.54	+0.076%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0062%	8h	144.49	+0.044%	$65.7M	$183.6M	75x	as long as short
MEXC AAVE_USDT	+0.0063%	8h	144.53	+0.069%	$31.6M	$26.3M	200x	as long as short
Nado AAVE-PERP	+0.0087%	1h	144.65	+0.152%	$803K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.45	+0.016%	$455K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.71	+0.195%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.59	+0.111%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.65	+0.153%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.59	+0.114%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.64	+0.145%	$80.3M	$33.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.60	+0.117%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.61	+0.125%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.56	+0.090%	$61.5M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.61	+0.125%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.30	−0.092%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.59	+0.111%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.50	+0.048%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.61	+0.125%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.63	+0.138%	$378K	$701K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.45	+0.013%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	−0.047%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.67	+0.166%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.58	+0.105%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.70	+0.188%	$723K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.58	+0.104%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.51	+0.054%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0182%	8h	144.48	+0.035%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.048%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.61	+0.127%	$124K	—	100x	as long as short