Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.015%

Price spread now: KuCoin against Phoenix−0.164%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now −0.164%, 7d avg −0.065%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.099% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.164% now, against its 7-day average of −0.065%). If the spread goes back, that is −$10 on $10k: about 3.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	146.55	0	get 0.0000% / 1h	11m 10s	$5K	$102K	10x
Short	KuCoin AAVEUSDTM	146.31	0.0100	get 0.0100% / 8h	7h 11m	$11.0M	$9.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.164%Rate

Funding earned: $21
Price spread: −0.164% → −0.065%: −$9.87
Slippage, 4 orders: −$41.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$49.48
Costs to cover: 0.606%
Break-even: 23.5 days

Slippage from Phoenix: live order book, 42 min ago; KuCoin: live order book, 2 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, 42 min ago	0.69 bp	13.8 bp −$14	53.9 bp −$539	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.05 bp	21.1 bp −$21	39.1 bp −$391	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	−0.0184%	1h	146.37	−0.126%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0152%	1h	146.30	−0.171%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0092%	1h	146.22	−0.225%	$255K	$367K	50x	as long as short
SoDEX AAVE-USD	−0.0074%	1h	146.20	−0.239%	$5K	$295K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.32	−0.159%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.07	−0.328%	$79K	$1.5M	3.4x	as long as short
Phoenix AAVElong	0.0000%	1h	146.55	long leg	$5K	$102K	10x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.32	−0.158%	$71K	—	150x	as long as short
Phemex AAVEUSDT	+0.0013%	8h	146.30	−0.171%	$4.2M	$3.8M	50x	as long as short
MEXC AAVE_USDT	+0.0023%	8h	146.23	−0.218%	$28.6M	$25.9M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0024%	8h	146.24	−0.212%	$66.2M	$183.3M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.544%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.29	−0.176%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	146.19	−0.246%	$18K	$10K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0046%	1h	146.45	−0.068%	$136K	$231K	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	146.23	−0.218%	$17.9M	$66.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.15	−0.273%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.45	−0.067%	$4.7M	$1.5M	10x	as long as short
BloFin AAVE-USDT	+0.0096%	8h	146.30	−0.171%	$3.5M	$3.5M	100x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.33	−0.152%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.31	−0.160%	$800K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.47	−0.057%	$79.8M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.40	−0.102%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.33	−0.147%	$334K	$503K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.24	−0.212%	$62.6M	$64.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.32	−0.157%	$46K	$275K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.521%	$59K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	146.32	−0.157%	$7.9M	$15.3M	75x	as long as short
KuCoin AAVEUSDTMshort	+0.0100%	8h	146.31	−0.164%	$11.0M	$9.0M	75x
Bitget AAVEUSDT	+0.0100%	8h	146.16	−0.266%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.21	−0.232%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.33	−0.150%	$331K	$736K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.27	−0.190%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.39	−0.106%	$106K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.39	−0.110%	$466K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.39	−0.109%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.25	−0.202%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.45	−0.069%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.14	−0.278%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.33	−0.152%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0373%	1h	146.32	−0.157%	$130K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.42	−0.089%	$785K	$2.9M	50x	as long as short