Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0080%/8h= +8.7% APRpaid last 24h 0.000%

Price spread now: MEXC against Phoenix+0.131%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Phoenix Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.496%−$50 · spread now +0.131%, 7d avg −0.060%

Together, before fees−0.513%−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and MEXC is 0.192% dearer against Phoenix than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	144.56	−0.0045	get 0.0006% / 1h	43m 19s	$5K	$100K	10x
Short	MEXC AAVE_USDT	144.75	0.0035	get 0.0035% / 8h	1h 43m	$31.1M	$25.7M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.131%Rate

Funding earned: $16.71
Price spread: +0.131% → −0.060%: $19.18
Slippage, 4 orders: −$22.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $6.01
Costs to cover: 0.299%
Break-even: 4.5 days

Slippage from Phoenix: live order book, 70 min ago; MEXC: live order book, 5 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, 70 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.35 bp	1.2 bp −$1	6.1 bp −$61	33.0 bp −$3,300	104.1 bp −$52.1K

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	−0.0184%	1h	144.61	+0.035%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0068%	1h	144.67	+0.076%	$5K	$298K	10x	as long as short
Phoenix AAVElong	−0.0045%	1h	144.56	long leg	$5K	$100K	10x
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	144.71	+0.104%	$254K	$480K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.60	+0.025%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.60	+0.028%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.73	+0.119%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.257%	$422	$51K	12x	as long as short
MEXC AAVE_USDTshort	+0.0035%	8h	144.75	+0.131%	$31.1M	$25.7M	200x
Binance AAVEUSDT	+0.0035%	8h	144.71	+0.104%	$65.7M	$185.3M	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	144.69	+0.089%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.68	+0.085%	$180K	$246K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0048%	8h	144.70	+0.097%	$17.4M	$66.4M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.65	+0.062%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.80	+0.168%	$3.5M	$2.1M	50x	as long as short
Bulk AAVE-USD	+0.0056%	1h	143.94	−0.429%	$60K	$3K	10x	as long as short
Gate AAVE_USDT	+0.0073%	8h	144.72	+0.111%	$7.8M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.69	+0.090%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.30	−0.181%	$451K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.90	+0.232%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.65	+0.062%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.72	+0.107%	$801K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.84	+0.194%	$79.4M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.75	+0.129%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.60	+0.029%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.73	+0.118%	$61.5M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.64	+0.055%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.71	+0.104%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.64	+0.055%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.69	+0.090%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.63	+0.048%	$381K	$709K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.94	−0.428%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.22	−0.235%	$102K	$316K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.27	−0.201%	$134K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.81	+0.173%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.60	+0.030%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.06	+0.344%	$719K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.64	+0.055%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.63	+0.049%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0141%	8h	144.60	+0.028%	$3.4M	$4.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.72	+0.108%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	−0.526%	$772K	$3.0M	50x	as long as short