Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.009%

Price spread now: OKX against Phoenix−0.162%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

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

costs, in and out, $10k−$440.439% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.037%−$4 · spread now −0.162%, 7d avg −0.083%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.079% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	142.31	0.0152	pay 0.0019% / 1h	45m 13s	$5K	$98K	10x
Short	OKX AAVE-USDT-SWAP	142.08	0.0100	get 0.0100% / 8h	45m 13s	$17.0M	$63.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.162%Rate

Funding earned: −$10.95
Price spread: −0.162% → −0.083%: −$7.88
Slippage, 4 orders: −$26.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$62.76
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Phoenix: live order book, 49 min ago; OKX: 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, 49 min ago	0.70 bp	14.0 bp −$14	54.0 bp −$540	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.35 bp	8.9 bp −$9	13.9 bp −$139	60.1 bp −$6,005	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
dYdX AAVE-USD	0.0000%	1h	142.09	−0.154%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.00	−0.218%	$48K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.06	−0.176%	$214K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.08	−0.162%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.759%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.02	−0.203%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0082%	8h	142.05	−0.183%	$18K	$7K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.25	−0.043%	$4.5M	$2.4M	10x	as long as short
Nado AAVE-PERP	+0.0097%	1h	142.03	−0.200%	$828K	$395K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.02	−0.205%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	142.23	−0.056%	$77.8M	$36.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.10	−0.149%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.05	−0.180%	$324K	$384K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.07	−0.169%	$63.6M	$189.2M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.05	−0.183%	$61.2M	$67.9M	75x	as long as short
OKX AAVE-USDT-SWAPshort	+0.0100%	8h	142.08	−0.162%	$17.0M	$63.9M	50x
Arcus AAVE-USD	+0.0100%	1h	142.14	−0.119%	$63K	$193K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.93	−0.268%	$160K	$103K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.10	−0.148%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.06	−0.176%	$23.9M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.08	−0.162%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.14	−0.119%	$29.0M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.07	−0.169%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.17	−0.100%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.26	−0.032%	$108K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.30	−0.005%	$452K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.20	−0.077%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.12	−0.134%	$141K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.04	−0.188%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.05	−0.183%	$5K	$286K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.26	−0.032%	$672K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.03	−0.197%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.00	−0.217%	$915K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.11	−0.141%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.09	−0.152%	$120K	$146	10x	as long as short
Phoenix AAVElong	+0.0152%	1h	142.31	long leg	$5K	$98K	10x
BloFin AAVE-USDT	+0.0220%	8h	142.04	−0.190%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	142.12	−0.132%	$188K	$276K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.08	−0.163%	$111K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	142.36	+0.035%	$755K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0269%	1h	142.14	−0.122%	$3.4M	$2.1M	50x	as long as short
Backpack AAVE_USDC_PERP	+0.0338%	1h	142.23	−0.056%	$387K	$728K	10x	as long as short