Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0079%/8h= +8.7% APRpaid last 24h −0.002%

Price spread now: Orderly against Phoenix−0.178%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.178% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.178% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 7.5 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	145.87	−0.0027	get 0.0003% / 1h	9m 06s	$5K	$99K	10x
Short	Orderly PERP_AAVE_USDC	145.61	0.0052	get 0.0052% / 8h	9m 06s	$18K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.178%Rate

Funding earned: $16.66
Price spread: −0.178% → 0.000%: −$17.82
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.16
Costs to cover: 0.130%
Break-even: 13.0 days

Slippage unknown: Phoenix: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Phoenix and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
SoDEX AAVE-USD	−0.0119%	1h	145.59	−0.192%	$5K	$305K	10x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	145.58	−0.199%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0027%	1h	145.87	long leg	$5K	$99K	10x
Deribit AAVE_USDC-PERPETUAL	−0.0024%	1h	145.69	−0.123%	$254K	$391K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.46	−0.280%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.89	+0.014%	$83K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	145.71	−0.111%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.71	−0.108%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0031%	8h	145.65	−0.151%	$66.4M	$187.4M	75x	as long as short
MEXC AAVE_USDT	+0.0032%	8h	145.59	−0.192%	$29.7M	$26.1M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.108%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.58	−0.199%	—	—	20x	as long as short
Orderly PERP_AAVE_USDCshort	+0.0052%	8h	145.61	−0.178%	$18K	$12K	10x
OKX AAVE-USDT-SWAP	+0.0068%	8h	145.64	−0.158%	$17.9M	$67.5M	50x	as long as short
Gate AAVE_USDT	+0.0074%	8h	145.61	−0.178%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.63	−0.162%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.83	−0.029%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.50	−0.256%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.59	−0.192%	$801K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.78	−0.062%	$80.4M	$34.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.62	−0.171%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.54	−0.229%	$332K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.66	−0.144%	$62.1M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.57	−0.206%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.59	−0.194%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.62	−0.171%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.61	−0.178%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.62	−0.171%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.70	−0.117%	$346K	$744K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.93	+0.044%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.13	+0.179%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.99	+0.081%	$466K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.12	+0.171%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.65	−0.151%	$128K	$455K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.59	−0.189%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.69	−0.120%	$689K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.71	−0.110%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.62	−0.170%	$935K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	145.62	−0.172%	$184K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0124%	8h	145.62	−0.171%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.70	−0.117%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	145.62	−0.171%	$785K	$3.0M	50x	as long as short