Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.017%

Price spread now: Phemex against Phoenix+0.208%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$860.856% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)−0.107%−$11 · spread now +0.208%, 7d avg −0.046%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phemex is 0.254% dearer against Phoenix than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	144.13	−0.0044	get 0.0005% / 1h	34m 26s	$4K	$101K	10x
Short	Phemex AAVEUSDT	144.43	0.0100	get 0.0100% / 8h	2h 34m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.208%Rate

Funding earned: $30.21
Price spread: +0.208% → −0.046%: $25.44
Slippage, 4 orders: −$66.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.99
Costs to cover: 0.856%
Break-even: 13.9 days

Slippage from Phoenix: live order book, 19 min ago; Phemex: 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, 19 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	7.98 bp	19.6 bp −$20	28.8 bp −$288	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	−0.0304%	1h	144.39	+0.180%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0194%	1h	144.34	+0.146%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.42	+0.201%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	144.13	long leg	$4K	$101K	10x
ApeX Omni AAVEUSDT	−0.0026%	1h	144.08	−0.035%	$134K	$229K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.40	+0.191%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.45	+0.222%	$71K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.42	+0.203%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.51	+0.261%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.975%	$422	$51K	12x	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	144.34	+0.149%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	144.39	+0.180%	$17.5M	$65.7M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	144.32	+0.132%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0055%	8h	144.45	+0.222%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0067%	8h	144.38	+0.176%	$65.7M	$183.2M	75x	as long as short
MEXC AAVE_USDT	+0.0068%	8h	144.43	+0.208%	$31.7M	$26.2M	200x	as long as short
Nado AAVE-PERP	+0.0091%	1h	144.41	+0.194%	$801K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0093%	8h	144.12	−0.010%	$450K	$4.0M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.61	+0.334%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.40	+0.187%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.49	+0.248%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.46	+0.231%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.45	+0.222%	$80.2M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.43	+0.210%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.43	+0.211%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.47	+0.236%	$61.5M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.44	+0.215%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.336%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.48	+0.243%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.36	+0.160%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.48	+0.243%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.56	+0.298%	$378K	$702K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.08	−0.035%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.12	−0.009%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.48	+0.243%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.34	+0.149%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.46	+0.228%	$725K	$4.9M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	144.43	+0.208%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.43	+0.210%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0188%	8h	144.32	+0.132%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	+0.160%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.39	+0.181%	$124K	—	100x	as long as short