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 +0.019%

Price spread now: SunX against Phoenix−0.003%69s7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1581.580% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)+0.145%+$14 · spread now −0.003%, 7d avg −0.065%

Together, before fees+0.208%+$21 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 SunX is 0.063% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.065%. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	145.11	−0.0044	get 0.0005% / 1h	43m 37s	$4K	$101K	10x
Short	SunX AAVE-USDT	145.11	0.0100	get 0.0100% / 8h	2h 43m	$1K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.003%Rate

Funding earned: $30.21
Price spread: −0.003% → −0.065%: $6.25
Slippage, 4 orders: −$142.97
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$121.51
Costs to cover: 1.580%
Break-even: 35.2 days

Slippage from Phoenix: live order book, 9 min ago; SunX: live order book, 10 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, 9 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	44.87 bp	65.9 bp −$66	doesn't fit	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	−0.0301%	1h	145.15	+0.028%	$250K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0187%	1h	145.11	0.000%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	145.09	−0.014%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	145.11	long leg	$4K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	145.06	−0.036%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.06	−0.034%	$74K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.20	+0.065%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	145.27	+0.108%	$3.5M	$2.0M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.616%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0037%	1h	144.98	−0.090%	$135K	$229K	50x	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	145.01	−0.067%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	145.08	−0.021%	$17.6M	$65.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0057%	8h	145.13	+0.014%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0060%	8h	145.06	−0.034%	$7.8M	$15.6M	75x	as long as short
Binance AAVEUSDT	+0.0076%	8h	145.06	−0.034%	$66.0M	$182.0M	75x	as long as short
MEXC AAVE_USDT	+0.0076%	8h	145.03	−0.055%	$32.2M	$26.1M	200x	as long as short
Nado AAVE-PERP	+0.0083%	1h	145.07	−0.029%	$805K	$444K	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.20	+0.060%	$4.7M	$1.6M	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	145.13	+0.015%	$181K	$242K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0098%	8h	144.97	−0.096%	$460K	$4.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.06	−0.032%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.28	+0.117%	$81.2M	$32.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.07	−0.028%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.02	−0.065%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.10	−0.007%	$61.8M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.08	−0.021%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.14	+0.019%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.06	−0.034%	$10.1M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.06	−0.034%	$30.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.09	−0.014%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.23	+0.083%	$381K	$703K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.12	+0.004%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.93	−0.122%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.13	+0.014%	$127K	$468K	10x	as long as short
SunX AAVE-USDTshort	+0.0100%	8h	145.11	−0.003%	$1K	$1.3M	20x
HTX AAVE-USDT	+0.0100%	8h	145.28	+0.120%	$737K	$4.8M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.15	+0.028%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.05	−0.039%	$936K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	145.18	+0.045%	$123K	$146	10x	as long as short
BloFin AAVE-USDT	+0.0196%	8h	144.90	−0.145%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	145.44	+0.227%	$782K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	145.17	+0.043%	$125K	—	100x	as long as short