Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0011%/8h= +1.3% APRpaid last 24h −0.005%

Price spread now: Variational Omni against Phoenix−0.077%54s7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.077% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.077% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 22 days of funding at the current rate ($0 a day). The two prices were read 54 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	143.48	0.0089	pay 0.0011% / 1h	44m 38s	$5K	$98K	10x
Short	Variational Omni AAVE	143.37	0.0100	get 0.0100% / 8h	5h 44m	$3.7M	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.077%Rate

Funding earned: $2.4
Price spread: −0.077% → 0.000%: −$7.67
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.27
Costs to cover: 0.070%
Break-even: 42.8 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 5 min ago. 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 Variational Omni RFQ quote, 5 min ago	3.07 bp	doesn't fit	16.1 bp −$161	doesn't fit	doesn't fit

Phoenix: 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
01 Exchange AAVEUSD	−0.0064%	1h	143.56	+0.056%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.55	+0.047%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.47	−0.007%	$59K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.62	+0.098%	$238K	$376K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.54	+0.039%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.544%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.57	+0.063%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.58	+0.070%	—	—	20x	as long as short
Phoenix AAVElong	+0.0089%	1h	143.48	long leg	$5K	$98K	10x
OKX AAVE-USDT-SWAP	+0.0096%	8h	143.54	+0.042%	$17.2M	$63.4M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.75	+0.190%	$4.6M	$1.5M	10x	as long as short
MEXC AAVE_USDT	+0.0098%	8h	143.50	+0.014%	$26.0M	$23.5M	200x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.55	+0.051%	$64.4M	$183.3M	75x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.55	+0.050%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.50	+0.017%	$833K	$431K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.63	+0.105%	$77.7M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.57	+0.066%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.59	+0.075%	$327K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.59	+0.077%	$61.4M	$64.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.60	+0.084%	$44K	$181K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.56	+0.053%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.55	+0.049%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.61	+0.091%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.56	+0.056%	$30.1M	$17.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.56	+0.056%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.78	+0.209%	$320K	$719K	10x	as long as short
Variational Omni AAVEshort	+0.0100%	8h	143.37	−0.077%	$3.7M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	143.01	−0.324%	$103K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.97	−0.353%	$448K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.30	−0.125%	$133K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.60	+0.084%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.59	+0.079%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.61	+0.091%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.84	+0.252%	$696K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.62	+0.098%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.57	+0.063%	$913K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.63	+0.101%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.61	+0.093%	$196K	$231K	10x	as long as short
BloFin AAVE-USDT	+0.0219%	8h	143.52	+0.028%	—	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.54	+0.039%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0267%	1h	143.70	+0.151%	$3.5M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.72	+0.167%	$778K	$2.8M	50x	as long as short