Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0089%/8h= −9.8% APRpaid last 24h −0.032%

Price spread now: Kalshi against RISEx+0.030%7-day average −0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.426%+$43 · spread now +0.030%, 7d avg −0.076%

Together, before fees+0.353%+$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.106% dearer against RISEx than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.076%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx AAVE/USDC	144.55	0.0089	pay 0.0011% / 1h	43m 00s	$185K	$232K	10x
Short	Kalshi KXAAVEPERP	144.59	0	get 0.0000% / 8h	2h 43m	$65K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now +0.030%Rate

Funding earned: −$18.79
Price spread: +0.030% → −0.076%: $10.6
Slippage, 4 orders: −$27.19
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$51.38
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from RISEx: live order book, 25 min ago; Kalshi: live order book, just now.

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 RISEx live order book, 25 min ago	2.63 bp	5.6 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell Kalshi live order book, just now	5.20 bp	17.8 bp −$18	24.5 bp −$245	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
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.41	−0.095%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	144.53	−0.011%	$11K	$2K	5x	as long as short
ApeX Omni AAVEUSDT	−0.0009%	1h	144.47	−0.053%	$134K	$230K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.61	+0.046%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	144.59	+0.030%	$65K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.30	−0.170%	$251K	$362K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.41	−0.092%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.20	−0.240%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.248%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0043%	8h	144.06	−0.337%	$27.4M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.28	−0.184%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.40	−0.103%	—	—	20x	as long as short
Binance AAVEUSDT	+0.0044%	8h	144.10	−0.309%	$65.0M	$185.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0067%	8h	144.10	−0.309%	$17.5M	$65.9M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.33	−0.150%	$122K	$146	10x	as long as short
RISEx AAVE/USDClong	+0.0089%	1h	144.55	long leg	$185K	$232K	10x
Lighter AAVE	+0.0096%	1h	144.52	−0.019%	$4.6M	$1.4M	10x	as long as short
Phemex AAVEUSDT	+0.0096%	8h	144.35	−0.136%	$4.1M	$3.8M	50x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.59	+0.030%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.41	−0.094%	$803K	$429K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.30	−0.168%	$78.4M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.26	−0.200%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.54	−0.004%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.09	−0.316%	$61.7M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.52	−0.018%	$45K	$188K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.44	−0.074%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.08	−0.323%	$7.7M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.14	−0.281%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.01	−0.371%	$29.9M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.09	−0.316%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.28	−0.184%	$324K	$750K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.28	−0.182%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.38	−0.118%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.19	−0.247%	$464K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.50	−0.032%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.52	−0.021%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.29	−0.177%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.44	−0.070%	$700K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.00	−0.379%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0147%	8h	144.53	−0.011%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.46	−0.062%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.64	+0.065%	$778K	$2.8M	50x	as long as short