Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.004%

Price spread now: Phemex against RISEx−0.080%7-day average +0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.492%+$49 · spread now −0.080%, 7d avg +0.006%

Together, before fees+0.533%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.086% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.041% in total (about 3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx AAVE/USDC	143.09	0.0223	pay 0.0028% / 1h	3m 18s	$174K	$275K	10x
Short	Phemex AAVEUSDT	142.98	−0.0133	pay 0.0133% / 8h	7h 03m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$74.72
Price spread: −0.080% → +0.006%: −$8.59
Slippage, 4 orders: −$16.33
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.64
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from RISEx: live order book, 30 min ago; Phemex: live order book, 5 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 RISEx live order book, 30 min ago	1.24 bp	4.2 bp −$4	9.8 bp −$98	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.45 bp	13.6 bp −$14	22.1 bp −$221	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
Phemex AAVEUSDTshort	−0.0133%	8h	142.98	−0.080%	$4.0M	$3.6M	50x
dYdX AAVE-USD	0.0000%	1h	142.99	−0.072%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.00	−0.066%	$50K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.97	−0.087%	$212K	$360K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.03	−0.042%	$82K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.287%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.97	−0.088%	—	—	20x	as long as short
01 Exchange AAVEUSD	+0.0072%	1h	143.11	+0.011%	$10K	$2K	5x	as long as short
Orderly PERP_AAVE_USDC	+0.0092%	8h	142.94	−0.108%	$17K	$6K	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.22	+0.091%	$4.6M	$2.6M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0096%	1h	143.07	−0.017%	$4K	$99K	10x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.96	−0.094%	$6K	$285K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.99	−0.076%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	142.93	−0.112%	$827K	$385K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.19	+0.067%	$78.4M	$36.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.08	−0.007%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.04	−0.041%	$349K	$366K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.98	−0.078%	$63.9M	$187.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.95	−0.101%	$61.8M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.96	−0.094%	$16.6M	$63.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.17	+0.053%	$98K	$228K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.71	−0.271%	$165K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.00	−0.066%	$8.1M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.00	−0.066%	$22.6M	$24.4M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.04	−0.038%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.00	−0.066%	$29.1M	$17.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.98	−0.080%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.08	−0.009%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.97	−0.088%	$110K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.03	−0.045%	$449K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.05	−0.031%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.08	−0.010%	$135K	$465K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.01	−0.057%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.09	−0.003%	$671K	$5.3M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.90	−0.138%	$916K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.99	−0.071%	$121K	$146	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	143.20	+0.074%	$761K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.97	−0.087%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDClong	+0.0223%	1h	143.09	long leg	$174K	$275K	10x
Backpack AAVE_USDC_PERP	+0.0226%	1h	143.10	+0.004%	$389K	$731K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0246%	1h	143.05	−0.034%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	143.02	−0.053%	$111K	—	100x	as long as short