Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.001%

Price spread now: Kalshi against SoDEX+0.112%7-day average −0.066% · 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−$23as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.214%−$21 · spread now +0.112%, 7d avg −0.066%

Together, before fees−0.237%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.179% dearer against SoDEX than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of −0.066%): +$18 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.0 days. At the pace of the last 3 days (−0.023% in total) that is about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX AAVE-USD	142.32	0.0100	pay 0.0013% / 1h	33m 15s	$5K	$313K	10x
Short	Kalshi KXAAVEPERP	142.48	0	get 0.0000% / 8h	6h 33m	$55K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.112%Rate

Funding earned: −$21
Price spread: +0.112% → −0.066%: $17.86
Slippage, 4 orders: −$23.35
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$44.49
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from SoDEX: live order book, 15 min ago; Kalshi: 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 SoDEX live order book, 15 min ago	0.35 bp	5.1 bp −$5	9.8 bp −$98	99.7 bp −$9,968	doesn't fit
Sell Kalshi live order book, 5 min ago	5.61 bp	19.8 bp −$20	26.4 bp −$264	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	−0.0242%	1h	142.29	−0.021%	$216K	$394K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.30	−0.011%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.48	+0.112%	$55K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.32	+0.003%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0015%	1h	142.25	−0.046%	$828K	$400K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.766%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.28	−0.029%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0066%	8h	142.32	0.000%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0085%	8h	142.34	+0.014%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	142.39	+0.049%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.25	−0.051%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.35	+0.024%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.34	+0.014%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.37	+0.033%	$63.6M	$189.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.32	0.000%	$61.0M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.30	−0.014%	$17.0M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.52	+0.141%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.52	+0.142%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.31	−0.007%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.32	0.000%	$25.2M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.33	+0.007%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.35	+0.021%	$29.1M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.29	−0.021%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.78	+0.325%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.11	+0.555%	$106K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.72	+0.281%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.17	+0.597%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.40	+0.056%	$136K	$462K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.38	+0.044%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USDlong	+0.0100%	1h	142.32	long leg	$5K	$313K	10x
HTX AAVE-USDT	+0.0100%	8h	142.47	+0.102%	$681K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.27	−0.034%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.36	+0.029%	$120K	$146	10x	as long as short
Hyperliquid AAVE	+0.0113%	1h	142.46	+0.098%	$77.9M	$37.1M	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.85	+0.372%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0146%	1h	142.49	+0.119%	$334K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.49	+0.119%	$188K	$252K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.34	+0.014%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.40	+0.059%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.32	−0.002%	$111K	—	100x	as long as short
Lighter AAVE	+0.0296%	1h	142.54	+0.157%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.44	+0.084%	$772K	$2.8M	50x	as long as short