Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0208%/8h= +22.7% APRpaid last 24h +0.019%

Price spread now: OKX against SoDEX−0.007%46s7-day average 0.000% · 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—prices read too far apart to compare

costs, in and out, $10k−$260.263% of the position

Long on SoDEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.285%−$28 · spread now −0.007%, 7d avg 0.000%

Together, before fees−0.256%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.029% in total (about 3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX AAVE-USD	141.82	−0.0108	get 0.0013% / 1h	20m 31s	$6K	$241K	10x
Short	OKX AAVE-USDT-SWAP	141.81	0.0100	get 0.0100% / 8h	6h 20m	$16.5M	$55.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against SoDEX. 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 SoDEXbpFee OKXbpOrdersPrice spread, now −0.007%Rate

Funding earned: $43.61
Price spread: −0.007% → 0.000%: −$0.68
Slippage, 4 orders: −$8.28
Fee SoDEX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: $16.66
Costs to cover: 0.263%
Break-even: 4.3 days

Slippage from SoDEX: live order book, 31 min ago; OKX: live order book, 1 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, 31 min ago	0.35 bp	5.3 bp −$5	11.3 bp −$113	102.6 bp −$10.3K	doesn't fit
Sell OKX live order book, 1 min ago	0.35 bp	7.9 bp −$8	14.6 bp −$146	81.9 bp −$8,186	doesn't fit

AAVE on 42 exchanges

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
SoDEX AAVE-USDlong	−0.0108%	1h	141.82	long leg	$6K	$241K	10x
ApeX Omni AAVEUSDT	−0.0070%	1h	141.55	−0.190%	$132K	$221K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.94	+0.082%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.83	+0.007%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.90	+0.056%	$42K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.87	+0.035%	$210K	$356K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.90	+0.059%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.427%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.81	−0.006%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0046%	8h	141.82	0.000%	$3.9M	$3.6M	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit AAVEUSDT	+0.0052%	8h	141.80	−0.014%	$61.1M	$62.3M	75x	as long as short
Phoenix AAVE	+0.0062%	1h	141.72	−0.071%	$4K	$97K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	141.81	−0.007%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.98	+0.110%	$4.6M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.78	−0.025%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.90	+0.056%	$814K	$319K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.00	+0.127%	$78.0M	$31.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.90	+0.056%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.83	+0.007%	$345K	$340K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.80	−0.012%	$63.9M	$170.8M	75x	as long as short
OKX AAVE-USDT-SWAPshort	+0.0100%	8h	141.81	−0.007%	$16.5M	$55.2M	50x
Arcus AAVE-USD	+0.0100%	1h	141.97	+0.106%	$95K	$209K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.80	−0.014%	$164K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.86	+0.028%	$8.1M	$14.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.79	−0.021%	$22.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.83	+0.007%	$10.3M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.78	−0.028%	$29.3M	$16.6M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.80	−0.014%	—	$43.3M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.78	−0.031%	$3.7M	$724K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.58	−0.170%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.169%	$452K	$3.3M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.04	+0.155%	$134K	$401K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.81	−0.004%	$2K	$1.2M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.02	+0.140%	$663K	$1.5M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.76	−0.041%	$916K	$1.6M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.89	+0.047%	$120K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0109%	1h	142.01	+0.134%	$388K	$634K	10x	as long as short
RISEx AAVE/USDC	+0.0164%	1h	141.89	+0.050%	$172K	$204K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0176%	1h	141.97	+0.103%	$3.4M	$1.9M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.86	+0.028%	$3.3M	$3.4M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0232%	1h	142.00	+0.127%	$753K	$2.3M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.89	+0.052%	$111K	—	100x	as long as short