Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0038%/8h= −4.1% APRpaid last 24h +0.040%

Price spread now: Phemex against SoDEX+0.049%7-day average +0.026% · 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−$37as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.049%, 7d avg +0.026%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.023% dearer against SoDEX than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.026%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.0 days. Mind the row above: over the last 3 days funding on this pair paid +0.087%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX AAVE-USD	142.84	0.0100	pay 0.0013% / 1h	36m 23s	$5K	$312K	10x
Short	Phemex AAVEUSDT	142.91	0.0062	get 0.0062% / 8h	2h 36m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$7.88
Price spread: +0.049% → +0.026%: $2.3
Slippage, 4 orders: −$18.99
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.56
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from SoDEX: live order book, 12 min ago; Phemex: live order book, 2 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, 12 min ago	0.35 bp	5.1 bp −$5	9.8 bp −$98	99.7 bp −$9,968	doesn't fit
Sell Phemex live order book, 2 min ago	3.16 bp	13.0 bp −$13	20.2 bp −$202	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
Nado AAVE-PERP	−0.0005%	1h	142.87	+0.021%	$832K	$402K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.81	−0.023%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.71	−0.091%	$55K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.84	0.000%	$218K	$393K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.83	−0.008%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.116%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.75	−0.061%	—	—	20x	as long as short
Phemex AAVEUSDTshort	+0.0062%	8h	142.91	+0.049%	$4.0M	$3.6M	50x
Orderly PERP_AAVE_USDC	+0.0066%	8h	142.82	−0.014%	$18K	$10K	10x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	142.95	+0.077%	$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	142.88	+0.025%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.86	+0.014%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.91	+0.052%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.84	0.000%	$63.7M	$189.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.82	−0.014%	$61.2M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.80	−0.028%	$17.1M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.99	+0.105%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.52	−0.222%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.80	−0.028%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.80	−0.028%	$25.4M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.82	−0.014%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.78	−0.042%	$29.2M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.80	−0.028%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.41	−0.300%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.23	−0.427%	$105K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.24	−0.420%	$445K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.27	−0.399%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.93	+0.063%	$135K	$460K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.88	+0.030%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USDlong	+0.0100%	1h	142.84	long leg	$5K	$312K	10x
HTX AAVE-USDT	+0.0100%	8h	143.18	+0.239%	$684K	$5.2M	75x	as long as short
Hyperliquid AAVE	+0.0101%	1h	142.96	+0.084%	$78.2M	$37.1M	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.77	−0.050%	$903K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.84	−0.001%	$121K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.58	−0.182%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0129%	1h	142.92	+0.056%	$335K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.96	+0.081%	$187K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.73	−0.077%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0237%	1h	142.95	+0.076%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.80	−0.025%	$112K	—	100x	as long as short
Lighter AAVE	+0.0320%	1h	143.12	+0.196%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.93	+0.063%	$777K	$2.8M	50x	as long as short