Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.002%

Price spread now: Backpack against SunX+0.027%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1461.460% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.114%−$11 · spread now +0.027%, 7d avg +0.028%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.028%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.006% in total (about -0.3% 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	SunX AAVE-USDT	142.09	0.0100	pay 0.0100% / 8h	43m 37s	$2K	$1.3M	20x
Short	Backpack AAVE_USDC_PERP	142.13	0.0339	get 0.0042% / 1h	43m 37s	$387K	$728K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.027%Rate

Funding earned: $50.19
Price spread: +0.027% → +0.028%: −$0.14
Slippage, 4 orders: −$127.97
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$95.91
Costs to cover: 1.460%
Break-even: 20.4 days

Slippage from SunX: live order book, 10 min ago; Backpack: live order book, 60 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 SunX live order book, 10 min ago	44.87 bp	65.3 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	0.35 bp	6.6 bp −$7	215.8 bp −$2,158	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
dYdX AAVE-USD	0.0000%	1h	142.09	0.000%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.11	+0.013%	$48K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.13	+0.027%	$214K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.15	+0.043%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.612%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.05	−0.029%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0082%	8h	142.10	+0.006%	$18K	$7K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.22	+0.087%	$4.5M	$2.4M	10x	as long as short
Nado AAVE-PERP	+0.0099%	1h	142.13	+0.023%	$829K	$394K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.02	−0.050%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	142.13	+0.027%	$77.7M	$36.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.08	−0.005%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.07	−0.017%	$324K	$384K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.02	−0.050%	$63.6M	$189.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.99	−0.072%	$61.3M	$68.0M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.98	−0.079%	$16.9M	$63.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.16	+0.048%	$63K	$193K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.93	−0.115%	$160K	$103K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.09	−0.001%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.05	−0.030%	$23.8M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.07	−0.015%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.05	−0.030%	$29.0M	$17.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.10	+0.006%	—	$43.4M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.17	+0.053%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.26	+0.122%	$108K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.08	−0.008%	$452K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.02	−0.051%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.17	+0.055%	$141K	$470K	10x	as long as short
SunX AAVE-USDTlong	+0.0100%	8h	142.09	long leg	$2K	$1.3M	20x
SoDEX AAVE-USD	+0.0100%	1h	142.06	−0.023%	$5K	$286K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.22	+0.092%	$672K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.06	−0.023%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.00	−0.064%	$915K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.11	+0.013%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.17	+0.054%	$120K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	142.31	+0.153%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.04	−0.037%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	142.10	+0.004%	$188K	$276K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.15	+0.042%	$111K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	142.14	+0.034%	$753K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0269%	1h	142.16	+0.048%	$3.4M	$2.1M	50x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0339%	1h	142.13	+0.027%	$387K	$728K	10x