Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.072%

Price spread now: Hyperliquid against Variational Omni−0.231%7-day average +0.082% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.106%+$11 on $10k

Price spread, last 7 days+0.280%+$28 · spread now −0.231%, 7d avg +0.082%

Together, before fees+0.386%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.314% cheaper against Variational Omni than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AAVE	145.12	0.0100	pay 0.0100% / 8h	2h 42m	$3.8M	$1.3M	—
Short	Hyperliquid AAVE	144.78	0.0100	get 0.0013% / 1h	42m 05s	$80.9M	$32.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. 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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now −0.231%Rate

Funding earned: $0
Price spread: −0.231% → +0.082%: −$31.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$40.37
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Hyperliquid: live order book, 12 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 2 min ago	3.07 bp	doesn't fit	13.4 bp −$134	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.69 bp	6.5 bp −$6	12.9 bp −$129	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	−0.0371%	1h	144.78	−0.231%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0183%	1h	144.75	−0.252%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.90	−0.149%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	145.05	−0.045%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.06	−0.040%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.77	−0.238%	$72K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.85	−0.184%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.92	−0.135%	$3.4M	$2.0M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.620%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0037%	1h	144.98	−0.094%	$135K	$229K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.75	−0.249%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.61	−0.348%	$17.6M	$65.5M	50x	as long as short
Gate AAVE_USDT	+0.0056%	8h	144.64	−0.328%	$7.7M	$15.6M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0056%	8h	144.76	−0.245%	$18K	$12K	10x	as long as short
Binance AAVEUSDT	+0.0074%	8h	144.61	−0.348%	$65.8M	$182.0M	75x	as long as short
MEXC AAVE_USDT	+0.0075%	8h	144.77	−0.238%	$32.1M	$26.1M	200x	as long as short
Nado AAVE-PERP	+0.0085%	1h	144.87	−0.169%	$804K	$444K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.92	−0.134%	$4.7M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.79	−0.226%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.93	−0.125%	$180K	$242K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0098%	8h	144.97	−0.100%	$460K	$4.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.97	−0.103%	$14K	$4K	20x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	144.78	−0.231%	$80.9M	$32.5M	10x
Aster AAVEUSDT	+0.0100%	8h	144.86	−0.177%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.01	−0.073%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.66	−0.314%	$61.6M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.91	−0.142%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.14	+0.015%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.71	−0.280%	$10.3M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.60	−0.355%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.65	−0.321%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.74	−0.259%	$380K	$703K	10x	as long as short
Variational Omni AAVElong	+0.0100%	8h	145.12	long leg	$3.8M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	144.93	−0.126%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.92	−0.135%	$127K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.75	−0.255%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.00	−0.079%	$735K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.76	−0.245%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.75	−0.255%	$936K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0196%	8h	145.00	−0.080%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	145.05	−0.045%	$780K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.84	−0.191%	$125K	—	100x	as long as short