Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0018%/8h= +1.9% APRpaid last 24h +0.006%

Price spread now: Phoenix against Variational Omni+0.322%114s7-day average +0.084% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.122%−$12 · spread now +0.322%, 7d avg +0.084%

Together, before fees−0.082%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.238% dearer against Variational Omni than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.084%. The two prices were read 114 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AAVE	142.88	0.0100	pay 0.0100% / 8h	2h 43m	$3.7M	$1.3M	—
Short	Phoenix AAVE	143.34	0.0118	get 0.0015% / 1h	43m 41s	$4K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now +0.322%Rate

Funding earned: $3.72
Price spread: +0.322% → +0.084%: $23.77
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $20.49
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Phoenix: live order book, 61 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, just now	3.08 bp	doesn't fit	11.8 bp −$118	doesn't fit	doesn't fit
Sell Phoenix live order book, 61 min ago	0.69 bp	13.9 bp −$14	46.4 bp −$464	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	−0.0043%	1h	142.88	0.000%	$832K	$402K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.89	+0.007%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.05	+0.119%	$52K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.94	+0.042%	$218K	$393K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.90	+0.017%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.143%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.87	−0.009%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0064%	8h	142.89	+0.007%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0072%	8h	142.86	−0.014%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0088%	1h	142.81	−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	142.74	−0.095%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.99	+0.077%	$78.2M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.83	−0.036%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.81	−0.048%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.72	−0.110%	$63.7M	$189.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.76	−0.084%	$61.2M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.72	−0.112%	$17.1M	$64.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.86	−0.014%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.94	+0.041%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.76	−0.084%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.77	−0.077%	$25.6M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.83	−0.035%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.71	−0.119%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.73	−0.105%	—	$43.5M	—	as long as short
Variational Omni AAVElong	+0.0100%	8h	142.88	long leg	$3.7M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	143.12	+0.167%	$105K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.99	+0.077%	$448K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.13	+0.175%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.97	+0.063%	$134K	$453K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.90	+0.014%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.90	+0.014%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.03	+0.108%	$683K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.69	−0.134%	$908K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.93	+0.032%	$121K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0114%	1h	143.03	+0.105%	$336K	$727K	10x	as long as short
Phoenix AAVEshort	+0.0118%	1h	143.34	+0.322%	$4K	$106K	10x
RISEx AAVE/USDC	+0.0207%	1h	142.81	−0.050%	$186K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.96	+0.056%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0237%	1h	142.97	+0.063%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.90	+0.015%	$112K	—	100x	as long as short
Lighter AAVE	+0.0368%	1h	143.01	+0.090%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	143.04	+0.112%	$791K	$2.8M	50x	as long as short