Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Phemex against Aevo−0.022%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1101.101% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.022%, 7d avg +0.002%

Together, before fees−0.012%−$1 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: Phemex is 0.024% cheaper against Aevo than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo AAVE-PERP	142.07	0.0104	pay 0.0013% / 1h	27m 30s	$120K	$146	10x
Short	Phemex AAVEUSDT	142.04	0.0100	get 0.0100% / 8h	2h 27m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$0.84
Price spread: −0.022% → +0.002%: −$2.4
Slippage, 4 orders: −$82.12
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$113.37
Costs to cover: 1.101%
Break-even: never at this rate

Slippage from Aevo: live order book, 21 min ago; Phemex: 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 Aevo live order book, 21 min ago	21.97 bp	32.9 bp −$33	197.3 bp −$1,973	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	7.05 bp	13.0 bp −$13	24.5 bp −$245	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	142.03	−0.030%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.96	−0.079%	$52K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.03	−0.029%	$216K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.90	−0.120%	$79K	—	150x	as long as short
Nado AAVE-PERP	+0.0031%	1h	141.93	−0.096%	$828K	$401K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.598%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.86	−0.147%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0068%	8h	141.82	−0.177%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.99	−0.056%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.95	−0.086%	$1.2M	$1.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AAVE	+0.0100%	1h	142.05	−0.017%	$325K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.88	−0.135%	$63.4M	$190.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.88	−0.135%	$60.8M	$68.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.79	−0.198%	$17.0M	$64.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.07	−0.001%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	+0.187%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.90	−0.121%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.95	−0.086%	$25.0M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.91	−0.114%	$10.2M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.93	−0.100%	$29.0M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.94	−0.093%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.93	−0.098%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.41	+0.238%	$105K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.57	+0.349%	$446K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.52	+0.315%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.02	−0.036%	$140K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.13	+0.042%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.01	−0.044%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.46	+0.270%	$681K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	142.04	−0.022%	$4.0M	$3.6M	50x
Hyperliquid AAVE	+0.0103%	1h	142.10	+0.020%	$77.7M	$37.1M	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.93	−0.103%	$905K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.03	−0.029%	$10K	$2K	5x	as long as short
Aevo AAVE-PERPlong	+0.0104%	1h	142.07	long leg	$120K	$146	10x
Phoenix AAVE	+0.0118%	1h	142.14	+0.048%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0152%	1h	142.20	+0.090%	$337K	$730K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.03	−0.028%	$190K	$253K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.37	+0.210%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.07	−0.003%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.94	−0.095%	$111K	—	100x	as long as short
Lighter AAVE	+0.0280%	1h	142.23	+0.114%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.08	+0.006%	$765K	$2.8M	50x	as long as short