Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Arcus−0.083%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Arcus Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.083%, 7d avg +0.004%

Together, before fees+0.049%+$5 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: Backpack is 0.087% cheaper against Arcus than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus AAVE-USD	144.71	0.0100	pay 0.0013% / 1h	26m 28s	$45K	$181K	10x
Short	Backpack AAVE_USDC_PERP	144.59	0.0100	get 0.0013% / 1h	26m 28s	$322K	$747K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Arcus. 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 ArcusbpFee BackpackbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0
Price spread: −0.083% → +0.004%: −$8.7
Slippage, 4 orders: −$16.77
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$39.97
Costs to cover: 0.313%
Break-even: never at this rate

Slippage from Arcus: live order book, 42 min ago; Backpack: live order book, 42 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 Arcus live order book, 42 min ago	2.39 bp	10.4 bp −$10	25.1 bp −$251	doesn't fit	doesn't fit
Sell Backpack live order book, 42 min ago	1.03 bp	7.4 bp −$7	375.8 bp −$3,758	doesn't fit	doesn't fit

AAVE on 41 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
01 Exchange AAVEUSD	−0.0056%	1h	144.71	0.000%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.59	−0.085%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.51	−0.137%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.46	−0.173%	$70K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.51	−0.138%	$250K	$363K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.54	−0.116%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.55	−0.111%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.356%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.52	−0.130%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.46	−0.173%	$18K	$10K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0056%	8h	144.59	−0.083%	$26.9M	$24.9M	200x	as long as short
Binance AAVEUSDT	+0.0058%	8h	144.70	−0.007%	$65.3M	$184.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0073%	8h	144.72	+0.007%	$17.4M	$65.4M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.73	+0.014%	$191K	$225K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.77	+0.040%	$4.7M	$1.5M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.53	−0.124%	$122K	$146	10x	as long as short
Gate AAVE_USDT	+0.0098%	8h	144.62	−0.062%	$7.8M	$15.2M	75x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.61	−0.066%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.65	−0.045%	$804K	$425K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.63	−0.055%	$78.3M	$35.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.54	−0.115%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.57	−0.094%	$329K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.71	0.000%	$61.9M	$64.7M	75x	as long as short
Arcus AAVE-USDlong	+0.0100%	1h	144.71	long leg	$45K	$181K	10x
Bulk AAVE-USD	+0.0100%	1h	144.44	−0.185%	$58K	$2K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.57	−0.097%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.66	−0.035%	$30.1M	$18.0M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.63	−0.055%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.59	−0.083%	$322K	$747K	10x
Variational Omni AAVE	+0.0100%	8h	144.14	−0.392%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.38	−0.227%	$104K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.43	−0.191%	$463K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.39	−0.221%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.78	+0.048%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.45	−0.182%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.45	−0.180%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.61	−0.068%	$701K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.48	−0.159%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.61	−0.071%	$917K	$1.7M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0239% / S −0.0366%	1h	144.55	−0.110%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.56	−0.104%	$775K	$2.8M	50x	as long as short