Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: BingX against Backpack−0.082%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$430.433% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.082%, 7d avg −0.024%

Together, before fees+0.080%+$8 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: BingX is 0.058% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	146.33	0.0100	pay 0.0013% / 1h	11m 14s	$331K	$736K	10x
Short	BingX AAVE-USDC	146.21	0.0100	get 0.0100% / 8h	7h 11m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → −0.024%: −$5.77
Slippage, 4 orders: −$23.26
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$49.03
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; BingX: live order book, 9 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 Backpack live order book, 63 min ago	0.34 bp	6.4 bp −$6	74.9 bp −$749	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.68 bp	14.4 bp −$14	39.1 bp −$391	232.3 bp −$23.2K	658.1 bp −$329.1K

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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.37	+0.024%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0152%	1h	146.30	−0.021%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0092%	1h	146.22	−0.075%	$255K	$367K	50x	as long as short
SoDEX AAVE-USD	−0.0074%	1h	146.20	−0.089%	$5K	$295K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.32	−0.009%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.07	−0.178%	$79K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.55	+0.150%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.32	−0.008%	$71K	—	150x	as long as short
Phemex AAVEUSDT	+0.0013%	8h	146.30	−0.021%	$4.2M	$3.8M	50x	as long as short
MEXC AAVE_USDT	+0.0023%	8h	146.23	−0.068%	$28.6M	$25.9M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0024%	8h	146.24	−0.062%	$66.2M	$183.3M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.403%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.29	−0.025%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	146.19	−0.096%	$18K	$10K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0046%	1h	146.45	+0.082%	$136K	$231K	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	146.23	−0.068%	$17.9M	$66.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.15	−0.123%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.45	+0.083%	$4.7M	$1.5M	10x	as long as short
BloFin AAVE-USDT	+0.0096%	8h	146.30	−0.021%	$3.5M	$3.5M	100x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.33	−0.002%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.31	−0.010%	$800K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.47	+0.093%	$79.8M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.40	+0.048%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.33	+0.003%	$334K	$503K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.24	−0.062%	$62.6M	$64.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.32	−0.007%	$46K	$275K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.371%	$59K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	146.32	−0.007%	$7.9M	$15.3M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.31	−0.014%	$11.0M	$9.0M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.16	−0.116%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDCshort	+0.0100%	8h	146.21	−0.082%	—	$6.5M	—
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	146.33	long leg	$331K	$736K	10x
Variational Omni AAVE	+0.0100%	8h	146.27	−0.040%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.39	+0.044%	$106K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.39	+0.040%	$466K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.39	+0.041%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.25	−0.052%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.45	+0.081%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.14	−0.128%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.33	−0.001%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0373%	1h	146.32	−0.006%	$130K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.42	+0.062%	$785K	$2.9M	50x	as long as short