Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0174%/8h= −19.1% APRpaid last 24h −0.045%

Price spread now: Kalshi against Backpack−0.113%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$440.437% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 4 days (all we have)+0.375%+$37 · spread now −0.113%, 7d avg −0.077%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Kalshi is 0.036% cheaper against Backpack than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	141.27	0.0174	pay 0.0022% / 1h	35m 32s	$384K	$732K	10x
Short	Kalshi KXAAVEPERP	141.11	0	get 0.0000% / 8h	3h 35m	$53K	$1.4M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi 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 KalshibpOrdersPrice spread, now −0.113%Rate

Funding earned: −$36.59
Price spread: −0.113% → −0.077%: −$3.65
Slippage, 4 orders: −$23.69
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$83.93
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; Kalshi: live order book, 3 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	0.35 bp	6.9 bp −$7	105.9 bp −$1,059	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	6.02 bp	12.5 bp −$13	21.2 bp −$212	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	−0.0033%	1h	141.11	−0.113%	$213K	$392K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.10	−0.118%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	141.11	−0.113%	$53K	$1.4M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.09	−0.126%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.051%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.07	−0.143%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0088%	8h	141.04	−0.163%	$17K	$8K	10x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	141.23	−0.028%	$10K	$2K	5x	as long as short
Phoenix AAVE	+0.0096%	1h	141.12	−0.106%	$4K	$99K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.11	−0.113%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0100%	1h	141.12	−0.110%	$825K	$401K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.22	−0.035%	$77.1M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.18	−0.064%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.15	−0.085%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.14	−0.092%	$63.4M	$191.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.12	−0.106%	$60.9M	$69.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.11	−0.113%	$16.6M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.23	−0.028%	$94K	$225K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.17	−0.073%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.15	−0.085%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.13	−0.099%	$22.7M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.11	−0.113%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.10	−0.120%	$28.7M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.14	−0.092%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.05	−0.155%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.14	−0.090%	$109K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.19	−0.057%	$451K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.32	+0.035%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.22	−0.035%	$134K	$474K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.99	−0.202%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.09	−0.127%	$5K	$299K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.01	−0.181%	$663K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.11	−0.113%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.11	−0.111%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.10	−0.121%	$119K	$146	10x	as long as short
Backpack AAVE_USDC_PERPlong	+0.0174%	1h	141.27	long leg	$384K	$732K	10x
Lighter AAVE	+0.0176%	1h	141.34	+0.052%	$4.5M	$2.5M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.02	−0.177%	$751K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.21	−0.042%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.22	−0.036%	$171K	$299K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0249%	1h	141.18	−0.062%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.06	−0.147%	$110K	—	100x	as long as short