Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.012%

Price spread now: Backpack against BingX+0.120%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.145%−$14 · spread now +0.120%, 7d avg +0.024%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.096% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread 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	BingX AAVE-USDC	141.52	0.0100	pay 0.0100% / 8h	0m 11s	—	$6.5M	—
Short	Backpack AAVE_USDC_PERP	141.69	0.0247	get 0.0031% / 1h	0m 11s	$385K	$732K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.120%Rate

Funding earned: $30.87
Price spread: +0.120% → +0.024%: $9.57
Slippage, 4 orders: −$25.44
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5
Costs to cover: 0.454%
Break-even: 8.1 days

Slippage from BingX: live order book, 6 min ago; Backpack: live order book, 39 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 BingX live order book, 6 min ago	0.71 bp	15.3 bp −$15	36.5 bp −$365	246.9 bp −$24.7K	630.1 bp −$315.0K
Sell Backpack live order book, 39 min ago	0.35 bp	7.2 bp −$7	334.0 bp −$3,340	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	141.63	+0.074%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.55	+0.021%	$46K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.54	+0.014%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.54	+0.013%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.222%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.45	−0.049%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0084%	8h	141.50	−0.014%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.74	+0.158%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.55	+0.020%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.49	−0.021%	$825K	$398K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	141.70	+0.127%	$77.4M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.59	+0.051%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.56	+0.030%	$330K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.55	+0.021%	$63.7M	$192.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.51	−0.007%	$60.9M	$69.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.51	−0.007%	$16.6M	$65.0M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.71	+0.134%	$92K	$222K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.57	+0.035%	$8.1M	$16.7M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.53	+0.007%	$23.0M	$24.5M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.58	+0.042%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.53	+0.007%	$28.8M	$18.0M	75x	as long as short
BingX AAVE-USDClong	+0.0100%	8h	141.52	long leg	—	$6.5M	—
Variational Omni AAVE	+0.0100%	8h	141.53	+0.004%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.28	−0.170%	$109K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.28	−0.171%	$451K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.24	−0.198%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.55	+0.021%	$134K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.51	−0.004%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.51	−0.007%	$5K	$298K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.57	+0.037%	$668K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.54	+0.014%	$3.9M	$3.6M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.32	−0.141%	$163K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.47	−0.038%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.55	+0.019%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	141.61	+0.064%	$10K	$2K	5x	as long as short
Phoenix AAVE	+0.0152%	1h	141.39	−0.092%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.58	+0.042%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.61	+0.062%	$185K	$294K	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0247%	1h	141.69	+0.120%	$385K	$732K	10x
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.52	+0.002%	$110K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.70	+0.127%	$754K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0270%	1h	141.59	+0.050%	$3.4M	$2.1M	50x	as long as short