Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h −0.011%

Price spread now: Backpack against BloFin+0.007%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

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

costs, in and out, $10k−$360.355% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.150%−$15 on $10k

Price spread, last 3 days (all we have)−0.135%−$14 · spread now +0.007%, 7d avg +0.007%

Together, before fees−0.285%−$29 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin AAVE-USDT	146.17	0.0105	pay 0.0105% / 8h	7h 07m	$3.5M	$3.5M	100x
Short	Backpack AAVE_USDC_PERP	146.18	0.0100	get 0.0013% / 1h	7m 01s	$334K	$742K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$1.02
Price spread: +0.007% → +0.007%: −$0.01
Slippage, 4 orders: −$13.53
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.55
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Backpack: live order book, 2 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 BloFin live order book, 6 min ago	3.42 bp	10.2 bp −$10	17.0 bp −$170	34.8 bp −$3,484	doesn't fit
Sell Backpack live order book, 2 min ago	1.03 bp	7.4 bp −$7	375.8 bp −$3,758	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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.17	−0.003%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0144%	1h	146.09	−0.055%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0092%	1h	146.07	−0.068%	$255K	$367K	50x	as long as short
SoDEX AAVE-USD	−0.0053%	1h	146.05	−0.082%	$5K	$302K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.19	+0.013%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.06	−0.075%	$70K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.51	+0.233%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.11	−0.039%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0025%	8h	145.97	−0.137%	$28.6M	$25.9M	200x	as long as short
Binance AAVEUSDT	+0.0026%	8h	145.96	−0.144%	$66.1M	$183.3M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.301%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	146.05	−0.082%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.04	−0.088%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	145.98	−0.130%	$17.9M	$66.1M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0065%	1h	146.47	+0.205%	$136K	$231K	50x	as long as short
Phemex AAVEUSDT	+0.0068%	8h	146.17	0.000%	$4.2M	$3.8M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.04	−0.090%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.29	+0.081%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.23	+0.042%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.17	0.000%	$799K	$422K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.21	+0.027%	$79.7M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.11	−0.044%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.21	+0.027%	$334K	$469K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.97	−0.137%	$62.5M	$64.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.17	0.000%	$46K	$275K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	145.98	−0.130%	$7.9M	$15.4M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.01	−0.109%	$11.0M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.02	−0.103%	$30.3M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.97	−0.137%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	146.18	+0.007%	$334K	$742K	10x
Variational Omni AAVE	+0.0100%	8h	146.27	+0.069%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.47	+0.208%	$106K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.52	+0.239%	$466K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.16	−0.007%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.13	−0.031%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.28	+0.075%	$710K	$5.2M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.28	+0.075%	$59K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.92	−0.168%	$939K	$1.7M	50x	as long as short
BloFin AAVE-USDTlong	+0.0105%	8h	146.17	long leg	$3.5M	$3.5M	100x
RISEx AAVE/USDC	+0.0107%	1h	146.20	+0.019%	$185K	$245K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0373%	1h	146.10	−0.045%	$130K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.42	+0.171%	$784K	$2.9M	50x	as long as short