Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.041%

Price spread now: Kalshi against Bulk+0.149%7-day average −0.069% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$410.409% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.122%−$12 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now +0.149%, 7d avg −0.069%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.217% dearer against Bulk than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of −0.069%): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk AAVE-USD	141.18	0.0100	pay 0.0013% / 1h	13m 03s	$163K	$106K	10x
Short	Kalshi KXAAVEPERP	141.39	0	get 0.0000% / 8h	4h 13m	$46K	$1.4M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now +0.149%Rate

Funding earned: −$21
Price spread: +0.149% → −0.069%: $21.75
Slippage, 4 orders: −$23.94
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$40.19
Costs to cover: 0.409%
Break-even: never at this rate

Slippage from Bulk: live order book, 56 min ago; Kalshi: live order book, just now.

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 Bulk live order book, 56 min ago	0.35 bp	3.9 bp −$4	7.5 bp −$75	29.0 bp −$2,900	87.9 bp −$43.9K
Sell Kalshi live order book, just now	7.07 bp	12.1 bp −$12	19.3 bp −$193	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	141.33	+0.104%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	141.39	+0.149%	$46K	$1.4M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.40	+0.156%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.39	+0.149%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.989%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.35	+0.118%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0083%	8h	141.38	+0.142%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.58	+0.285%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.30	+0.085%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.33	+0.108%	$826K	$399K	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	141.46	+0.198%	$77.2M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.42	+0.172%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.38	+0.145%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.38	+0.142%	$63.5M	$192.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.36	+0.127%	$60.8M	$69.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.38	+0.142%	$16.7M	$64.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.50	+0.227%	$91K	$221K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.36	+0.127%	$8.1M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.37	+0.135%	$22.5M	$24.4M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.40	+0.156%	$10.3M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.41	+0.163%	$28.7M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.31	+0.092%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.16	−0.012%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.18	+0.002%	$108K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.20	+0.016%	$447K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.16	−0.014%	$131K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.45	+0.191%	$134K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.36	+0.125%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.38	+0.142%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.46	+0.200%	$667K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.40	+0.156%	$3.9M	$3.6M	50x	as long as short
Bulk AAVE-USDlong	+0.0100%	1h	141.18	long leg	$163K	$106K	10x
Extended AAVE-USD	+0.0104%	1h	141.33	+0.107%	$909K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.47	+0.205%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.40	+0.157%	$119K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.19	+0.007%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.35	+0.120%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.46	+0.195%	$190K	$292K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.18	0.000%	$110K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.41	+0.163%	$752K	$2.7M	50x	as long as short
Backpack AAVE_USDC_PERP	+0.0257%	1h	141.47	+0.205%	$385K	$733K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0271%	1h	141.45	+0.193%	$3.4M	$2.1M	50x	as long as short