Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.034%

Price spread now: Backpack against Bybit+0.014%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.298% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.014%, 7d avg +0.035%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.021% cheaper against Bybit than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.035%). If the spread goes back, that is −$2 on $10k: about 12 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.124% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AAVEUSDT	146.36	0.0100	pay 0.0100% / 8h	51m 37s	$62.5M	$66.1M	75x
Short	Backpack AAVE_USDC_PERP	146.38	0.0245	get 0.0031% / 1h	51m 37s	$353K	$733K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.014%Rate

Funding earned: $30.39
Price spread: +0.014% → +0.035%: −$2.09
Slippage, 4 orders: −$8.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$1.53
Costs to cover: 0.298%
Break-even: 7.4 days

Slippage from Bybit: live order book, 2 min ago; Backpack: live order book, 27 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 Bybit live order book, 2 min ago	0.34 bp	9.0 bp −$9	15.7 bp −$157	59.7 bp −$5,968	doesn't fit
Sell Backpack live order book, 27 min ago	0.34 bp	7.0 bp −$7	196.5 bp −$1,965	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	−0.0092%	1h	146.24	−0.082%	$256K	$412K	50x	as long as short
SoDEX AAVE-USD	−0.0041%	1h	146.23	−0.089%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	146.30	−0.041%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.42	+0.041%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.32	−0.027%	$83K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.32	−0.027%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.24	−0.080%	$71K	—	150x	as long as short
01 Exchange AAVEUSD	+0.0016%	1h	146.48	+0.082%	$11K	$2K	5x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.423%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0042%	8h	146.36	0.000%	$31.0M	$25.6M	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	+0.0043%	8h	146.37	+0.009%	$66.7M	$185.2M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.21	−0.105%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	146.21	−0.102%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0070%	8h	146.36	0.000%	$17.9M	$67.6M	50x	as long as short
Gate AAVE_USDT	+0.0077%	8h	146.37	+0.007%	$7.9M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.26	−0.068%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.59	+0.154%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.36	0.000%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.23	−0.089%	$809K	$438K	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.39	+0.020%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.41	+0.034%	$334K	$504K	10x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	146.36	long leg	$62.5M	$66.1M	75x
Arcus AAVE-USD	+0.0100%	1h	146.41	+0.034%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.389%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.39	+0.020%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.40	+0.027%	$30.6M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.40	+0.027%	—	$43.9M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	146.32	−0.031%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.32	−0.024%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.39	+0.022%	$462K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.22	−0.096%	$136K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.28	−0.055%	$128K	$466K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.19	−0.115%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.28	−0.056%	$700K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.25	−0.075%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.37	+0.004%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.46	+0.067%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0163%	8h	146.25	−0.075%	$3.5M	$4.0M	100x	as long as short
Hyperliquid AAVE	+0.0187%	1h	146.59	+0.157%	$81.0M	$34.3M	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0245%	1h	146.38	+0.014%	$353K	$733K	10x
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.26	−0.068%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.43	+0.048%	$795K	$3.0M	50x	as long as short