Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.049%

Price spread now: Phemex against Coinbase International−0.280%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.280%, 7d avg −0.057%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.222% cheaper against Coinbase International than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.057%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.159% in total (about -8.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AAVE-PERP-INTX	142.95	0.0336	pay 0.0042% / 1h	17m 30s	$793K	$2.8M	50x
Short	Phemex AAVEUSDT	142.55	0.0100	get 0.0100% / 8h	4h 17m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.280%Rate

Funding earned: −$49.56
Price spread: −0.280% → −0.057%: −$22.25
Slippage, 4 orders: −$29.73
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$123.54
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Phemex: live order book, 1 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 Coinbase International live order book, 1 min ago	6.65 bp	15.0 bp −$15	18.0 bp −$180	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.70 bp	11.0 bp −$11	15.6 bp −$156	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
01 Exchange AAVEUSD	−0.0144%	1h	142.75	−0.140%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0031%	1h	142.55	−0.280%	$219K	$401K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.77	−0.127%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.62	−0.231%	$46K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.59	−0.249%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0012%	1h	142.76	−0.129%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.190%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.75	−0.142%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	142.53	−0.294%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	142.95	0.000%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0093%	1h	142.56	−0.273%	$5K	$292K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.81	−0.094%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.80	−0.108%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.84	−0.077%	$76.9M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.77	−0.126%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.76	−0.134%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.76	−0.133%	$63.8M	$186.3M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.75	−0.140%	$61.1M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.76	−0.133%	$17.1M	$64.0M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.86	−0.063%	$64K	$203K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	−0.049%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.81	−0.098%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.77	−0.126%	$25.2M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.81	−0.098%	$10.5M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.65	−0.210%	$29.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.76	−0.133%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.75	−0.140%	$336K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.71	−0.169%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.72	−0.163%	$103K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.78	−0.119%	$459K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.79	−0.112%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.81	−0.098%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.52	−0.299%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	−0.088%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	142.55	−0.280%	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	142.73	−0.153%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.58	−0.259%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.84	−0.079%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.75	−0.140%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.58	−0.259%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.65	−0.211%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTXlong	+0.0336%	1h	142.95	long leg	$793K	$2.8M	50x