Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.027%

Price spread now: Phemex against gTrade (Gains Network)−0.036%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.036% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) AAVE/USD	145.67	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	52m 45s	$70K	—	150x
Short	Phemex AAVEUSDT	145.62	−0.0091	pay 0.0091% / 8h	7h 52m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$20.2
Price spread: −0.036% → 0.000%: −$3.57
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.77
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Phemex: live order book, 6 min ago. Net counts fees only.

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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	3.09 bp	12.0 bp −$12	21.3 bp −$213	doesn't fit	doesn't fit

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
ApeX Omni AAVEUSDT	−0.0529%	1h	145.50	−0.118%	$135K	$229K	50x	as long as short
Kraken Futures PF_AAVEUSD	−0.0185%	1h	145.75	+0.053%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0120%	1h	145.53	−0.097%	$11K	$2K	5x	as long as short
Gate AAVE_USDT	−0.0116%	8h	145.65	−0.015%	$7.8M	$15.2M	75x	as long as short
Phemex AAVEUSDTshort	−0.0091%	8h	145.62	−0.036%	$4.1M	$3.8M	50x
SoDEX AAVE-USD	−0.0071%	1h	145.58	−0.063%	$5K	$305K	10x	as long as short
GRVT AAVE_USDT_Perp	−0.0027%	8h	145.42	−0.172%	$456K	$3.9M	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.63	−0.032%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.54	−0.091%	$77K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	145.79	+0.081%	$5K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	145.64	−0.022%	$254K	$391K	50x	as long as short
gTrade (Gains Network) AAVE/USDlong	L +0.0005% / S −0.0004%	1h	145.67	long leg	$70K	—	150x
MEXC AAVE_USDT	+0.0024%	8h	145.60	−0.049%	$29.2M	$25.6M	200x	as long as short
Binance AAVEUSDT	+0.0025%	8h	145.61	−0.041%	$66.0M	$187.5M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.981%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.61	−0.041%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.62	−0.036%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	145.60	−0.049%	$17.8M	$67.2M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.67	+0.001%	$123K	$146	10x	as long as short
Bybit AAVEUSDT	+0.0090%	8h	145.60	−0.049%	$62.1M	$65.9M	75x	as long as short
Lighter AAVE	+0.0096%	1h	145.79	+0.078%	$4.7M	$1.5M	10x	as long as short
BloFin AAVE-USDT	+0.0099%	8h	145.63	−0.029%	$3.5M	$4.1M	100x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.57	−0.071%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.59	−0.056%	$796K	$449K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.71	+0.026%	$79.5M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.68	+0.005%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.61	−0.041%	$332K	$504K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.56	−0.077%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.52	−0.101%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.60	−0.049%	$10.0M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.56	−0.077%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.62	−0.036%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.71	+0.026%	$348K	$742K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.84	+0.112%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.42	−0.173%	$105K	$316K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.71	+0.026%	$128K	$454K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.60	−0.052%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.66	−0.005%	$686K	$5.1M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.54	−0.092%	$934K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	145.61	−0.044%	$184K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.68	+0.005%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	145.98	+0.211%	$782K	$3.1M	50x	as long as short