Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.028%

Price spread now: KuCoin against GMX+0.089%7-day average −0.044% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.115%+$12 on $10k

Price spread, last 4 days (all we have)−0.642%−$64 · spread now +0.089%, 7d avg −0.044%

Together, before fees−0.527%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.134% dearer against GMX than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of −0.044%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.7 days. Mind the row above: over the last 3 days funding on this pair paid +0.115%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AAVE/USD [AAVE-USDC]	143.54	L +0.0263% / S −0.0420%	pay 0.0033% / 1h	26m 45s	$124K	—	100x
Short	KuCoin AAVEUSDTM	143.67	0.0100	get 0.0100% / 8h	5h 26m	$10.7M	$9.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against GMX. 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 GMXbpFee KuCoinbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$34.24
Price spread: +0.089% → −0.044%: $13.37
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$44.87
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	0.70 bp	16.3 bp −$16	33.2 bp −$332	doesn't fit	doesn't fit

GMX: 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
Deribit AAVE_USDC-PERPETUAL	−0.0098%	1h	143.49	−0.036%	$227K	$389K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	143.60	+0.041%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.60	+0.040%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.58	+0.027%	$59K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.52	−0.012%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.585%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.51	−0.020%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.49	−0.036%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0051%	1h	143.63	+0.061%	$831K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.86	+0.222%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.78	+0.162%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.60	+0.038%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.67	+0.089%	$77.7M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.62	+0.053%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.65	+0.074%	$327K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.65	+0.075%	$64.3M	$182.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.66	+0.082%	$61.4M	$64.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.68	+0.096%	$17.2M	$63.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.80	+0.180%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.90	+0.250%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.58	+0.027%	$7.9M	$15.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.68	+0.096%	$25.9M	$23.6M	200x	as long as short
KuCoin AAVEUSDTMshort	+0.0100%	8h	143.67	+0.089%	$10.7M	$9.2M	75x
Bitget AAVEUSDT	+0.0100%	8h	143.69	+0.103%	$30.1M	$17.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.66	+0.082%	—	$43.8M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.60	+0.041%	$320K	$699K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.03	+0.337%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.93	+0.270%	$104K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.96	+0.295%	$453K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.04	+0.347%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.59	+0.034%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.63	+0.063%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.50	−0.029%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.94	+0.277%	$694K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.54	−0.001%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.55	+0.007%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.53	−0.011%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.82	+0.196%	$187K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.53	−0.008%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0263% / S −0.0420%	1h	143.54	long leg	$124K	—	100x
Kraken Futures PF_AAVEUSD	+0.0268%	1h	143.60	+0.040%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.28	+0.514%	$785K	$2.8M	50x	as long as short