Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0154%/8h= −16.9% APRpaid last 24h −0.043%

Price spread now: SunX against GMX−0.071%55s7-day average −0.046% · you buy dearer than you sell

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.126%+$13 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.071%, 7d avg −0.046%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.026% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.046%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.126%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AAVE/USD [AAVE-USDC]	140.80	L +0.0254% / S −0.0365%	pay 0.0032% / 1h	6m 20s	$111K	—	100x
Short	SunX AAVE-USDT	140.70	0.0100	get 0.0100% / 8h	5h 06m	$1K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$32.41
Price spread: −0.071% → −0.046%: −$2.56
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$54.97
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	44.90 bp	65.0 bp −$65	doesn't fit	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 exchanges

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	−0.0032%	1h	140.78	−0.012%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0010%	1h	140.69	−0.076%	$7K	$216K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	140.77	−0.016%	$101K	$6K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.67	−0.091%	$42K	$1.3M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.75	−0.034%	$207K	$304K	50x	as long as short
Bybit AAVEUSDT	+0.0003%	8h	140.72	−0.055%	$60.8M	$58.9M	75x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.85	+0.039%	$78K	—	150x	as long as short
Phoenix AAVE	+0.0028%	1h	140.89	+0.066%	$4K	$81K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.726%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.69	−0.074%	—	—	20x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni AAVE	+0.0067%	8h	140.64	−0.112%	$3.6M	$758K	—	as long as short
Phemex AAVEUSDT	+0.0072%	8h	140.74	−0.041%	$3.9M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0084%	8h	140.71	−0.062%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	140.82	+0.016%	$4.5M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	140.64	−0.111%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	140.73	−0.048%	$810K	$305K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	140.91	+0.080%	$77.5M	$27.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.81	+0.012%	$1.2M	$1.0M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.73	−0.048%	$343K	$299K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.75	−0.035%	$63.5M	$158.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.72	−0.055%	$16.2M	$51.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	140.88	+0.059%	$94K	$205K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	140.86	+0.048%	$166K	$69K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.75	−0.034%	$8.1M	$13.7M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.73	−0.048%	$22.4M	$22.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.80	+0.002%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.72	−0.055%	$29.0M	$15.7M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.71	−0.062%	—	$34.6M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.70	−0.068%	$108K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	140.87	+0.052%	$448K	$3.0M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.78	−0.012%	$131K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.80	+0.002%	$132K	$366K	10x	as long as short
SunX AAVE-USDTshort	+0.0100%	8h	140.70	−0.071%	$1K	$1.1M	20x
HTX AAVE-USDT	+0.0100%	8h	141.07	+0.193%	$637K	$1.4M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.60	−0.141%	$912K	$1.4M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.74	−0.038%	$119K	—	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	140.80	−0.001%	$181K	$226K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0139%	1h	140.80	+0.002%	$385K	$595K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.67	−0.091%	$3.2M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	140.80	+0.002%	$750K	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0254% / S −0.0365%	1h	140.80	long leg	$111K	—	100x
Kraken Futures PF_AAVEUSD	+0.0308%	1h	140.79	−0.008%	$3.4M	$1.8M	50x	as long as short