Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.067%

Price spread now: Kalshi against Hyperliquid−0.096%7-day average −0.172% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$22 on $10k

Price spread, last 3 days (all we have)+0.191%+$19 · spread now −0.096%, 7d avg −0.172%

Together, before fees−0.034%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.076% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.096% now, against its 7-day average of −0.172%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	144.04	0.0100	pay 0.0013% / 1h	7m 42s	$80.0M	$32.9M	10x
Short	Kalshi KXAAVEPERP	143.90	0	get 0.0000% / 8h	6h 07m	$71K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now −0.096%Rate

Funding earned: −$21
Price spread: −0.096% → −0.172%: $7.6
Slippage, 4 orders: −$31.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$63.53
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Kalshi: 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 Hyperliquid live order book, 6 min ago	0.35 bp	5.4 bp −$5	10.0 bp −$100	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	2.08 bp	25.8 bp −$26	30.6 bp −$306	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	−0.0375%	1h	143.90	−0.096%	$253K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0133%	1h	143.80	−0.166%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0104%	1h	144.07	+0.022%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.10	+0.043%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.97	−0.050%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	143.90	−0.096%	$71K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.00	−0.024%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.97	−0.049%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.914%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.01	−0.020%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0047%	8h	143.89	−0.103%	$65.5M	$185.0M	75x	as long as short
MEXC AAVE_USDT	+0.0048%	8h	143.90	−0.096%	$31.1M	$26.4M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.93	−0.075%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0054%	8h	143.87	−0.117%	$17.4M	$65.9M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0058%	1h	144.02	−0.013%	$134K	$230K	50x	as long as short
Gate AAVE_USDT	+0.0063%	8h	143.86	−0.124%	$7.8M	$16.0M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	−0.044%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0090%	8h	144.02	−0.013%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.11	+0.048%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.91	−0.089%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.91	−0.091%	$179K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.86	−0.124%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.02	−0.013%	$799K	$436K	10x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	144.04	long leg	$80.0M	$32.9M	10x
Aster AAVEUSDT	+0.0100%	8h	143.95	−0.061%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.93	−0.074%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.91	−0.089%	$61.2M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.88	−0.110%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.94	−0.068%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.87	−0.117%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.89	−0.103%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.96	−0.054%	$380K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.01	−0.019%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.99	−0.031%	$101K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.11	+0.050%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.02	−0.016%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.163%	$717K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.89	−0.103%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.84	−0.141%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0169%	8h	144.04	+0.001%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.51	+0.327%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.04	−0.002%	$124K	—	100x	as long as short