Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.054%

Price spread now: Variational Omni against Hyperliquid−0.252%7-day average −0.088% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.106%−$11 on $10k

Price spread, last 7 days+0.225%+$22 · spread now −0.252%, 7d avg −0.088%

Together, before fees+0.119%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.164% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	142.39	0.0100	pay 0.0013% / 1h	22m 44s	$77.8M	$37.1M	10x
Short	Variational Omni AAVE	142.03	0.0100	get 0.0100% / 8h	2h 22m	$3.7M	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.252%Rate

Funding earned: $0
Price spread: −0.252% → −0.088%: −$16.4
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$25.4
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 1 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 Hyperliquid live order book, 11 min ago	0.35 bp	8.6 bp −$9	14.6 bp −$146	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.09 bp	doesn't fit	13.4 bp −$134	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
dYdX AAVE-USD	0.0000%	1h	142.34	−0.033%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.16	−0.162%	$49K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.20	−0.133%	$216K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.19	−0.140%	$79K	—	150x	as long as short
Nado AAVE-PERP	+0.0031%	1h	142.10	−0.200%	$832K	$403K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.813%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.06	−0.234%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0069%	8h	142.22	−0.119%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.17	−0.156%	$13K	$4K	20x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	142.39	long leg	$77.8M	$37.1M	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AAVEUSDT	+0.0100%	8h	142.30	−0.066%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.22	−0.122%	$325K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.39	−0.002%	$63.9M	$191.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.46	+0.049%	$61.1M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.46	+0.049%	$17.0M	$64.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.23	−0.112%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	−0.037%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.33	−0.042%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.32	−0.049%	$25.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.31	−0.056%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.27	−0.084%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.34	−0.035%	—	$43.5M	—	as long as short
Variational Omni AAVEshort	+0.0100%	8h	142.03	−0.252%	$3.7M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	141.94	−0.316%	$105K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.34	−0.035%	$454K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.04	−0.246%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.16	−0.162%	$140K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.12	−0.190%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.22	−0.119%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.49	+0.068%	$679K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.23	−0.112%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.29	−0.073%	$901K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.18	−0.147%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.22	−0.121%	$120K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.01	−0.267%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0139%	1h	142.33	−0.042%	$337K	$730K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.19	−0.140%	$190K	$253K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.17	−0.155%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.30	−0.060%	$3.4M	$2.1M	50x	as long as short
Lighter AAVE	+0.0248%	1h	142.50	+0.076%	$4.5M	$2.4M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.16	−0.163%	$111K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.17	−0.155%	$758K	$2.8M	50x	as long as short