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 +0.041%

Price spread now: Backpack against Kalshi−0.209%7-day average +0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.220%+$22 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.209%, 7d avg +0.093%

Together, before fees+0.199%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.302% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.209% now, against its 7-day average of +0.093%). If the spread goes back, that is −$30 on $10k: about 10 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXAAVEPERP	143.75	0	get 0.0000% / 8h	6h 05m	$70K	$1.5M	3.4x
Short	Backpack AAVE_USDC_PERP	143.45	0.0100	get 0.0013% / 1h	5m 01s	$379K	$709K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.209%Rate

Funding earned: $21
Price spread: −0.209% → +0.093%: −$30.2
Slippage, 4 orders: −$30.98
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$60.18
Costs to cover: 0.510%
Break-even: 27.1 days

Slippage from Kalshi: live order book, 3 min ago; Backpack: live order book, 19 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 Kalshi live order book, 3 min ago	2.08 bp	10.3 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell Backpack live order book, 19 min ago	0.35 bp	6.6 bp −$7	84.5 bp −$845	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	−0.0377%	1h	143.37	−0.264%	$252K	$489K	50x	as long as short
SoDEX AAVE-USD	−0.0139%	1h	143.32	−0.299%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0104%	1h	143.58	−0.118%	$10K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.10	+0.243%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.54	−0.143%	$102K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	143.75	long leg	$70K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.40	−0.243%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.45	−0.206%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.723%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.48	−0.189%	—	—	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	+0.0046%	8h	143.30	−0.312%	$65.2M	$185.3M	75x	as long as short
MEXC AAVE_USDT	+0.0047%	8h	143.23	−0.362%	$30.7M	$26.5M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.34	−0.285%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0054%	8h	143.28	−0.327%	$17.3M	$65.8M	50x	as long as short
Gate AAVE_USDT	+0.0062%	8h	143.33	−0.292%	$7.7M	$16.0M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0062%	1h	143.74	−0.007%	$134K	$229K	50x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	+0.157%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.07	+0.223%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.54	−0.146%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.36	−0.268%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.65	−0.072%	$179K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.63	−0.080%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.56	−0.132%	$797K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.41	−0.237%	$79.0M	$33.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.37	−0.264%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.59	−0.111%	$327K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.34	−0.285%	$61.0M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.58	−0.118%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.25	−0.348%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.24	−0.355%	$29.8M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.37	−0.264%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	143.45	−0.209%	$379K	$709K	10x
Variational Omni AAVE	+0.0100%	8h	143.38	−0.258%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.06	+0.216%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.65	−0.070%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.32	−0.296%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.67	−0.054%	$715K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.49	−0.181%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.18	−0.393%	$919K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0166%	8h	143.30	−0.313%	$3.4M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	143.66	−0.063%	$770K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	143.42	−0.231%	$124K	—	100x	as long as short