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: Hyperliquid against Kalshi−0.097%46s7-day average +0.172% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Kalshi Short on Hyperliquid

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)+0.003%$0 · spread now −0.097%, 7d avg +0.172%

Together, before fees+0.227%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.269% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of +0.172%). If the spread goes back, that is −$27 on $10k: about 9.0 days of funding at the current rate (+$3 a day). The two prices were read 46 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	Kalshi KXAAVEPERP	143.90	0	get 0.0000% / 8h	6h 07m	$71K	$1.5M	3.4x
Short	Hyperliquid AAVE	143.76	0.0100	get 0.0013% / 1h	7m 30s	$79.7M	$33.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.097%Rate

Funding earned: $21
Price spread: −0.097% → +0.172%: −$26.95
Slippage, 4 orders: −$31.13
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$56.08
Costs to cover: 0.501%
Break-even: 25.7 days

Slippage from Kalshi: live order book, 1 min ago; Hyperliquid: live order book, 6 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, 1 min ago	2.08 bp	10.3 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.35 bp	8.6 bp −$9	doesn't fit	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	0.000%	$253K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0133%	1h	143.80	−0.069%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0096%	1h	143.92	+0.014%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.10	+0.139%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.97	+0.046%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	143.90	long leg	$71K	$1.5M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.00	+0.072%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.97	+0.047%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.823%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.62	−0.197%	—	—	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	143.80	−0.069%	$65.5M	$185.0M	75x	as long as short
MEXC AAVE_USDT	+0.0048%	8h	143.90	0.000%	$31.1M	$26.4M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.93	+0.021%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0055%	8h	143.67	−0.160%	$17.3M	$65.9M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0056%	1h	144.02	+0.083%	$134K	$229K	50x	as long as short
Gate AAVE_USDT	+0.0063%	8h	143.86	−0.028%	$7.8M	$16.0M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	+0.052%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.07	+0.118%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.11	+0.145%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.91	+0.007%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.91	+0.005%	$179K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.86	−0.027%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.73	−0.120%	$797K	$436K	10x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	143.76	−0.097%	$79.7M	$33.1M	10x
Aster AAVEUSDT	+0.0100%	8h	143.95	+0.035%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.93	+0.022%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.70	−0.139%	$61.1M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.88	−0.014%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.94	+0.028%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.69	−0.146%	$29.9M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.89	−0.007%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.96	+0.042%	$380K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.01	+0.077%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.06	+0.111%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.76	−0.097%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.02	+0.081%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.259%	$717K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.89	−0.007%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.84	−0.045%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0169%	8h	144.04	+0.097%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.51	+0.424%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.04	+0.095%	$124K	—	100x	as long as short