Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.021%

Price spread now: Injective against Kalshi−4.637%66s7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Injective is 4.637% cheaper against Kalshi than usual: you would sell low and buy high (spread −4.637% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$464 on $10k: about 15 months of funding at the current rate (+$1 a day). The two prices were read 66 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	143.62	0	get 0.0000% / 8h	7h 45m	$54K	$1.5M	3.4x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	45m 33s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −4.637%Rate

Funding earned: $7
Price spread: −4.637% → 0.000%: −$463.72
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$466.74
Costs to cover: 0.100%
Break-even: 473.7 days

Slippage unknown: Kalshi: live order book, 3 min ago; Injective: no order-book sample. 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 Kalshi live order book, 3 min ago	5.22 bp	11.7 bp −$12	17.8 bp −$178	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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	143.60	−0.017%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	143.62	long leg	$54K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.72	+0.070%	$220K	$397K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.72	+0.071%	$80K	—	150x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−4.637%	$422	$51K	12x
Phoenix AAVE	+0.0033%	1h	143.92	+0.209%	$4K	$106K	10x	as long as short
Nado AAVE-PERP	+0.0041%	1h	143.56	−0.042%	$845K	$395K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.55	−0.051%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0047%	8h	143.67	+0.035%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0053%	8h	143.70	+0.056%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.71	+0.061%	$4.6M	$2.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.56	−0.043%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.63	+0.009%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.57	−0.034%	$329K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.54	−0.056%	$64.2M	$187.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.56	−0.042%	$61.7M	$67.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.58	−0.028%	$17.1M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.65	+0.021%	$64K	$200K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.81	+0.132%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.53	−0.063%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.50	−0.084%	$24.9M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.56	−0.042%	$10.6M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.51	−0.077%	$29.2M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.53	−0.063%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	+0.028%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.70	+0.055%	$104K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.62	+0.003%	$456K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.78	+0.111%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.66	+0.028%	$132K	$448K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.65	+0.019%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.71	+0.063%	$5K	$315K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.76	+0.098%	$691K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.46	−0.108%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.73	+0.079%	$121K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	143.62	0.000%	$10K	$2K	5x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.61	−0.007%	$186K	$251K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0132%	1h	143.80	+0.125%	$338K	$720K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.53	−0.063%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0246%	1h	143.78	+0.111%	$3.5M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.72	+0.073%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.79	+0.118%	$788K	$2.8M	50x	as long as short
Hyperliquid AAVE	+0.0385%	1h	143.78	+0.111%	$79.1M	$36.7M	10x	as long as short