Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.044%

Price spread now: Lighter against Kalshi+0.100%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.057%−$6 · spread now +0.100%, 7d avg +0.158%

Together, before fees+0.168%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.057% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.100% now, against its 7-day average of +0.158%). If the spread goes back, that is −$6 on $10k: about 48 hours 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	141.33	0	get 0.0000% / 8h	1h 47m	$45K	$1.3M	3.4x
Short	Lighter AAVE	141.47	0.0096	get 0.0012% / 1h	47m 07s	$4.5M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpOrdersPrice spread, now +0.100%Rate

Funding earned: $20.16
Price spread: +0.100% → +0.158%: −$5.74
Slippage, 4 orders: −$30.76
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$26.34
Costs to cover: 0.408%
Break-even: 16.1 days

Slippage from Kalshi: live order book, 4 min ago; Lighter: live order book, 4 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, 4 min ago	3.54 bp	9.0 bp −$9	16.2 bp −$162	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.47 bp	4.5 bp −$5	16.3 bp −$163	49.3 bp −$4,932	doesn't fit

AAVE on 42 exchanges

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
SoDEX AAVE-USD	−0.0125%	1h	141.26	−0.050%	$7K	$228K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0083%	1h	141.32	−0.007%	$131K	$221K	50x	as long as short
01 Exchange AAVEUSD	−0.0024%	1h	141.24	−0.064%	$10K	$1K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.38	+0.034%	$102K	$6K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	141.33	long leg	$45K	$1.3M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.30	−0.021%	$208K	$305K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.32	−0.009%	$79K	—	150x	as long as short
Bybit AAVEUSDT	+0.0011%	8h	141.30	−0.021%	$61.1M	$59.3M	75x	as long as short
Phoenix AAVE	+0.0028%	1h	141.45	+0.085%	$4K	$81K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.092%	$422	$51K	12x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	141.23	−0.074%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0049%	8h	141.25	−0.057%	$3.9M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0085%	8h	141.25	−0.057%	$17K	$2K	10x	as long as short
Variational Omni AAVE	+0.0094%	8h	141.24	−0.064%	$3.7M	$692K	—	as long as short
Lighter AAVEshort	+0.0096%	1h	141.47	+0.100%	$4.5M	$2.2M	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	141.31	−0.013%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.24	−0.064%	$812K	$306K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.42	+0.064%	$77.7M	$27.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.36	+0.023%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.32	−0.006%	$344K	$307K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.32	−0.007%	$63.6M	$161.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.33	0.000%	$16.3M	$52.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.40	+0.050%	$94K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.29	−0.028%	$8.1M	$13.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.27	−0.042%	$21.8M	$21.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.28	−0.035%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.32	−0.007%	$29.1M	$15.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.26	−0.050%	—	$42.8M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.42	+0.064%	$387K	$601K	10x	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.26	−0.048%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.72	+0.273%	$453K	$3.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.32	−0.007%	$133K	$367K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.26	−0.047%	$1K	$1.1M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.50	+0.120%	$656K	$1.4M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.78	+0.318%	$164K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.27	−0.040%	$913K	$1.4M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.32	−0.010%	$119K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	141.31	−0.011%	$171K	$207K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.30	−0.021%	$3.3M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	141.87	+0.382%	$752K	$2.2M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0254% / S −0.0365%	1h	141.31	−0.017%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0307%	1h	141.33	0.000%	$3.5M	$1.9M	50x	as long as short