Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h +0.009%

Price spread now: Backpack against KuCoin−0.007%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.007%, 7d avg +0.013%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.020% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.007% now, against its 7-day average of +0.013%). If the spread goes back, that is −$2 on $10k: about 11 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.092% in total) that is about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin AAVEUSDTM	140.92	0.0100	pay 0.0100% / 8h	20m 26s	$10.2M	$9.5M	75x
Short	Backpack AAVE_USDC_PERP	140.91	0.0250	get 0.0031% / 1h	20m 26s	$383K	$732K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.007%Rate

Funding earned: $31.51
Price spread: −0.007% → +0.013%: −$2
Slippage, 4 orders: −$25.39
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.88
Costs to cover: 0.474%
Break-even: 11.0 days

Slippage from KuCoin: live order book, 8 min ago; Backpack: live order book, 18 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 KuCoin live order book, 8 min ago	0.35 bp	16.6 bp −$17	28.2 bp −$282	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.35 bp	7.2 bp −$7	334.0 bp −$3,340	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	140.80	−0.085%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.96	+0.028%	$45K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.88	−0.028%	$212K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.97	+0.038%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.810%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.85	−0.048%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0082%	8h	140.91	−0.007%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	140.98	+0.042%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	140.86	−0.045%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	140.90	−0.011%	$824K	$399K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	141.06	+0.099%	$77.0M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.94	+0.013%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.83	−0.063%	$327K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.93	+0.007%	$63.1M	$191.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	140.90	−0.014%	$60.6M	$69.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.93	+0.007%	$16.6M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.02	+0.071%	$91K	$221K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.09	+0.120%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.90	−0.014%	$8.0M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.91	−0.007%	$22.9M	$24.3M	200x	as long as short
KuCoin AAVEUSDTMlong	+0.0100%	8h	140.92	long leg	$10.2M	$9.5M	75x
Bitget AAVEUSDT	+0.0100%	8h	140.88	−0.028%	$28.6M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	140.89	−0.021%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.89	−0.021%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.92	−0.002%	$108K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	140.94	+0.017%	$443K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.98	+0.043%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.98	+0.043%	$133K	$483K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.86	−0.044%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	140.84	−0.057%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.17	+0.175%	$666K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	140.88	−0.028%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.82	−0.069%	$910K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	140.96	+0.028%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.98	+0.040%	$119K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.08	+0.114%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.82	−0.071%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	140.96	+0.025%	$189K	$292K	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0250%	1h	140.91	−0.007%	$383K	$732K	10x
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	140.94	+0.015%	$110K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.15	+0.163%	$751K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0272%	1h	140.92	−0.003%	$3.3M	$2.1M	50x	as long as short