Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.020%

Price spread now: Backpack against MEXC+0.111%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

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

costs, in and out, $10k−$170.174% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.111%, 7d avg +0.008%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.102% dearer against MEXC than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC AAVE_USDT	144.66	0.0032	pay 0.0032% / 8h	1h 26m	$30.8M	$25.8M	200x
Short	Backpack AAVE_USDC_PERP	144.82	0.0100	get 0.0013% / 1h	26m 54s	$380K	$712K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.111%Rate

Funding earned: $14.28
Price spread: +0.111% → +0.008%: $10.23
Slippage, 4 orders: −$7.39
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.12
Costs to cover: 0.174%
Break-even: 3.5 days

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 57 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 MEXC live order book, 2 min ago	0.34 bp	0.3 bp $0	3.7 bp −$37	31.2 bp −$3,121	113.3 bp −$56.6K
Sell Backpack live order book, 57 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
01 Exchange AAVEUSD	−0.0152%	1h	144.64	−0.014%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0062%	1h	144.72	+0.041%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0045%	1h	144.37	−0.200%	$5K	$100K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0026%	1h	144.75	+0.062%	$254K	$480K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.64	−0.017%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.53	−0.090%	$68K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.74	+0.053%	$70K	—	150x	as long as short
MEXC AAVE_USDTlong	+0.0032%	8h	144.66	long leg	$30.8M	$25.8M	200x
Binance AAVEUSDT	+0.0033%	8h	144.68	+0.014%	$65.8M	$185.7M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.323%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.62	−0.027%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.70	+0.025%	$180K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	144.70	+0.028%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0053%	8h	144.67	+0.007%	$17.5M	$66.9M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.82	+0.113%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0055%	8h	144.70	+0.028%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.79	+0.090%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0091%	8h	144.70	+0.031%	$455K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.91	+0.174%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.60	−0.042%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.61	−0.033%	$800K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.80	+0.097%	$79.6M	$34.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.74	+0.058%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.58	−0.052%	$330K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.66	0.000%	$61.4M	$65.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.65	−0.007%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.27	−0.271%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.68	+0.014%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.66	0.000%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.69	+0.021%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.82	+0.111%	$380K	$712K	10x
Variational Omni AAVE	+0.0100%	8h	144.42	−0.168%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.59	−0.048%	$103K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.77	+0.076%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.71	+0.035%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.63	−0.017%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.73	+0.047%	$693K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.67	+0.007%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.64	−0.014%	$931K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0131%	8h	144.61	−0.035%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.74	+0.053%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.79	+0.090%	$784K	$3.0M	50x	as long as short