Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.022%

Price spread now: Backpack against Orderly+0.077%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.077% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	142.07	0.0046	pay 0.0046% / 8h	4h 45m	$18K	$10K	10x
Short	Backpack AAVE_USDC_PERP	142.18	0.0100	get 0.0013% / 1h	45m 10s	$337K	$715K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.077%Rate

Funding earned: $11.28
Price spread: +0.077% → 0.000%: $7.74
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $3.02
Costs to cover: 0.160%
Break-even: 5.1 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 14 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 14 min ago	1.40 bp	9.3 bp −$9	552.8 bp −$5,528	doesn't fit	doesn't fit

Orderly: 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
01 Exchange AAVEUSD	−0.0176%	1h	142.10	+0.021%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0037%	1h	142.01	−0.042%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.14	+0.052%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.10	+0.021%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.05	−0.014%	$220K	$399K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.10	+0.020%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.597%	$422	$51K	12x	as long as short
Nado AAVE-PERP	+0.0042%	1h	142.00	−0.049%	$841K	$447K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.09	+0.011%	—	—	20x	as long as short
Orderly PERP_AAVE_USDClong	+0.0046%	8h	142.07	long leg	$18K	$10K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0056%	1h	142.04	−0.021%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.13	+0.044%	$4.5M	$1.9M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.08	+0.010%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.18	+0.077%	$76.7M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.15	+0.058%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.07	+0.003%	$323K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.06	−0.010%	$63.4M	$185.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.09	+0.014%	$60.8M	$66.5M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.11	+0.028%	$17.0M	$63.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.19	+0.084%	$63K	$204K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.13	+0.042%	$8.0M	$15.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.09	+0.014%	$25.1M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.04	−0.021%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.99	−0.056%	$28.9M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.07	0.000%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	142.18	+0.077%	$337K	$715K	10x
Variational Omni AAVE	+0.0100%	8h	142.05	−0.015%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.83	−0.169%	$102K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.90	−0.121%	$448K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.81	−0.183%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.15	+0.056%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.09	+0.014%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.19	+0.087%	$684K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.07	0.000%	$4.0M	$3.7M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.68	+0.427%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.96	−0.076%	$895K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.01	−0.039%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.18	+0.076%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.04	−0.021%	$3.3M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.09	+0.013%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0326%	1h	142.12	+0.032%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.12	+0.035%	$775K	$2.8M	50x	as long as short