Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1879%/8h= −205.8% APRpaid last 24h −0.292%

Price spread now: Deribit against Orderly−0.174%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Deribit

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 against this trade now: funding costs −$56 a day on $10k at the current rate, and Deribit is 0.174% cheaper against Orderly than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	143.83	0.0044	pay 0.0044% / 8h	5h 56m	$18K	$10K	10x
Short	Deribit AAVE_USDC-PERPETUAL	143.58	−0.1835	pay 0.0229% / 1h	56m 45s	$244K	$370K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$394.65
Price spread: −0.174% → 0.000%: −$17.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$425.03
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 2 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 Deribit live order book, 2 min ago	6.58 bp	10.1 bp −$10	doesn't fit	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 41 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
Deribit AAVE_USDC-PERPETUALshort	−0.1835%	1h	143.58	−0.174%	$244K	$370K	50x
01 Exchange AAVEUSD	−0.0056%	1h	143.83	0.000%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.83	−0.002%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.06	+0.160%	$70K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.89	+0.040%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.59	+0.528%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.776%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.77	−0.044%	—	—	20x	as long as short
Orderly PERP_AAVE_USDClong	+0.0044%	8h	143.83	long leg	$18K	$10K	10x
SoDEX AAVE-USD	+0.0087%	1h	143.82	−0.007%	$5K	$291K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX AAVE-USDT-SWAP	+0.0088%	8h	144.29	+0.320%	$17.3M	$63.7M	50x	as long as short
MEXC AAVE_USDT	+0.0091%	8h	144.14	+0.216%	$26.5M	$23.4M	200x	as long as short
Binance AAVEUSDT	+0.0092%	8h	144.28	+0.313%	$65.1M	$181.8M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.00	+0.120%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.84	+0.004%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.81	−0.010%	$800K	$414K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.44	+0.424%	$78.2M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.91	+0.056%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.87	+0.030%	$328K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.28	+0.313%	$61.7M	$63.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.87	+0.028%	$44K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.09	+0.181%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.13	+0.209%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.29	+0.320%	$30.0M	$17.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.22	+0.271%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.99	+0.111%	$322K	$717K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.37	+0.375%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	+0.372%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.46	+0.437%	$453K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.45	+0.431%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.81	−0.014%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.83	+0.002%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.96	+0.087%	$697K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.82	−0.007%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	+0.164%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.98	+0.105%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.85	+0.016%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.90	+0.045%	$199K	$229K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0257% / S −0.0406%	1h	143.88	+0.034%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0267%	1h	143.93	+0.069%	$3.4M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.09	+0.181%	$774K	$2.8M	50x	as long as short