Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0032%/8h= −3.6% APRpaid last 24h +0.002%

Price spread now: Injective against Orderly−3.820%58s7-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 Injective

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 −$1 a day on $10k at the current rate, and Injective is 3.820% cheaper against Orderly than usual: you would sell low and buy high (−$382 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	142.40	0.0066	pay 0.0066% / 8h	2h 34m	$18K	$10K	10x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	34m 03s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.820%Rate

Funding earned: −$6.81
Price spread: −3.820% → 0.000%: −$382.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$394.85
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
Deribit AAVE_USDC-PERPETUAL	−0.2629%	1h	142.00	−0.281%	$216K	$394K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.73	+0.231%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.48	+0.056%	$55K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.47	+0.050%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0010%	1h	142.48	+0.060%	$830K	$401K	10x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−3.820%	$422	$51K	12x
Reya AAVERUSDPERP	+0.0044%	1h	142.44	+0.027%	—	—	20x	as long as short
Orderly PERP_AAVE_USDClong	+0.0066%	8h	142.40	long leg	$18K	$10K	10x
Phemex AAVEUSDT	+0.0077%	8h	142.39	−0.007%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	142.62	+0.154%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.56	+0.114%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.42	+0.017%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.59	+0.136%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.36	−0.028%	$63.6M	$189.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.32	−0.056%	$61.0M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.29	−0.077%	$17.0M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.67	+0.190%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.52	+0.086%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.38	−0.014%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.40	0.000%	$25.3M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.40	0.000%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.28	−0.084%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.38	−0.014%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.78	+0.269%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.65	+0.174%	$105K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.72	+0.225%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.73	+0.232%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.59	+0.133%	$136K	$462K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.49	+0.065%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.38	−0.014%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.294%	$682K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.27	−0.090%	$905K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.41	+0.006%	$120K	$146	10x	as long as short
Hyperliquid AAVE	+0.0109%	1h	142.54	+0.098%	$77.9M	$37.1M	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.58	+0.126%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0146%	1h	142.49	+0.063%	$334K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.62	+0.156%	$188K	$252K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.22	+0.576%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.48	+0.057%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.42	+0.016%	$111K	—	100x	as long as short
Lighter AAVE	+0.0312%	1h	142.59	+0.130%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.78	+0.267%	$774K	$2.8M	50x	as long as short