Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0094%/8h= −10.2% APRpaid last 24h +0.004%

Price spread now: Phoenix against Orderly+0.502%66s7-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 Phoenix

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

The price spread pays, funding is against you. Phoenix is 0.502% dearer against Orderly than usual: you sell high and buy low (spread +0.502% now, against zero (this spread has no 7-day history yet)): +$50 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 18 days. The two prices were read 66 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	143.38	0.0050	pay 0.0050% / 8h	2h 05m	$18K	$12K	10x
Short	Phoenix AAVE	144.10	−0.0044	pay 0.0005% / 1h	5m 50s	$5K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.502%Rate

Funding earned: −$19.64
Price spread: +0.502% → 0.000%: $50.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $17.58
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 47 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 Phoenix live order book, 47 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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
Deribit AAVE_USDC-PERPETUAL	−0.0168%	1h	143.51	+0.091%	$252K	$489K	50x	as long as short
SoDEX AAVE-USD	−0.0138%	1h	143.46	+0.056%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0096%	1h	143.38	0.000%	$10K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.10	+0.502%	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	143.54	+0.115%	$102K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.50	+0.084%	$70K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.47	+0.066%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.61	+0.161%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.478%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.36	−0.015%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0047%	8h	143.55	+0.119%	$30.9M	$26.4M	200x	as long as short
Binance AAVEUSDT	+0.0047%	8h	143.56	+0.123%	$65.3M	$185.3M	75x	as long as short
Orderly PERP_AAVE_USDClong	+0.0050%	8h	143.38	long leg	$18K	$12K	10x
OKX AAVE-USDT-SWAP	+0.0054%	8h	143.56	+0.126%	$17.3M	$65.9M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0056%	1h	144.02	+0.446%	$134K	$229K	50x	as long as short
Gate AAVE_USDT	+0.0061%	8h	143.58	+0.139%	$7.7M	$16.0M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	+0.415%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.07	+0.481%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.74	+0.248%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.47	+0.063%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.46	+0.053%	$178K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.43	+0.031%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.41	+0.024%	$796K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.66	+0.195%	$79.4M	$33.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.64	+0.181%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.40	+0.014%	$327K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.57	+0.133%	$61.1M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.41	+0.021%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.60	+0.153%	$10.2M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.54	+0.112%	$29.9M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.57	+0.133%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.66	+0.195%	$380K	$709K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.01	+0.440%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.06	+0.474%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.45	+0.049%	$125K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.37	−0.010%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.87	+0.344%	$714K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.56	+0.126%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.54	+0.114%	$919K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0167%	8h	143.40	+0.014%	$3.4M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	143.66	+0.195%	$770K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	143.45	+0.050%	$123K	—	100x	as long as short