Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Bybit against Phemex−0.014%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 3 days (all we have)−0.102%−$10 · spread now −0.014%, 7d avg −0.035%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.021% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	144.39	0.0100	pay 0.0100% / 8h	6h 46m	$4.1M	$3.8M	50x
Short	Bybit AAVEUSDT	144.37	0.0100	get 0.0100% / 8h	6h 46m	$61.8M	$65.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → −0.035%: $2.13
Slippage, 4 orders: −$18.86
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.73
Costs to cover: 0.419%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bybit: live order book, 2 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 Phemex live order book, 2 min ago	2.08 bp	12.3 bp −$12	20.9 bp −$209	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.35 bp	10.1 bp −$10	17.5 bp −$175	61.1 bp −$6,110	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
Deribit AAVE_USDC-PERPETUAL	−1.9775%	1h	141.43	−2.050%	$246K	$362K	50x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	144.49	+0.069%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.43	+0.028%	$3.5M	$2.0M	50x	as long as short
ApeX Omni AAVEUSDT	−0.0033%	1h	144.58	+0.132%	$134K	$230K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.45	+0.040%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.40	+0.007%	$65K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.44	+0.037%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.68	+0.201%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.146%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0039%	8h	144.38	−0.007%	$27.6M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0041%	8h	144.40	+0.008%	$65.1M	$185.2M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.38	−0.007%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.37	−0.015%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	144.37	−0.014%	$17.5M	$66.1M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.33	−0.039%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.51	+0.083%	$183K	$231K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.57	+0.125%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.47	+0.056%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.44	+0.031%	$799K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	+0.076%	$78.5M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.46	+0.048%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.46	+0.045%	$330K	$435K	10x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	144.37	−0.014%	$61.8M	$65.3M	75x
Arcus AAVE-USD	+0.0100%	1h	144.49	+0.069%	$45K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.44	+0.034%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.42	+0.021%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.39	0.000%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.33	−0.042%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.41	+0.014%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.47	+0.055%	$324K	$750K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.109%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.51	+0.086%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.54	+0.106%	$456K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.45	+0.042%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.45	+0.039%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.36	−0.021%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.54	+0.103%	$701K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.39	long leg	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.29	−0.067%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0147%	8h	144.53	+0.097%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.43	+0.031%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.55	+0.111%	$775K	$2.8M	50x	as long as short