Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.029%

Price spread now: dYdX against Phemex−0.043%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1781.784% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 4 days (all we have)−0.336%−$34 · spread now −0.043%, 7d avg +0.001%

Together, before fees−0.527%−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.043% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	143.78	0.0100	pay 0.0100% / 8h	5h 28m	$4.1M	$3.7M	50x
Short	dYdX AAVE-USD	143.72	0	get 0.0000% / 1h	28m 38s	$103K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$21
Price spread: −0.043% → +0.001%: −$4.34
Slippage, 4 orders: −$156.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$203.7
Costs to cover: 1.784%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; dYdX: live order book, 35 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, 5 min ago	2.43 bp	15.7 bp −$16	24.2 bp −$242	doesn't fit	doesn't fit
Sell dYdX live order book, 35 min ago	69.43 bp	76.5 bp −$77	190.4 bp −$1,904	209.6 bp −$21.0K	214.1 bp −$107.0K

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	−0.0064%	1h	143.96	+0.125%	$11K	$2K	5x	as long as short
dYdX AAVE-USDshort	0.0000%	1h	143.72	−0.043%	$103K	$4K	10x
Kalshi KXAAVEPERP	0.0000%	8h	144.02	+0.167%	$60K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.81	+0.021%	$228K	$389K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.96	+0.125%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.743%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.96	+0.128%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.90	+0.083%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0055%	1h	143.99	+0.146%	$833K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.92	+0.097%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.89	+0.077%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.69	−0.065%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.85	+0.049%	$77.8M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.83	+0.032%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.74	−0.027%	$328K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.71	−0.048%	$64.3M	$182.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.70	−0.056%	$61.4M	$64.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.68	−0.070%	$17.2M	$63.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.68	−0.070%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.90	+0.083%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.80	+0.014%	$7.9M	$15.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.72	−0.042%	$25.9M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.79	+0.007%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.69	−0.063%	$30.1M	$17.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.72	−0.042%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.85	+0.049%	$321K	$699K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.03	+0.171%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.90	+0.082%	$104K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.12	+0.235%	$453K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.04	+0.181%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.01	+0.160%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.92	+0.098%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.79	+0.007%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.09	+0.216%	$695K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	143.78	long leg	$4.1M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	143.63	−0.104%	$918K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.83	+0.037%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.69	−0.062%	$188K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.01	+0.160%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.95	+0.119%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0267%	1h	143.88	+0.066%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.28	+0.348%	$785K	$2.8M	50x	as long as short