Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Extended against Phemex+0.145%55s7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.349% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.405%−$41 · spread now +0.145%, 7d avg −0.073%

Together, before fees−0.397%+ Points / potential airdropExtended: Active · farm board−$40 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: Extended is 0.218% dearer against Phemex than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.073%. The two prices were read 55 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	Phemex AAVEUSDT	142.55	0.0100	pay 0.0100% / 8h	4h 17m	$4.0M	$3.7M	50x
Short	Extended AAVE-USD	142.76	0.0104	get 0.0013% / 1h	17m 17s	$896K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.145%Rate

Funding earned: $0.84
Price spread: +0.145% → −0.073%: $21.83
Slippage, 4 orders: −$17.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$12.27
Costs to cover: 0.349%
Break-even: 109.3 days

Slippage from Phemex: live order book, 2 min ago; Extended: live order book, 1 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	0.70 bp	12.1 bp −$12	19.8 bp −$198	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	1.40 bp	5.1 bp −$5	21.1 bp −$211	doesn't fit	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
01 Exchange AAVEUSD	−0.0144%	1h	142.75	+0.140%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.77	+0.153%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.62	+0.049%	$46K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.83	+0.196%	$219K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.84	+0.205%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0012%	1h	142.76	+0.151%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.921%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.75	+0.138%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	142.80	+0.175%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	142.95	+0.281%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0095%	1h	142.80	+0.175%	$5K	$293K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.81	+0.186%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.80	+0.173%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.87	+0.224%	$76.9M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.79	+0.166%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.76	+0.146%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.81	+0.182%	$63.8M	$186.3M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.80	+0.175%	$61.1M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.80	+0.175%	$17.1M	$64.1M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.86	+0.217%	$64K	$203K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	+0.231%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.81	+0.182%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.78	+0.161%	$25.2M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.77	+0.154%	$10.5M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.72	+0.119%	$29.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.80	+0.175%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.75	+0.140%	$336K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.71	+0.111%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.72	+0.117%	$103K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.78	+0.161%	$459K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.79	+0.168%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.81	+0.182%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.75	+0.142%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.192%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	142.55	long leg	$4.0M	$3.7M	50x
Extended AAVE-USDshort	+0.0104%	1h	142.76	+0.145%	$896K	$1.7M	50x
Aevo AAVE-PERP	+0.0104%	1h	142.83	+0.197%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.84	+0.201%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.75	+0.140%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.85	+0.210%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.89	+0.235%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.82	+0.189%	$792K	$2.8M	50x	as long as short