Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h −0.049%

Price spread now: Kraken Futures against Phemex+0.033%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$560.562% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now +0.033%, 7d avg +0.020%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.159%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	141.65	0.0100	pay 0.0100% / 8h	4h 38m	$4.0M	$3.7M	50x
Short	Kraken Futures PF_AAVEUSD	141.70	0.0327	get 0.0041% / 1h	38m 39s	$3.4M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.033%Rate

Funding earned: $47.58
Price spread: +0.033% → +0.020%: $1.33
Slippage, 4 orders: −$34.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.32
Costs to cover: 0.562%
Break-even: 8.1 days

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: live order book, 5 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	1.05 bp	12.2 bp −$12	19.1 bp −$191	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	5.27 bp	14.9 bp −$15	21.6 bp −$216	164.3 bp −$16.4K	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	−0.0168%	1h	141.65	0.000%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.69	+0.028%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.80	+0.106%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.59	−0.042%	$219K	$399K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.71	+0.045%	$79K	—	150x	as long as short
SoDEX AAVE-USD	+0.0020%	1h	141.57	−0.056%	$5K	$299K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.311%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.66	+0.008%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0046%	8h	141.59	−0.042%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0050%	1h	141.72	+0.049%	$839K	$447K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0056%	1h	142.05	+0.282%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.71	+0.045%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.65	0.000%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.75	+0.071%	$76.5M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.68	+0.021%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.63	−0.011%	$324K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.58	−0.048%	$63.4M	$185.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.61	−0.028%	$60.6M	$66.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.62	−0.021%	$17.0M	$63.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.80	+0.106%	$63K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.12	+0.332%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.68	+0.021%	$8.0M	$15.7M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.59	−0.042%	$24.9M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.65	0.000%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.54	−0.078%	$28.8M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.61	−0.028%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.68	+0.021%	$336K	$716K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	141.94	+0.204%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.18	+0.376%	$102K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.91	+0.181%	$445K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.90	+0.176%	$132K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.72	+0.049%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.67	+0.014%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.73	+0.059%	$682K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	141.65	long leg	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	141.57	−0.053%	$892K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.61	−0.030%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	141.73	+0.058%	$176K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.96	+0.219%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.71	+0.040%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSDshort	+0.0327%	1h	141.70	+0.033%	$3.4M	$2.1M	50x
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.18	+0.374%	$788K	$2.9M	50x	as long as short