Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.012%

Price spread now: KuCoin against Phemex−0.007%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 3 days (all we have)−0.116%−$12 · spread now −0.007%, 7d avg −0.012%

Together, before fees−0.215%−$22 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	145.70	0.0100	pay 0.0100% / 8h	39m 13s	$4.1M	$3.8M	50x
Short	KuCoin AAVEUSDTM	145.69	0.0100	get 0.0100% / 8h	39m 13s	$10.0M	$8.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → −0.012%: $0.47
Slippage, 4 orders: −$34.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$58.19
Costs to cover: 0.587%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; KuCoin: live order book, 4 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	3.43 bp	14.8 bp −$15	20.0 bp −$200	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.69 bp	16.8 bp −$17	30.6 bp −$306	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
Deribit AAVE_USDC-PERPETUAL	−0.0230%	1h	145.67	−0.021%	$255K	$406K	50x	as long as short
SoDEX AAVE-USD	−0.0058%	1h	145.67	−0.021%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	145.90	+0.137%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.90	+0.137%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.73	+0.021%	$84K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	145.78	+0.056%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.74	+0.027%	$71K	—	150x	as long as short
01 Exchange AAVEUSD	+0.0008%	1h	145.72	+0.014%	$11K	$2K	5x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.999%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0041%	8h	145.67	−0.021%	$30.6M	$25.8M	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	145.67	−0.023%	$66.3M	$185.8M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.65	−0.033%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.67	−0.021%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0070%	8h	145.66	−0.027%	$17.8M	$67.3M	50x	as long as short
Gate AAVE_USDT	+0.0076%	8h	145.67	−0.021%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.70	+0.002%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.89	+0.130%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.66	−0.029%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.75	+0.031%	$802K	$441K	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.76	+0.041%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.78	+0.058%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.69	−0.007%	$62.1M	$66.1M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.69	−0.007%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.88	+0.124%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTMshort	+0.0100%	8h	145.69	−0.007%	$10.0M	$8.6M	75x
Bitget AAVEUSDT	+0.0100%	8h	145.64	−0.041%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.68	−0.014%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.87	+0.117%	$358K	$737K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.91	+0.142%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.86	+0.112%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.97	+0.184%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.93	+0.158%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.74	+0.027%	$127K	$457K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.68	−0.012%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.75	+0.035%	$696K	$5.0M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	145.70	long leg	$4.1M	$3.8M	50x
Hyperliquid AAVE	+0.0103%	1h	145.85	+0.103%	$80.4M	$34.6M	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.63	−0.045%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	145.74	+0.030%	$185K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0161%	8h	145.71	+0.007%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.74	+0.026%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.23	+0.364%	$789K	$3.0M	50x	as long as short