Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.042%

Price spread now: BloFin against Phoenix−0.227%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.211%+$21 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.227% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.227% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 6.1 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	141.12	0.0096	pay 0.0012% / 1h	32m 26s	$4K	$99K	10x
Short	BloFin AAVE-USDT	140.80	0.0220	get 0.0220% / 8h	7h 32m	$3.2M	$3.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now −0.227%Rate

Funding earned: $26.04
Price spread: −0.227% → 0.000%: −$22.68
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.64
Costs to cover: 0.190%
Break-even: 11.2 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 6 min ago. Net counts fees only.

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 Phoenix no order-book sample	—	—	—	—	—
Sell BloFin live order book, 6 min ago	0.35 bp	9.2 bp −$9	15.6 bp −$156	36.5 bp −$3,646	doesn't fit

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX AAVE-USD	0.0000%	1h	140.84	−0.200%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.75	−0.262%	$51K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.80	−0.227%	$212K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.83	−0.206%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.948%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.59	−0.374%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	140.56	−0.397%	$17K	$8K	10x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	140.74	−0.269%	$10K	$2K	5x	as long as short
Phoenix AAVElong	+0.0096%	1h	141.12	long leg	$4K	$99K	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	140.76	−0.258%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0100%	1h	140.60	−0.365%	$822K	$401K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	140.78	−0.241%	$76.8M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.64	−0.341%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.80	−0.227%	$328K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.51	−0.432%	$63.1M	$191.7M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	140.54	−0.411%	$60.6M	$69.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.57	−0.390%	$16.5M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	140.88	−0.170%	$94K	$225K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.17	+0.033%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.60	−0.368%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.64	−0.340%	$22.5M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.66	−0.326%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.61	−0.361%	$28.6M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.52	−0.425%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.05	−0.048%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.08	−0.025%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.16	+0.028%	$451K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.32	+0.142%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.71	−0.291%	$133K	$474K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.68	−0.315%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	140.78	−0.241%	$5K	$299K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.00	−0.084%	$663K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	140.81	−0.220%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.64	−0.341%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.85	−0.193%	$119K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0171%	1h	140.93	−0.135%	$383K	$733K	10x	as long as short
Lighter AAVE	+0.0176%	1h	140.99	−0.090%	$4.5M	$2.5M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.00	−0.085%	$751K	$2.7M	50x	as long as short
BloFin AAVE-USDTshort	+0.0220%	8h	140.80	−0.227%	$3.2M	$3.5M	100x
RISEx AAVE/USDC	+0.0223%	1h	140.76	−0.257%	$171K	$299K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0250%	1h	140.86	−0.185%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	140.56	−0.399%	$110K	—	100x	as long as short