AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.6% APRnext payment −$0.03 per $10,000 · paid last 24h −0.292%

Price spread now: Deribit against Phoenix+0.096%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.454%−$45 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.096%, 7d avg −0.075%

Together, before fees−0.494%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.171% dearer against Phoenix than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of −0.075%): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 24 days. At the pace of the last 7 days (−0.454% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	145.87	0	get 0.0000% / 1h	34m 33s	$5K	$102K	10x
Short	Deribit AAVE_USDC-PERPETUAL	146.01	−0.0024	pay 0.0003% / 1h	34m 33s	$255K	$369K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$5.04
Price spread: +0.096% → −0.075%: $17.1
Slippage, 4 orders: −$34.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.11
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; Deribit: live order book, 34 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 Phoenix live order book, 18 min ago	0.69 bp	13.8 bp −$14	53.9 bp −$539	doesn't fit	doesn't fit
Sell Deribit live order book, 34 min ago	4.12 bp	7.6 bp −$8	14.6 bp −$146	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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.09	+0.153%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0144%	1h	146.18	+0.213%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0106%	1h	145.97	+0.069%	$5K	$305K	10x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0024%	1h	146.01	+0.096%	$255K	$369K	50x
dYdX AAVE-USD	0.0000%	1h	146.21	+0.230%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.88	+0.007%	$77K	$1.5M	3.4x	as long as short
Phoenix AAVElong	0.0000%	1h	145.87	long leg	$5K	$102K	10x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.19	+0.221%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0020%	8h	146.18	+0.213%	$66.3M	$185.0M	75x	as long as short
MEXC AAVE_USDT	+0.0021%	8h	146.14	+0.185%	$29.2M	$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
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.108%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.09	+0.153%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0047%	8h	145.95	+0.055%	$18K	$10K	10x	as long as short
Gate AAVE_USDT	+0.0049%	8h	146.11	+0.165%	$7.9M	$15.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0060%	8h	146.13	+0.178%	$17.9M	$66.9M	50x	as long as short
Bybit AAVEUSDT	+0.0065%	8h	146.16	+0.199%	$62.5M	$65.3M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0067%	1h	146.03	+0.110%	$136K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0069%	8h	145.92	+0.034%	$462K	$3.9M	10x	as long as short
BloFin AAVE-USDT	+0.0085%	8h	145.81	−0.041%	$3.5M	$4.0M	100x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.97	+0.072%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.30	+0.296%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.12	+0.174%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.11	+0.168%	$799K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.25	+0.261%	$79.8M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.14	+0.187%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.12	+0.171%	$334K	$503K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.20	+0.226%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.72	−0.103%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.18	+0.213%	$10.1M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.07	+0.137%	$30.3M	$18.1M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.09	+0.151%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.07	+0.137%	$333K	$741K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.87	+0.002%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.87	+0.001%	$105K	$317K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.24	+0.254%	$128K	$427K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.81	−0.045%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.13	+0.177%	$710K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.95	+0.055%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.08	+0.141%	$932K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.23	+0.247%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0363%	1h	145.92	+0.036%	$127K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.14	+0.185%	$786K	$3.1M	50x	as long as short