Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0018%/8h= −1.9% APRpaid last 24h +0.004%

Price spread now: HTX against Phoenix+0.281%72s7-day average −0.176% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as 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−$750.748% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.482%−$48 on $10k

Price spread, last 4 days (all we have)−0.365%−$36 · spread now +0.281%, 7d avg −0.176%

Together, before fees−0.847%−$85 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.457% dearer against Phoenix than usual: you sell high and buy low (spread +0.281% now, against its 7-day average of −0.176%): +$46 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3 months. At the pace of the last 7 days (−0.482% in total) that is about 6.6 days. The two prices were read 72 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	Phoenix AAVE	142.89	0.0118	pay 0.0015% / 1h	49m 40s	$4K	$106K	10x
Short	HTX AAVE-USDT	143.29	0.0100	get 0.0100% / 8h	2h 49m	$685K	$5.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.281%Rate

Funding earned: −$3.72
Price spread: +0.281% → −0.176%: $45.67
Slippage, 4 orders: −$55.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$32.85
Costs to cover: 0.748%
Break-even: never at this rate

Slippage from Phoenix: live order book, 55 min ago; HTX: 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 Phoenix live order book, 55 min ago	0.69 bp	13.9 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	10.76 bp	25.2 bp −$25	64.8 bp −$648	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
Nado AAVE-PERP	−0.0069%	1h	143.31	+0.297%	$836K	$401K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0029%	1h	143.16	+0.189%	$219K	$390K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.15	+0.183%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.25	+0.252%	$52K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.29	+0.283%	$80K	—	150x	as long as short
ApeX Omni AAVEUSDT	+0.0013%	1h	142.79	−0.070%	$133K	$222K	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.150%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.30	+0.285%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0059%	8h	143.15	+0.182%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0062%	8h	143.18	+0.203%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0088%	1h	143.41	+0.364%	$10K	$2K	5x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.17	+0.195%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.30	+0.289%	$78.3M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.19	+0.213%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.18	+0.203%	$328K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.18	+0.203%	$64.0M	$188.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.20	+0.217%	$61.4M	$68.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.19	+0.210%	$17.1M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.26	+0.259%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.94	+0.034%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.15	+0.182%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.16	+0.189%	$25.8M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.24	+0.245%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.16	+0.189%	$29.3M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.19	+0.210%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.20	+0.217%	$336K	$724K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.19	+0.210%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.82	−0.047%	$105K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.80	−0.060%	$455K	$3.8M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.41	+0.364%	$134K	$453K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.23	+0.238%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.13	+0.168%	$5K	$311K	10x	as long as short
HTX AAVE-USDTshort	+0.0100%	8h	143.29	+0.281%	$685K	$5.2M	75x
Extended AAVE-USD	+0.0104%	1h	143.08	+0.132%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.22	+0.231%	$121K	$146	10x	as long as short
Phoenix AAVElong	+0.0118%	1h	142.89	long leg	$4K	$106K	10x
RISEx AAVE/USDC	+0.0207%	1h	143.41	+0.366%	$187K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.28	+0.273%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0237%	1h	143.23	+0.236%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.29	+0.282%	$112K	—	100x	as long as short
Lighter AAVE	+0.0336%	1h	143.38	+0.346%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	143.41	+0.364%	$783K	$2.8M	50x	as long as short