Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.015%

Price spread now: KuCoin against Phoenix−0.104%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$630.629% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 4 days (all we have)−0.155%−$15 · spread now −0.104%, 7d avg −0.059%

Together, before fees−0.188%−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.045% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.059%). If the spread goes back, that is −$5 on $10k: about 2.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	143.92	0.0033	pay 0.0004% / 1h	44m 47s	$4K	$106K	10x
Short	KuCoin AAVEUSDTM	143.77	0.0100	get 0.0100% / 8h	3h 44m	$10.6M	$9.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.104%Rate

Funding earned: $13.97
Price spread: −0.104% → −0.059%: −$4.51
Slippage, 4 orders: −$43.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$53.42
Costs to cover: 0.629%
Break-even: 33.8 days

Slippage from Phoenix: live order book, 65 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 Phoenix live order book, 65 min ago	3.53 bp	14.3 bp −$14	54.4 bp −$544	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.69 bp	19.4 bp −$19	34.5 bp −$345	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
dYdX AAVE-USD	0.0000%	1h	143.60	−0.225%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.61	−0.215%	$54K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.75	−0.118%	$220K	$397K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.71	−0.147%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.836%	$422	$51K	12x	as long as short
Phoenix AAVElong	+0.0033%	1h	143.92	long leg	$4K	$106K	10x
Nado AAVE-PERP	+0.0041%	1h	143.56	−0.250%	$845K	$395K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.55	−0.259%	—	—	20x	as long as short
Phemex AAVEUSDT	+0.0051%	8h	143.68	−0.167%	$4.0M	$3.6M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0053%	8h	143.72	−0.139%	$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
Lighter AAVE	+0.0096%	1h	143.90	−0.013%	$4.6M	$2.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.56	−0.251%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.79	−0.088%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.57	−0.242%	$329K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.71	−0.147%	$64.3M	$188.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.70	−0.153%	$61.8M	$67.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.69	−0.160%	$17.2M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.65	−0.188%	$64K	$200K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.81	−0.076%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.72	−0.139%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.73	−0.132%	$24.9M	$23.7M	200x	as long as short
KuCoin AAVEUSDTMshort	+0.0100%	8h	143.77	−0.104%	$10.6M	$9.4M	75x
Bitget AAVEUSDT	+0.0100%	8h	143.69	−0.160%	$29.3M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.70	−0.153%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	−0.181%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.70	−0.154%	$104K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.62	−0.205%	$456K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.78	−0.097%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.66	−0.181%	$132K	$448K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.54	−0.266%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.75	−0.118%	$5K	$316K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.85	−0.051%	$693K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.67	−0.170%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.78	−0.099%	$121K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	143.62	−0.208%	$10K	$2K	5x	as long as short
Backpack AAVE_USDC_PERP	+0.0120%	1h	143.85	−0.049%	$338K	$720K	10x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.61	−0.215%	$186K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.70	−0.153%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0246%	1h	143.79	−0.092%	$3.5M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.70	−0.151%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.79	−0.090%	$788K	$2.8M	50x	as long as short
Hyperliquid AAVE	+0.0385%	1h	143.86	−0.042%	$79.1M	$36.7M	10x	as long as short