AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0103%/8h= +11.2% APRnext payment +$0.13 per $10,000 · paid last 24h +0.021%

Price spread now: Lighter against Phoenix−0.309%74s7-day average +0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$340.343% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now −0.309%, 7d avg +0.062%

Together, before fees+0.253%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.372% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.309% now, against its 7-day average of +0.062%). If the spread goes back, that is −$37 on $10k: about 12 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.064% in total) that is about 40 days. The two prices were read 74 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	143.58	0.0033	pay 0.0004% / 1h	26m 07s	$4K	$106K	10x
Short	Lighter AAVE	143.14	0.0136	get 0.0017% / 1h	26m 07s	$4.5M	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.309%Rate

Funding earned: $21.53
Price spread: −0.309% → +0.062%: −$37.16
Slippage, 4 orders: −$27.33
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$49.96
Costs to cover: 0.343%
Break-even: 23.2 days

Slippage from Phoenix: live order book, 19 min ago; Lighter: live order book, 12 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, 19 min ago	0.69 bp	13.9 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	2.33 bp	4.2 bp −$4	18.7 bp −$187	58.8 bp −$5,878	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	143.00	−0.406%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.97	−0.425%	$52K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.92	−0.460%	$218K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.96	−0.432%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.611%	$422	$51K	12x	as long as short
Phoenix AAVElong	+0.0033%	1h	143.58	long leg	$4K	$106K	10x
Nado AAVE-PERP	+0.0037%	1h	142.94	−0.446%	$835K	$398K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.91	−0.464%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0056%	8h	142.91	−0.467%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0061%	8h	142.89	−0.481%	$4.0M	$3.6M	50x	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	143.01	−0.397%	$10K	$2K	5x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.95	−0.438%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.97	−0.424%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.00	−0.407%	$327K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.96	−0.432%	$63.8M	$188.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.98	−0.418%	$61.5M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.98	−0.418%	$17.0M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.05	−0.369%	$64K	$200K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.01	−0.397%	$8.1M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.97	−0.425%	$25.5M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.98	−0.418%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.94	−0.446%	$29.1M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.00	−0.404%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.08	−0.348%	$336K	$720K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	+0.056%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.36	−0.154%	$104K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.34	−0.168%	$452K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.53	−0.035%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.08	−0.348%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.93	−0.451%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.93	−0.453%	$5K	$309K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.10	−0.336%	$685K	$5.2M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.31	−0.188%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.85	−0.506%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.95	−0.435%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.01	−0.399%	$185K	$252K	10x	as long as short
Lighter AAVEshort	+0.0136%	1h	143.14	−0.309%	$4.5M	$2.3M	10x
Hyperliquid AAVE	+0.0202%	1h	143.16	−0.293%	$78.4M	$37.0M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.94	−0.446%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	143.02	−0.388%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.96	−0.435%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.68	+0.070%	$788K	$2.8M	50x	as long as short