Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.017%

Price spread now: Phemex against Phoenix+0.063%73s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as 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−$490.491% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now +0.063%, 7d avg −0.046%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phemex is 0.109% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 73 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	143.51	−0.0044	get 0.0005% / 1h	0m 04s	$5K	$101K	10x
Short	Phemex AAVEUSDT	143.60	0.0100	get 0.0100% / 8h	2h 00m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.063%Rate

Funding earned: $30.21
Price spread: +0.063% → −0.046%: $10.9
Slippage, 4 orders: −$30.13
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$8.03
Costs to cover: 0.491%
Break-even: 8.9 days

Slippage from Phoenix: live order book, 53 min ago; Phemex: 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, 53 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.75 bp	10.5 bp −$10	21.2 bp −$212	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
Deribit AAVE_USDC-PERPETUAL	−0.0446%	1h	143.64	+0.091%	$252K	$489K	50x	as long as short
SoDEX AAVE-USD	−0.0161%	1h	143.56	+0.035%	$5K	$298K	10x	as long as short
01 Exchange AAVEUSD	−0.0112%	1h	143.44	−0.049%	$10K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	143.51	long leg	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	143.63	+0.087%	$102K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.69	+0.125%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.68	+0.121%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.69	+0.128%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.564%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0043%	8h	143.53	+0.014%	$65.2M	$185.4M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0043%	8h	143.59	+0.056%	$31.1M	$26.6M	200x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.58	+0.048%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	143.58	+0.049%	$18K	$12K	10x	as long as short
Bulk AAVE-USD	+0.0049%	1h	143.56	+0.035%	$60K	$3K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0053%	8h	143.54	+0.021%	$17.3M	$66.0M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0058%	1h	143.62	+0.077%	$134K	$229K	50x	as long as short
Gate AAVE_USDT	+0.0062%	8h	143.56	+0.035%	$7.7M	$16.0M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	143.63	+0.083%	$121K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0091%	8h	143.60	+0.063%	$449K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	143.73	+0.155%	$4.6M	$1.7M	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.55	+0.026%	$179K	$246K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.45	−0.039%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.47	−0.028%	$794K	$438K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.66	+0.105%	$78.8M	$33.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.64	+0.089%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.49	−0.011%	$327K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.57	+0.042%	$61.0M	$65.7M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.49	−0.014%	$50K	$274K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.56	+0.035%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.52	+0.007%	$29.9M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.55	+0.028%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.69	+0.125%	$379K	$710K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.65	+0.097%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.15	−0.254%	$101K	$315K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.53	+0.014%	$125K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.57	+0.045%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.70	+0.132%	$714K	$4.9M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.60	+0.063%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	143.56	+0.035%	$919K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0164%	8h	143.64	+0.091%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	143.80	+0.202%	$772K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	143.68	+0.115%	$123K	—	100x	as long as short