Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.039%

Price spread now: Kalshi against RISEx−0.142%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.333%+$33 · spread now −0.142%, 7d avg −0.063%

Together, before fees+0.251%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Kalshi is 0.079% cheaper against RISEx than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.083% in total (about -8.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx AAVE/USDC	142.41	0.0256	pay 0.0032% / 1h	40m 13s	$195K	$262K	10x
Short	Kalshi KXAAVEPERP	142.21	0	get 0.0000% / 8h	5h 40m	$51K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now −0.142%Rate

Funding earned: −$53.72
Price spread: −0.142% → −0.063%: −$7.94
Slippage, 4 orders: −$22.03
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$99.7
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; Kalshi: live order book, 3 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 RISEx live order book, 3 min ago	1.54 bp	4.5 bp −$5	8.3 bp −$83	doesn't fit	doesn't fit
Sell Kalshi live order book, 3 min ago	6.32 bp	16.6 bp −$17	27.5 bp −$275	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	142.39	−0.016%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.21	−0.142%	$51K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.23	−0.128%	$216K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.28	−0.092%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.829%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.23	−0.130%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0061%	1h	142.42	+0.005%	$824K	$401K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0077%	8h	142.23	−0.128%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	142.52	+0.075%	$4K	$108K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.37	−0.029%	$4.5M	$2.4M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.37	−0.028%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.28	−0.092%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.43	+0.010%	$325K	$449K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.21	−0.145%	$64.1M	$192.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.21	−0.142%	$61.2M	$68.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.22	−0.135%	$17.0M	$65.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.47	+0.040%	$63K	$197K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.29	−0.086%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.20	−0.149%	$24.9M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.25	−0.114%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.27	−0.100%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.28	−0.093%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.51	+0.068%	$335K	$722K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.40	−0.009%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.55	+0.099%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.50	+0.060%	$448K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.58	+0.118%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.40	−0.009%	$141K	$471K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.32	−0.066%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.22	−0.135%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.46	+0.033%	$676K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.26	−0.107%	$4.0M	$3.6M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.36	−0.040%	$57K	−$0	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.17	−0.168%	$906K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.25	−0.113%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0128%	1h	142.42	+0.005%	$10K	$2K	5x	as long as short
Hyperliquid AAVE	+0.0178%	1h	142.43	+0.012%	$77.9M	$37.3M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.42	+0.005%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.27	−0.101%	$111K	—	100x	as long as short
RISEx AAVE/USDClong	+0.0256%	1h	142.41	long leg	$195K	$262K	10x
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.48	+0.047%	$755K	$2.9M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0317%	1h	142.35	−0.041%	$3.4M	$2.1M	50x	as long as short