Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.047%

Price spread now: Backpack against Variational Omni+0.174%7-day average +0.027% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.077%+$8 on $10k

Price spread, last 4 days (all we have)−0.404%−$40 · spread now +0.174%, 7d avg +0.027%

Together, before fees−0.328%+ Points / potential airdropVariational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.147% dearer against Variational Omni than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AAVE	144.08	0.0100	pay 0.0100% / 8h	2h 32m	$3.8M	$1.3M	—
Short	Backpack AAVE_USDC_PERP	144.33	0.0100	get 0.0013% / 1h	32m 38s	$377K	$702K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.174%Rate

Funding earned: $0
Price spread: +0.174% → +0.027%: $14.7
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $4.7
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Backpack: live order book, 56 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 2 min ago	3.08 bp	doesn't fit	13.7 bp −$137	doesn't fit	doesn't fit
Sell Backpack live order book, 56 min ago	0.68 bp	8.5 bp −$9	94.6 bp −$946	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	−0.0373%	1h	144.37	+0.201%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0199%	1h	144.26	+0.125%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.33	+0.174%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.43	+0.243%	$4K	$101K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0026%	1h	144.08	0.000%	$134K	$229K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.40	+0.225%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.35	+0.187%	$71K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.45	+0.260%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.41	+0.227%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.942%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.35	+0.187%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.34	+0.180%	$17.5M	$65.7M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0054%	8h	144.37	+0.201%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0055%	8h	144.34	+0.180%	$7.7M	$15.8M	75x	as long as short
Binance AAVEUSDT	+0.0065%	8h	144.33	+0.176%	$65.7M	$183.4M	75x	as long as short
MEXC AAVE_USDT	+0.0067%	8h	144.37	+0.201%	$31.6M	$26.2M	200x	as long as short
Nado AAVE-PERP	+0.0091%	1h	144.35	+0.191%	$801K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0094%	8h	144.35	+0.190%	$455K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.60	+0.363%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.38	+0.210%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.40	+0.219%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.44	+0.247%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	+0.292%	$80.2M	$33.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.39	+0.216%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.42	+0.239%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.34	+0.180%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.36	+0.194%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.371%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.44	+0.250%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.31	+0.160%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.39	+0.215%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.33	+0.174%	$377K	$702K	10x
Variational Omni AAVElong	+0.0100%	8h	144.08	long leg	$3.8M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	144.26	+0.126%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.43	+0.243%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.33	+0.176%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.39	+0.217%	$724K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.32	+0.167%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.31	+0.157%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0187%	8h	144.33	+0.174%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	+0.194%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.46	+0.261%	$124K	—	100x	as long as short