Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.006%

Price spread now: Phoenix against Variational Omni+0.230%7-day average +0.087% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.039%+$4 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.230%, 7d avg +0.087%

Together, before fees+0.062%+ Points / potential airdropVariational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.144% dearer against Variational Omni than usual: you sell high and buy low (spread +0.230% now, against its 7-day average of +0.087%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni AAVE	143.38	0.0100	pay 0.0100% / 8h	3h 52m	$3.7M	$1.3M	—
Short	Phoenix AAVE	143.71	0.0033	get 0.0004% / 1h	52m 58s	$4K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now +0.230%Rate

Funding earned: −$13.97
Price spread: +0.230% → +0.087%: $14.37
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$6.6
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: live order book, 57 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, 1 min ago	3.07 bp	doesn't fit	12.8 bp −$128	doesn't fit	doesn't fit
Sell Phoenix live order book, 57 min ago	3.53 bp	14.3 bp −$14	47.0 bp −$470	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	143.66	+0.196%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.78	+0.279%	$54K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.08	+0.488%	$220K	$402K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.04	+0.458%	$81K	—	150x	as long as short
Phemex AAVEUSDT	+0.0032%	8h	143.95	+0.398%	$4.0M	$3.7M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.478%	$422	$51K	12x	as long as short
Phoenix AAVEshort	+0.0033%	1h	143.71	+0.230%	$4K	$106K	10x
Reya AAVERUSDPERP	+0.0044%	1h	143.96	+0.402%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.05	+0.467%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0053%	1h	143.95	+0.398%	$847K	$398K	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	144.23	+0.595%	$4.6M	$2.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.82	+0.309%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.13	+0.520%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.77	+0.269%	$329K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	144.00	+0.436%	$64.4M	$188.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.95	+0.398%	$61.9M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.95	+0.398%	$17.2M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.95	+0.398%	$64K	$200K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.81	+0.300%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.03	+0.453%	$8.2M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	144.06	+0.474%	$25.1M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.12	+0.516%	$10.6M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.90	+0.363%	$29.3M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.03	+0.453%	—	$6.5M	—	as long as short
Variational Omni AAVElong	+0.0100%	8h	143.38	long leg	$3.7M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	143.71	+0.228%	$104K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.54	+0.110%	$462K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.75	+0.258%	$134K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.04	+0.460%	$127K	$442K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.01	+0.443%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.08	+0.488%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.20	+0.571%	$693K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.94	+0.391%	$911K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.10	+0.504%	$122K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	143.93	+0.384%	$11K	$2K	5x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.91	+0.373%	$185K	$250K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0183%	1h	144.17	+0.551%	$338K	$720K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	144.01	+0.439%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0246%	1h	144.16	+0.543%	$3.5M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	144.04	+0.464%	$113K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	144.18	+0.558%	$791K	$2.8M	50x	as long as short
Hyperliquid AAVE	+0.0412%	1h	144.22	+0.586%	$79.3M	$36.7M	10x	as long as short