Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h 0.000%

Price spread now: Phemex against Aevo−0.009%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$1121.118% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.009%, 7d avg +0.002%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo AAVE-PERP	143.10	0.0104	pay 0.0013% / 1h	28m 20s	$121K	$146	10x
Short	Phemex AAVEUSDT	143.09	0.0058	get 0.0058% / 8h	3h 28m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$9.75
Price spread: −0.009% → +0.002%: −$1.07
Slippage, 4 orders: −$83.81
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$122.63
Costs to cover: 1.118%
Break-even: never at this rate

Slippage from Aevo: live order book, 25 min ago; Phemex: live order book, 5 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 Aevo live order book, 25 min ago	22.56 bp	37.7 bp −$38	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	5.23 bp	14.9 bp −$15	24.3 bp −$243	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	143.27	+0.120%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.24	+0.096%	$52K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.07	−0.023%	$219K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.10	−0.002%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.292%	$422	$51K	12x	as long as short
Phoenix AAVE	+0.0033%	1h	143.58	+0.334%	$4K	$106K	10x	as long as short
Nado AAVE-PERP	+0.0036%	1h	143.08	−0.012%	$836K	$398K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.06	−0.031%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0056%	8h	143.05	−0.037%	$18K	$10K	10x	as long as short
Phemex AAVEUSDTshort	+0.0058%	8h	143.09	−0.009%	$4.0M	$3.6M	50x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0088%	1h	143.26	+0.110%	$10K	$2K	5x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.18	+0.055%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.16	+0.037%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.27	+0.120%	$328K	$446K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.06	−0.030%	$63.9M	$188.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.07	−0.023%	$61.5M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.06	−0.030%	$17.1M	$64.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.30	+0.138%	$64K	$200K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.09	−0.009%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.09	−0.009%	$25.6M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.15	+0.033%	$10.4M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.99	−0.079%	$29.1M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.08	−0.016%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	+0.389%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.48	+0.261%	$104K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.58	+0.330%	$452K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.53	+0.299%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.20	+0.068%	$132K	$449K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.11	+0.007%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.14	+0.026%	$5K	$309K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.31	+0.143%	$686K	$5.2M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.31	+0.145%	$58K	$2K	10x	as long as short
Lighter AAVE	+0.0104%	1h	143.28	+0.125%	$4.5M	$2.3M	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.00	−0.073%	$905K	$1.7M	50x	as long as short
Aevo AAVE-PERPlong	+0.0104%	1h	143.10	long leg	$121K	$146	10x
Backpack AAVE_USDC_PERP	+0.0110%	1h	143.40	+0.208%	$337K	$720K	10x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.25	+0.101%	$185K	$252K	10x	as long as short
Hyperliquid AAVE	+0.0211%	1h	143.30	+0.138%	$78.5M	$37.0M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.33	+0.159%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.15	+0.036%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.10	−0.004%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	143.68	+0.404%	$788K	$2.8M	50x	as long as short