Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: BingX against Backpack−0.077%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.077%, 7d avg −0.024%

Together, before fees+0.041%+$4 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: BingX is 0.052% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	143.49	0.0100	pay 0.0013% / 1h	59m 58s	$337K	$719K	10x
Short	BingX AAVE-USDT	143.38	0.0100	get 0.0100% / 8h	3h 59m	—	$43.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0
Price spread: −0.077% → −0.024%: −$5.23
Slippage, 4 orders: −$9.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.6
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from Backpack: live order book, 59 min ago; BingX: 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 Backpack live order book, 59 min ago	1.40 bp	8.2 bp −$8	115.7 bp −$1,157	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	0.35 bp	5.3 bp −$5	7.4 bp −$74	18.8 bp −$1,877	57.9 bp −$29.0K

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	−0.1144%	1h	143.29	−0.139%	$220K	$401K	50x	as long as short
01 Exchange AAVEUSD	−0.0120%	1h	143.44	−0.035%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.37	−0.087%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.32	−0.118%	$56K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.47	−0.017%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0011%	1h	143.41	−0.059%	$844K	$448K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.551%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.42	−0.048%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.45	−0.028%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.24	−0.174%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAVEUSDT	+0.0065%	8h	143.38	−0.077%	$4.0M	$3.7M	50x	as long as short
Lighter AAVE	+0.0096%	1h	143.57	+0.058%	$4.6M	$2.0M	10x	as long as short
SoDEX AAVE-USD	+0.0098%	1h	143.42	−0.049%	$5K	$302K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.34	−0.108%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.57	+0.056%	$78.4M	$36.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.52	+0.023%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.45	−0.026%	$328K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.33	−0.112%	$64.0M	$187.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.34	−0.105%	$61.6M	$67.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.41	−0.056%	$17.2M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.47	−0.014%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.53	−0.669%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.38	−0.077%	$8.1M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.41	−0.056%	$25.1M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.44	−0.035%	$10.6M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.39	−0.070%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDTshort	+0.0100%	8h	143.38	−0.077%	—	$43.8M	—
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	143.49	long leg	$337K	$719K	10x
Variational Omni AAVE	+0.0100%	8h	143.26	−0.160%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.94	−0.385%	$103K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.03	−0.323%	$460K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.03	−0.321%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.52	+0.021%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.33	−0.114%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.56	+0.051%	$691K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.31	−0.125%	$902K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.48	−0.005%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	143.41	−0.056%	$179K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.30	−0.132%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.47	−0.015%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0322%	1h	143.49	−0.003%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.50	+0.007%	$796K	$2.8M	50x	as long as short