Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.025%

Price spread now: Hyperliquid against Backpack−0.104%7-day average +0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$300.301% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.353%+$35 · spread now −0.104%, 7d avg +0.086%

Together, before fees+0.358%+ Points / potential airdropHyperliquid: Season 2 · farm board+$36 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: Hyperliquid is 0.190% cheaper against Backpack than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	144.38	0.0100	pay 0.0013% / 1h	54m 19s	$381K	$709K	10x
Short	Hyperliquid AAVE	144.23	0.0100	get 0.0013% / 1h	54m 19s	$79.1M	$33.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → +0.086%: −$18.98
Slippage, 4 orders: −$11.06
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$49.04
Costs to cover: 0.301%
Break-even: never at this rate

Slippage from Backpack: live order book, 30 min ago; Hyperliquid: live order book, 9 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, 30 min ago	0.35 bp	8.2 bp −$8	143.5 bp −$1,435	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.70 bp	9.1 bp −$9	14.5 bp −$145	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
ApeX Omni AAVEUSDT	−0.0330%	1h	143.45	−0.644%	$133K	$229K	50x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0305%	1h	144.15	−0.159%	$253K	$480K	50x	as long as short
01 Exchange AAVEUSD	−0.0200%	1h	144.15	−0.159%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0096%	1h	144.08	−0.208%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0044%	1h	143.73	−0.450%	$5K	$100K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.25	−0.091%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.20	−0.125%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.18	−0.136%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.139%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0038%	8h	144.04	−0.235%	$31.1M	$25.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0039%	8h	144.05	−0.229%	$65.4M	$185.5M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.11	−0.187%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.25	−0.092%	$179K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	144.09	−0.201%	$18K	$12K	10x	as long as short
Bulk AAVE-USD	+0.0049%	1h	143.56	−0.568%	$60K	$3K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.04	−0.235%	$17.4M	$66.1M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.21	−0.120%	$3.4M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0060%	8h	144.13	−0.173%	$7.8M	$15.8M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0085%	8h	143.56	−0.570%	$450K	$3.9M	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.14	−0.166%	$122K	$146	10x	as long as short
Nado AAVE-PERP	+0.0088%	1h	144.13	−0.177%	$798K	$438K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.27	−0.077%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.22	−0.112%	$13K	$4K	20x	as long as short
Hyperliquid AAVEshort	+0.0100%	1h	144.23	−0.104%	$79.1M	$33.8M	10x
Aster AAVEUSDT	+0.0100%	8h	144.18	−0.140%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.24	−0.100%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.07	−0.215%	$61.2M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.22	−0.111%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.13	−0.173%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.21	−0.118%	$30.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.17	−0.145%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	144.38	long leg	$381K	$709K	10x
Variational Omni AAVE	+0.0100%	8h	143.96	−0.289%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.62	−0.530%	$101K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.22	−0.111%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.11	−0.190%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.22	−0.110%	$717K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.14	−0.166%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.07	−0.217%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0156%	8h	144.28	−0.069%	$3.4M	$5.3M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.18	−0.141%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	−0.402%	$772K	$3.0M	50x	as long as short