Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.032%

Price spread now: OKX against Backpack−0.092%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now −0.092%, 7d avg −0.034%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and OKX is 0.058% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	141.38	0.0219	pay 0.0027% / 1h	54m 04s	$384K	$732K	10x
Short	OKX AAVE-USDT-SWAP	141.25	0.0100	get 0.0100% / 8h	7h 54m	$16.6M	$64.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$25.01
Price spread: −0.092% → −0.034%: −$5.76
Slippage, 4 orders: −$10.22
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$61
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Backpack: live order book, 45 min ago; OKX: 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 Backpack live order book, 45 min ago	0.35 bp	6.9 bp −$7	105.9 bp −$1,059	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.35 bp	8.4 bp −$8	19.0 bp −$190	74.1 bp −$7,409	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
Phemex AAVEUSDT	−0.0289%	8h	141.33	−0.035%	$3.9M	$3.6M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.40	+0.017%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.34	−0.028%	$46K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.31	−0.050%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.28	−0.070%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.126%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.33	−0.037%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0085%	8h	141.27	−0.078%	$17K	$8K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0098%	8h	141.43	+0.034%	$452K	$3.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.30	−0.056%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0100%	1h	141.32	−0.042%	$827K	$400K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.40	+0.014%	$77.2M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.36	−0.012%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.38	−0.003%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.27	−0.081%	$63.5M	$192.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.25	−0.092%	$60.8M	$69.4M	75x	as long as short
OKX AAVE-USDT-SWAPshort	+0.0100%	8h	141.25	−0.092%	$16.6M	$64.8M	50x
Arcus AAVE-USD	+0.0100%	1h	141.50	+0.085%	$91K	$221K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.56	+0.130%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.30	−0.057%	$8.1M	$15.8M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.27	−0.078%	$22.8M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.31	−0.050%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.24	−0.099%	$28.7M	$18.0M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.25	−0.092%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.23	−0.105%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.52	+0.097%	$109K	$282K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.41	+0.021%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.45	+0.050%	$134K	$484K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.35	−0.018%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.27	−0.078%	$5K	$298K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.48	+0.071%	$666K	$5.3M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.19	−0.133%	$909K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.33	−0.036%	$119K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	141.38	0.000%	$10K	$2K	5x	as long as short
Lighter AAVE	+0.0152%	1h	141.47	+0.064%	$4.5M	$2.5M	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.65	+0.191%	$4K	$99K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.70	+0.226%	$754K	$2.7M	50x	as long as short
Backpack AAVE_USDC_PERPlong	+0.0219%	1h	141.38	long leg	$384K	$732K	10x
BloFin AAVE-USDT	+0.0220%	8h	141.18	−0.141%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.42	+0.027%	$183K	$294K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0249%	1h	141.37	−0.007%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.33	−0.037%	$110K	—	100x	as long as short