Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.047%

Price spread now: Variational Omni against Backpack−0.332%7-day average −0.027% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.563%+$56 · spread now −0.332%, 7d avg −0.027%

Together, before fees+0.486%+ Points / potential airdropVariational Omni: Active · farm board+$49 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: Variational Omni is 0.306% cheaper against Backpack than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	144.56	0.0100	pay 0.0013% / 1h	35m 12s	$378K	$702K	10x
Short	Variational Omni AAVE	144.08	0.0100	get 0.0100% / 8h	2h 35m	$3.8M	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.332%Rate

Funding earned: $0
Price spread: −0.332% → −0.027%: −$30.55
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$40.55
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 53 min ago; Variational Omni: RFQ quote, 4 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 Backpack live order book, 53 min ago	0.68 bp	6.4 bp −$6	134.6 bp −$1,346	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.09 bp	doesn't fit	17.2 bp −$172	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
Deribit AAVE_USDC-PERPETUAL	−0.0304%	1h	144.39	−0.118%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0194%	1h	144.34	−0.152%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.32	−0.166%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.13	−0.297%	$4K	$101K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0026%	1h	144.08	−0.332%	$134K	$229K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.40	−0.107%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.45	−0.076%	$71K	$1.6M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.41	−0.107%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.51	−0.037%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.257%	$422	$51K	12x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	144.34	−0.154%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	144.51	−0.035%	$17.5M	$65.7M	50x	as long as short
Gate AAVE_USDT	+0.0054%	8h	144.46	−0.069%	$7.7M	$15.8M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0055%	8h	144.32	−0.166%	$18K	$12K	10x	as long as short
MEXC AAVE_USDT	+0.0068%	8h	144.40	−0.111%	$31.8M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0068%	8h	144.40	−0.111%	$65.7M	$183.2M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0093%	8h	144.12	−0.307%	$450K	$4.0M	10x	as long as short
Nado AAVE-PERP	+0.0093%	1h	144.34	−0.149%	$801K	$437K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.55	−0.006%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.40	−0.111%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.37	−0.134%	$180K	$241K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.39	−0.121%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.55	−0.007%	$80.2M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.36	−0.140%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.36	−0.140%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.48	−0.055%	$61.5M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.32	−0.166%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.61	+0.038%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.52	−0.028%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.46	−0.069%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.45	−0.076%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	144.56	long leg	$378K	$702K	10x
Variational Omni AAVEshort	+0.0100%	8h	144.08	−0.332%	$3.8M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	144.12	−0.306%	$100K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.40	−0.111%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.34	−0.149%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.46	−0.070%	$725K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.43	−0.090%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.35	−0.146%	$928K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0188%	8h	144.32	−0.166%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.138%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.40	−0.112%	$124K	—	100x	as long as short