Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.001%

Price spread now: Phoenix against Binance−0.041%105s7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.440% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.409%+$41 · spread now −0.041%, 7d avg +0.058%

Together, before fees+0.428%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.099% cheaper against Binance than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.058%). Swap the legs. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance AAVEUSDT	143.77	0.0100	pay 0.0100% / 8h	3h 53m	$64.3M	$187.9M	75x
Short	Phoenix AAVE	143.71	0.0056	get 0.0007% / 1h	53m 48s	$4K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$9.25
Price spread: −0.041% → +0.058%: −$9.89
Slippage, 4 orders: −$27.01
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.15
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Phoenix: live order book, 56 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 Binance live order book, 5 min ago	0.35 bp	8.3 bp −$8	14.4 bp −$144	40.6 bp −$4,063	169.5 bp −$84.7K
Sell Phoenix live order book, 56 min ago	3.53 bp	14.3 bp −$14	47.0 bp −$470	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	143.66	−0.074%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.53	−0.166%	$54K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.53	−0.166%	$219K	$402K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.59	−0.126%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.736%	$422	$51K	12x	as long as short
Nado AAVE-PERP	+0.0033%	1h	143.66	−0.075%	$845K	$398K	10x	as long as short
Phemex AAVEUSDT	+0.0034%	8h	143.55	−0.152%	$4.0M	$3.7M	50x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.54	−0.161%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.53	−0.166%	$18K	$10K	10x	as long as short
Phoenix AAVEshort	+0.0056%	1h	143.71	−0.041%	$4K	$106K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.86	+0.063%	$4.6M	$2.1M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.91	+0.101%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.68	−0.059%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.97	+0.140%	$329K	$447K	10x	as long as short
Binance AAVEUSDTlong	+0.0100%	8h	143.77	long leg	$64.3M	$187.9M	75x
Bybit AAVEUSDT	+0.0100%	8h	143.75	−0.013%	$61.8M	$67.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.78	+0.008%	$17.2M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.95	+0.126%	$64K	$200K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.81	+0.029%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.65	−0.082%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.62	−0.103%	$25.0M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.67	−0.068%	$10.6M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.65	−0.082%	$29.3M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.70	−0.048%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.38	−0.270%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.58	−0.131%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.54	−0.161%	$462K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.60	−0.117%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.77	+0.001%	$127K	$439K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.51	−0.183%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.50	−0.187%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.91	+0.099%	$692K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.58	−0.131%	$911K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.56	−0.147%	$121K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	143.84	+0.050%	$11K	$2K	5x	as long as short
RISEx AAVE/USDC	+0.0132%	1h	143.87	+0.072%	$185K	$250K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0179%	1h	143.60	−0.117%	$337K	$720K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.95	+0.126%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0247%	1h	143.61	−0.111%	$3.5M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.58	−0.132%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	144.18	+0.286%	$791K	$2.8M	50x	as long as short
Hyperliquid AAVE	+0.0391%	1h	143.92	+0.105%	$79.1M	$36.7M	10x	as long as short