Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.035%

Price spread now: Phoenix against BloFin+0.042%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 3 days (all we have)−0.201%−$20 · spread now +0.042%, 7d avg +0.048%

Together, before fees−0.407%−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin AAVE-USDT	144.04	0.0169	pay 0.0169% / 8h	2h 08m	$3.5M	$5.3M	100x
Short	Phoenix AAVE	144.10	−0.0044	pay 0.0005% / 1h	8m 05s	$5K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$44.7
Price spread: +0.042% → +0.048%: −$0.6
Slippage, 4 orders: −$26.7
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$90.99
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from BloFin: live order book, 11 min ago; Phoenix: live order book, 45 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 BloFin live order book, 11 min ago	0.35 bp	7.9 bp −$8	11.6 bp −$116	26.9 bp −$2,691	doesn't fit
Sell Phoenix live order book, 45 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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	−0.0375%	1h	143.90	−0.097%	$253K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0133%	1h	143.80	−0.167%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0104%	1h	144.07	+0.021%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.10	+0.042%	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.12	+0.058%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.90	−0.097%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.00	−0.025%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.97	−0.050%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.915%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.01	−0.021%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0048%	8h	143.88	−0.111%	$65.5M	$185.0M	75x	as long as short
MEXC AAVE_USDT	+0.0049%	8h	143.83	−0.146%	$31.1M	$26.4M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.93	−0.076%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0054%	8h	143.90	−0.097%	$17.4M	$65.9M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0058%	1h	144.02	−0.014%	$134K	$230K	50x	as long as short
Gate AAVE_USDT	+0.0061%	8h	143.86	−0.125%	$7.8M	$15.9M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	−0.045%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0090%	8h	144.02	−0.014%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.02	−0.012%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.91	−0.090%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.08	+0.026%	$179K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.01	−0.019%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.02	−0.014%	$799K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.99	−0.035%	$80.0M	$32.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.92	−0.085%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.06	+0.014%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.88	−0.111%	$61.2M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.04	0.000%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.89	−0.104%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.88	−0.111%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.83	−0.146%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.96	−0.056%	$380K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.01	−0.020%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.99	−0.032%	$101K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.11	+0.049%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.02	−0.017%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.162%	$717K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.89	−0.104%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.88	−0.111%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDTlong	+0.0169%	8h	144.04	long leg	$3.5M	$5.3M	100x
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.51	+0.326%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.04	−0.003%	$124K	—	100x	as long as short