Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −11.0% APRpaid last 24h −0.041%

Price spread now: Kalshi against Bulk+0.128%7-day average — · you sell dearer than you buy

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

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.128% dearer against Bulk than usual: you sell high and buy low (spread +0.128% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk AAVE-USD	144.07	0.0100	pay 0.0013% / 1h	56m 12s	$58K	$2K	10x
Short	Kalshi KXAAVEPERP	144.25	0	get 0.0000% / 8h	1h 56m	$72K	$1.4M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now +0.128%Rate

Funding earned: −$21
Price spread: +0.128% → 0.000%: $12.82
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$25.18
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bulk: no order-book sample; Kalshi: live order book, 2 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 Bulk no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	1.39 bp	16.8 bp −$17	24.7 bp −$247	doesn't fit	doesn't fit

Bulk: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

AAVE on 41 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	−0.0165%	1h	144.52	+0.316%	$245K	$370K	50x	as long as short
01 Exchange AAVEUSD	−0.0072%	1h	144.60	+0.371%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.42	+0.243%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	144.25	+0.128%	$72K	$1.4M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.58	+0.356%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.59	+0.364%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.932%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.57	+0.353%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.57	+0.350%	$18K	$10K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0088%	8h	144.30	+0.163%	$17.3M	$63.6M	50x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0092%	8h	144.49	+0.295%	$26.5M	$23.4M	200x	as long as short
Binance AAVEUSDT	+0.0093%	8h	144.42	+0.248%	$65.1M	$181.2M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.64	+0.397%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.54	+0.327%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.55	+0.336%	$804K	$414K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	+0.301%	$78.2M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.58	+0.357%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.48	+0.288%	$329K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.34	+0.191%	$61.7M	$63.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.62	+0.385%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.34	+0.191%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.41	+0.239%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.34	+0.191%	$30.0M	$17.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.35	+0.198%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.49	+0.295%	$323K	$716K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.60	+0.372%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	+0.208%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.46	+0.273%	$453K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.45	+0.267%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.61	+0.378%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.61	+0.380%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.53	+0.323%	$5K	$291K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.66	+0.416%	$700K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.49	+0.295%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USDlong	+0.0100%	1h	144.07	long leg	$58K	$2K	10x
Extended AAVE-USD	+0.0104%	1h	144.48	+0.291%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.61	+0.375%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.64	+0.402%	$200K	$228K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0258% / S −0.0408%	1h	144.62	+0.386%	$125K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0266%	1h	144.63	+0.395%	$3.5M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.56	+0.343%	$777K	$2.8M	50x	as long as short