Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.282%

Price spread now: Deribit against Bybit−0.062%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.382%−$38 on $10k

Price spread, last 3 days (all we have)+0.302%+$30 · spread now −0.062%, 7d avg +0.002%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.064% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AAVEUSDT	144.63	0.0100	pay 0.0100% / 8h	1h 25m	$61.4M	$65.8M	75x
Short	Deribit AAVE_USDC-PERPETUAL	144.54	−0.0096	pay 0.0012% / 1h	25m 42s	$254K	$480K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$41.16
Price spread: −0.062% → +0.002%: −$6.45
Slippage, 4 orders: −$15.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$81.26
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Deribit: live order book, 53 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 Bybit live order book, 3 min ago	0.34 bp	7.5 bp −$8	13.1 bp −$131	58.3 bp −$5,825	doesn't fit
Sell Deribit live order book, 53 min ago	4.51 bp	8.0 bp −$8	15.2 bp −$152	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
01 Exchange AAVEUSD	−0.0152%	1h	144.55	−0.055%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0096%	1h	144.54	−0.062%	$254K	$480K	50x
SoDEX AAVE-USD	−0.0063%	1h	144.51	−0.083%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0045%	1h	144.37	−0.180%	$5K	$100K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.61	−0.014%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.53	−0.069%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.60	−0.017%	$70K	—	150x	as long as short
MEXC AAVE_USDT	+0.0033%	8h	144.59	−0.028%	$30.8M	$25.8M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.303%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0034%	8h	144.60	−0.024%	$65.8M	$185.6M	75x	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	144.52	−0.079%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.75	+0.080%	$180K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	144.53	−0.069%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0052%	8h	144.66	+0.021%	$17.5M	$66.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.61	−0.016%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0058%	8h	144.63	0.000%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.57	−0.041%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0091%	8h	144.70	+0.051%	$455K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.80	+0.119%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.57	−0.040%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.54	−0.062%	$800K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.78	+0.104%	$79.6M	$34.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.68	+0.032%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.62	−0.007%	$330K	$505K	10x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	144.63	long leg	$61.4M	$65.8M	75x
Arcus AAVE-USD	+0.0100%	1h	144.70	+0.048%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.27	−0.251%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.59	−0.028%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.63	0.000%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.66	+0.021%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.66	+0.021%	$380K	$713K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.42	−0.147%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.59	−0.027%	$103K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.77	+0.097%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.61	−0.014%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.49	−0.100%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.67	+0.030%	$693K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.47	−0.111%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.64	+0.006%	$931K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0131%	8h	144.61	−0.014%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.60	−0.020%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.79	+0.111%	$784K	$3.0M	50x	as long as short