Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h +0.080%

Price spread now: GMX against Bybit+0.003%51s7-day average +0.060% · you sell dearer than you buy

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.185%+$18 · spread now +0.003%, 7d avg +0.060%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.057% cheaper against Bybit than usual: you would sell low and buy high (spread +0.003% now, against its 7-day average of +0.060%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). Mind the row above: over the last 3 days funding on this pair cost −0.102%, so the current rate has only just turned in your favour. The two prices were read 51 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	Bybit AAVEUSDT	143.32	0.0100	pay 0.0100% / 8h	1h 56m	$61.7M	$68.2M	75x
Short	GMX AAVE/USD [AAVE-USDC]	143.32	L +0.0252% / S −0.0362%	get 0.0045% / 1h	56m 26s	$112K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now +0.003%Rate

Funding earned: $55.05
Price spread: +0.003% → +0.060%: −$5.7
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $26.36
Costs to cover: 0.230%
Break-even: 3.6 days

Slippage unknown: Bybit: live order book, 3 min ago; GMX: no order-book sample. 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 Bybit live order book, 3 min ago	0.35 bp	9.0 bp −$9	14.5 bp −$145	52.1 bp −$5,206	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 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	143.20	−0.086%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.21	−0.077%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.19	−0.091%	$218K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.34	+0.012%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.438%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.27	−0.034%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0061%	1h	143.32	0.000%	$832K	$400K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0075%	8h	143.22	−0.070%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.37	+0.033%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.40	+0.057%	$1.2M	$1.2M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica AAVE	+0.0100%	1h	143.29	−0.023%	$327K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.36	+0.030%	$64.5M	$192.0M	75x	as long as short
Bybit AAVEUSDTlong	+0.0100%	8h	143.32	long leg	$61.7M	$68.2M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.28	−0.028%	$17.2M	$65.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.49	+0.119%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.91	+0.412%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.32	0.000%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.33	+0.007%	$25.3M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.23	−0.063%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.34	+0.014%	$29.3M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.37	+0.035%	—	$43.7M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.27	−0.035%	$340K	$727K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.75	+0.299%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.52	+0.141%	$107K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.87	+0.384%	$455K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.88	+0.391%	$134K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.35	+0.021%	$142K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.33	+0.004%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.16	−0.112%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.55	+0.160%	$681K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.24	−0.056%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.34	+0.016%	$910K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.21	−0.076%	$121K	$146	10x	as long as short
Phoenix AAVE	+0.0118%	1h	143.73	+0.286%	$4K	$108K	10x	as long as short
01 Exchange AAVEUSD	+0.0160%	1h	143.40	+0.056%	$10K	$2K	5x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.17	−0.105%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]short	L +0.0252% / S −0.0362%	1h	143.32	+0.003%	$112K	—	100x
RISEx AAVE/USDC	+0.0256%	1h	143.41	+0.063%	$196K	$263K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	143.25	−0.049%	$764K	$2.9M	50x	as long as short
Lighter AAVE	+0.0304%	1h	143.45	+0.088%	$4.5M	$2.4M	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0315%	1h	143.23	−0.061%	$3.4M	$2.1M	50x	as long as short
Hyperliquid AAVE	+0.0333%	1h	143.48	+0.112%	$78.4M	$37.3M	10x	as long as short