Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0296%/8h= −32.4% APRpaid last 24h −0.093%

Price spread now: Kalshi against Coinbase International−0.237%7-day average −0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.371%−$37 on $10k

Price spread, last 4 days (all we have)+0.184%+$18 · spread now −0.237%, 7d avg −0.154%

Together, before fees−0.187%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Kalshi is 0.083% cheaper against Coinbase International than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.154%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International AAVE-PERP-INTX	143.20	0.0296	pay 0.0037% / 1h	46m 49s	$759K	$2.9M	50x
Short	Kalshi KXAAVEPERP	142.86	0	get 0.0000% / 8h	5h 46m	$49K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.237%Rate

Funding earned: −$62.16
Price spread: −0.237% → −0.154%: −$8.34
Slippage, 4 orders: −$36.13
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$126.64
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Kalshi: live order book, 1 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 Coinbase International live order book, 2 min ago	4.90 bp	12.5 bp −$13	17.3 bp −$173	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	1.75 bp	23.8 bp −$24	32.6 bp −$326	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	142.70	−0.351%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.86	−0.237%	$49K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.67	−0.370%	$217K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.68	−0.367%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.358%	$422	$51K	12x	as long as short
Nado AAVE-PERP	+0.0039%	1h	142.73	−0.328%	$829K	$400K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.65	−0.382%	—	—	20x	as long as short
ApeX Omni AAVEUSDT	+0.0073%	1h	142.87	−0.230%	$133K	$223K	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0076%	8h	142.66	−0.377%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.30	+0.070%	$4K	$108K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	142.82	−0.265%	$4.5M	$2.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.71	−0.339%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.59	−0.428%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.78	−0.295%	$326K	$449K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.54	−0.461%	$64.2M	$192.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.52	−0.475%	$61.3M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.52	−0.475%	$17.0M	$65.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.77	−0.300%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	−0.221%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.53	−0.468%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.61	−0.412%	$25.0M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.58	−0.433%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.51	−0.482%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.56	−0.447%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.75	−0.314%	$335K	$723K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.91	−0.202%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.92	−0.197%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.83	−0.256%	$452K	$3.9M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.77	−0.300%	$141K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.73	−0.331%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.66	−0.377%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.02	−0.125%	$679K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.68	−0.363%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.58	−0.436%	$911K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.68	−0.361%	$121K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0128%	1h	142.80	−0.279%	$10K	$2K	5x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.65	−0.384%	$3.3M	$3.6M	100x	as long as short
Hyperliquid AAVE	+0.0231%	1h	142.82	−0.265%	$78.1M	$37.2M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.67	−0.371%	$112K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.80	−0.277%	$195K	$262K	10x	as long as short
Coinbase International AAVE-PERP-INTXlong	+0.0296%	1h	143.20	long leg	$759K	$2.9M	50x
Kraken Futures PF_AAVEUSD	+0.0316%	1h	142.76	−0.309%	$3.4M	$2.1M	50x	as long as short