Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.255%

Price spread now: Kalshi against Deribit−0.028%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

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

costs, in and out, $10k−$490.491% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now −0.028%, 7d avg −0.062%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Kalshi is 0.034% dearer against Deribit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	141.90	0	get 0.0000% / 1h	52m 09s	$215K	$388K	50x
Short	Kalshi KXAAVEPERP	141.86	0	get 0.0000% / 8h	4h 52m	$50K	$1.4M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → −0.062%: $3.4
Slippage, 4 orders: −$32.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$45.67
Costs to cover: 0.491%
Break-even: never at this rate

Slippage from Deribit: live order book, 47 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 Deribit live order book, 47 min ago	4.93 bp	8.4 bp −$8	14.5 bp −$145	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	3.17 bp	14.8 bp −$15	23.8 bp −$238	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	141.85	−0.037%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	141.86	−0.028%	$50K	$1.4M	3.4x
Deribit AAVE_USDC-PERPETUALlong	0.0000%	1h	141.90	long leg	$215K	$388K	50x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.90	−0.002%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.481%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.84	−0.045%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0075%	1h	141.78	−0.085%	$827K	$396K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0081%	8h	141.87	−0.021%	$18K	$7K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.07	+0.118%	$4.5M	$2.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.77	−0.092%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	142.12	+0.155%	$77.7M	$36.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.01	+0.078%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.90	0.000%	$324K	$384K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.97	+0.049%	$63.6M	$189.2M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.96	+0.042%	$61.1M	$67.9M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.98	+0.056%	$17.0M	$64.0M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.94	+0.028%	$63K	$193K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.77	−0.095%	$160K	$103K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.00	+0.070%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.99	+0.063%	$24.0M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.97	+0.049%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.95	+0.035%	$29.0M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.05	+0.106%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.34	−0.395%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.55	−0.244%	$107K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.64	−0.185%	$442K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.62	−0.197%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.95	+0.035%	$141K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.80	−0.068%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.89	−0.007%	$5K	$286K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.13	+0.162%	$673K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.98	+0.056%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.85	−0.037%	$901K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.96	+0.042%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.92	+0.013%	$120K	$146	10x	as long as short
Phoenix AAVE	+0.0152%	1h	141.74	−0.113%	$5K	$98K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.81	−0.063%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.91	+0.010%	$187K	$276K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.90	0.000%	$111K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.89	−0.007%	$752K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0270%	1h	141.97	+0.051%	$3.4M	$2.1M	50x	as long as short
Backpack AAVE_USDC_PERP	+0.0316%	1h	142.14	+0.169%	$387K	$729K	10x	as long as short