Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0908%/8h= +99.4% APRpaid last 24h +0.283%

Price spread now: OKX against Deribit−0.014%7-day average +0.002% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.392%+$39 on $10k

Price spread, last 4 days (all we have)−0.310%−$31 · spread now −0.014%, 7d avg +0.002%

Together, before fees+0.082%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: +$27 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.392% in total (about 20.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	141.61	−0.0808	get 0.0101% / 1h	54m 41s	$208K	$323K	50x
Short	OKX AAVE-USDT-SWAP	141.59	0.0100	get 0.0100% / 8h	5h 54m	$16.4M	$52.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.014%Rate

Funding earned: $190.68
Price spread: −0.014% → +0.002%: −$1.66
Slippage, 4 orders: −$15.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $156.89
Costs to cover: 0.321%
Break-even: 1.2 days

Slippage from Deribit: live order book, 52 min ago; OKX: live order book, 2 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, 52 min ago	4.61 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.35 bp	7.2 bp −$7	15.1 bp −$151	76.0 bp −$7,604	doesn't fit

AAVE on 42 exchanges

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-PERPETUALlong	−0.0808%	1h	141.61	long leg	$208K	$323K	50x
SoDEX AAVE-USD	−0.0126%	1h	141.68	+0.049%	$7K	$242K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.61	−0.001%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.71	+0.071%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.66	+0.035%	$45K	$1.3M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.89	+0.195%	$79K	—	150x	as long as short
Phemex AAVEUSDT	+0.0015%	8h	141.64	+0.021%	$3.9M	$3.6M	50x	as long as short
Bybit AAVEUSDT	+0.0020%	8h	141.58	−0.021%	$61.2M	$59.8M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.284%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0041%	1h	141.82	+0.148%	$132K	$221K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	141.63	+0.011%	—	—	20x	as long as short
Phoenix AAVE	+0.0062%	1h	141.94	+0.233%	$4K	$81K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0086%	8h	141.67	+0.042%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.78	+0.119%	$4.6M	$2.2M	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	141.67	+0.042%	$3.7M	$692K	—	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.56	−0.036%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.66	+0.039%	$814K	$310K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.72	+0.078%	$77.8M	$27.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.68	+0.049%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.63	+0.011%	$345K	$312K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.59	−0.014%	$63.7M	$162.5M	75x	as long as short
OKX AAVE-USDT-SWAPshort	+0.0100%	8h	141.59	−0.014%	$16.4M	$52.6M	50x
Arcus AAVE-USD	+0.0100%	1h	141.73	+0.085%	$94K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.62	+0.007%	$8.2M	$13.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.58	−0.021%	$21.9M	$21.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.62	+0.007%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.57	−0.028%	$29.2M	$15.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.60	−0.007%	—	$43.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.80	+0.134%	$388K	$601K	10x	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.78	+0.119%	$109K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.84	+0.163%	$453K	$3.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.73	+0.085%	$134K	$370K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.68	+0.052%	$1K	$1.1M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.12	+0.360%	$659K	$1.4M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.78	+0.120%	$164K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.54	−0.051%	$913K	$1.5M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.69	+0.055%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	141.66	+0.033%	$172K	$206K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.69	+0.056%	$3.3M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	141.87	+0.184%	$752K	$2.2M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.71	+0.071%	$110K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0306%	1h	141.78	+0.120%	$3.5M	$1.9M	50x	as long as short