Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h +0.289%

Price spread now: Phemex against Deribit+0.070%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$480.485% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.070%, 7d avg +0.032%

Together, before fees+0.396%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phemex is 0.038% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit AAVE_USDC-PERPETUAL	143.33	−0.0029	get 0.0004% / 1h	8m 55s	$227K	$389K	50x
Short	Phemex AAVEUSDT	143.43	0.0100	get 0.0100% / 8h	5h 08m	$4.1M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: $27.09
Price spread: +0.070% → +0.032%: $3.81
Slippage, 4 orders: −$29.46
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.56
Costs to cover: 0.485%
Break-even: 11.5 days

Slippage from Deribit: live order book, 50 min ago; Phemex: live order book, 5 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, 50 min ago	6.58 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.09 bp	14.8 bp −$15	21.2 bp −$212	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	−0.0048%	1h	143.35	+0.014%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUALlong	−0.0029%	1h	143.33	long leg	$227K	$389K	50x
dYdX AAVE-USD	0.0000%	1h	143.45	+0.082%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.60	+0.188%	$59K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.38	+0.036%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.444%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.29	−0.026%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	143.30	−0.021%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0057%	1h	143.35	+0.014%	$828K	$433K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.75	+0.293%	$5K	$98K	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	143.52	+0.130%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.39	+0.042%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.47	+0.098%	$77.6M	$34.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.37	+0.030%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.40	+0.048%	$326K	$434K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.30	−0.021%	$64.1M	$182.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.30	−0.021%	$61.2M	$64.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.29	−0.028%	$17.2M	$63.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.39	+0.042%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	+0.519%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.35	+0.014%	$7.8M	$15.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.34	+0.007%	$25.9M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.40	+0.049%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.33	0.000%	$30.0M	$17.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.31	−0.014%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.42	+0.063%	$320K	$691K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	+0.228%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.67	+0.236%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.74	+0.287%	$451K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.90	+0.398%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.38	+0.035%	$128K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.35	+0.015%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.34	+0.007%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.55	+0.153%	$691K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.43	+0.070%	$4.1M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	143.28	−0.037%	$913K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.03	−0.208%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.42	+0.065%	$184K	$237K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.36	+0.021%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.37	+0.031%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0268%	1h	143.48	+0.105%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.93	+0.419%	$782K	$2.8M	50x	as long as short