Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.002%

Price spread now: Phemex against Extended+0.032%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now +0.032%, 7d avg +0.068%

Together, before fees+0.120%+ Points / potential airdropExtended: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.035% cheaper against Extended than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.068%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended AAVE-USD	142.05	0.0104	pay 0.0013% / 1h	31m 39s	$905K	$1.7M	50x
Short	Phemex AAVEUSDT	142.10	0.0088	get 0.0088% / 8h	2h 31m	$4.0M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$3.43
Price spread: +0.032% → +0.068%: −$3.53
Slippage, 4 orders: −$28.81
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.78
Costs to cover: 0.458%
Break-even: never at this rate

Slippage from Extended: live order book, 2 min ago; Phemex: 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 Extended live order book, 2 min ago	2.81 bp	6.3 bp −$6	18.4 bp −$184	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	5.27 bp	14.2 bp −$14	22.6 bp −$226	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	142.06	+0.003%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.02	−0.024%	$56K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.05	−0.003%	$216K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.14	+0.063%	$79K	—	150x	as long as short
Nado AAVE-PERP	+0.0018%	1h	142.16	+0.078%	$828K	$400K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.586%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.10	+0.031%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0067%	8h	142.11	+0.039%	$18K	$10K	10x	as long as short
Phemex AAVEUSDTshort	+0.0088%	8h	142.10	+0.032%	$4.0M	$3.6M	50x
01 Exchange AAVEUSD	+0.0096%	1h	142.35	+0.208%	$10K	$2K	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	142.07	+0.014%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.10	+0.030%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.10	+0.034%	$325K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.10	+0.032%	$63.4M	$189.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.08	+0.018%	$60.9M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.07	+0.011%	$17.0M	$64.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.20	+0.103%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	+0.199%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.12	+0.046%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.12	+0.046%	$25.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.12	+0.046%	$10.2M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.08	+0.018%	$29.1M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.08	+0.018%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.78	+0.513%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.11	+0.744%	$106K	$281K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.72	+0.469%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.17	+0.786%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.30	+0.173%	$136K	$462K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.32	+0.189%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.07	+0.011%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.44	+0.273%	$681K	$5.2M	75x	as long as short
Extended AAVE-USDlong	+0.0104%	1h	142.05	long leg	$905K	$1.7M	50x
Aevo AAVE-PERP	+0.0104%	1h	142.13	+0.050%	$120K	$146	10x	as long as short
Hyperliquid AAVE	+0.0113%	1h	142.19	+0.096%	$77.7M	$37.1M	10x	as long as short
Phoenix AAVE	+0.0118%	1h	142.85	+0.560%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0151%	1h	142.19	+0.096%	$334K	$728K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.16	+0.074%	$190K	$253K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.34	+0.201%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.17	+0.080%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.14	+0.057%	$111K	—	100x	as long as short
Lighter AAVE	+0.0296%	1h	142.30	+0.171%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.15	+0.067%	$770K	$2.8M	50x	as long as short