Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0166%/8h= −18.2% APRpaid last 24h −0.042%

Price spread now: MEXC against GMX−0.101%7-day average −0.040% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.109%+$11 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.101%, 7d avg −0.040%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.061% cheaper against GMX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.040%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.109%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX AAVE/USD [AAVE-USDC]	144.24	L +0.0259% / S −0.0412%	pay 0.0032% / 1h	53m 21s	$124K	—	100x
Short	MEXC AAVE_USDT	144.09	0.0093	get 0.0093% / 8h	5h 53m	$26.3M	$23.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$34.95
Price spread: −0.101% → −0.040%: −$6.15
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$53.1
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 5 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.35 bp	1.9 bp −$2	6.4 bp −$64	33.3 bp −$3,332	115.9 bp −$57.9K

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

AAVE on 41 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
Deribit AAVE_USDC-PERPETUAL	−0.6483%	1h	143.09	−0.794%	$243K	$370K	50x	as long as short
ApeX Omni AAVEUSDT	−0.0648%	1h	143.72	−0.358%	$134K	$219K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	144.07	−0.115%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.99	−0.168%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.97	−0.184%	$72K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.24	0.000%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.044%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.02	−0.149%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.26	+0.017%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	144.07	−0.115%	$5K	$98K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX AAVE-USDT-SWAP	+0.0090%	8h	144.25	+0.010%	$17.3M	$63.5M	50x	as long as short
MEXC AAVE_USDTshort	+0.0093%	8h	144.09	−0.101%	$26.3M	$23.4M	200x
Binance AAVEUSDT	+0.0094%	8h	144.22	−0.008%	$65.0M	$180.9M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.17	−0.043%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.07	−0.115%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.00	−0.167%	$801K	$409K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.20	−0.025%	$78.0M	$35.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.04	−0.137%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.04	−0.136%	$328K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.25	+0.010%	$61.7M	$63.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.10	−0.094%	$45K	$181K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.04	−0.132%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.20	−0.025%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.11	−0.087%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.22	−0.011%	$30.0M	$17.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.19	−0.032%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.04	−0.136%	$322K	$716K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.60	+0.253%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.08	−0.108%	$104K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.82	−0.287%	$451K	$3.8M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.07	−0.115%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.90	−0.230%	$1K	$1.2M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.23	−0.004%	$5K	$291K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.026%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.96	−0.191%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.00	−0.165%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.29	+0.038%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.12	−0.079%	$199K	$228K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0259% / S −0.0412%	1h	144.24	long leg	$124K	—	100x
Kraken Futures PF_AAVEUSD	+0.0267%	1h	144.14	−0.068%	$3.5M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.56	+0.225%	$777K	$2.8M	50x	as long as short