Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.017%

Price spread now: Phemex against GMX−0.041%7-day average −0.032% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.143%+$14 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now −0.041%, 7d avg −0.032%

Together, before fees+0.159%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.143%, 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]	143.88	L +0.0257% / S −0.0406%	pay 0.0032% / 1h	56m 27s	$124K	—	100x
Short	Phemex AAVEUSDT	143.82	0.0100	get 0.0100% / 8h	5h 56m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$32.96
Price spread: −0.041% → −0.032%: −$0.87
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$57.82
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.04 bp	12.3 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit

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	−0.1835%	1h	143.58	−0.208%	$244K	$370K	50x	as long as short
01 Exchange AAVEUSD	−0.0072%	1h	144.60	+0.501%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.42	+0.373%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.06	+0.126%	$70K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.58	+0.486%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.59	+0.494%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.809%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.57	+0.483%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.83	−0.034%	$18K	$10K	10x	as long as short
SoDEX AAVE-USD	+0.0087%	1h	143.82	−0.041%	$5K	$291K	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	+0.0088%	8h	144.54	+0.459%	$17.3M	$63.7M	50x	as long as short
MEXC AAVE_USDT	+0.0092%	8h	144.57	+0.480%	$26.5M	$23.4M	200x	as long as short
Binance AAVEUSDT	+0.0093%	8h	144.62	+0.513%	$65.2M	$181.2M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.64	+0.530%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.54	+0.457%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.55	+0.466%	$804K	$414K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.70	+0.571%	$78.3M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.37	+0.340%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.48	+0.418%	$329K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.57	+0.480%	$61.8M	$63.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.62	+0.515%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.54	+0.459%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.63	+0.522%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.55	+0.466%	$30.1M	$17.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.58	+0.487%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.99	+0.077%	$322K	$717K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.37	+0.341%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.36	+0.337%	$104K	$319K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.46	+0.403%	$453K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.45	+0.397%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.61	+0.508%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.83	−0.032%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.96	+0.053%	$697K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.82	−0.041%	$4.1M	$3.8M	50x
Bulk AAVE-USD	+0.0100%	1h	144.07	+0.129%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.56	+0.470%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.85	−0.018%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.64	+0.532%	$200K	$228K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]long	L +0.0257% / S −0.0406%	1h	143.88	long leg	$124K	—	100x
Kraken Futures PF_AAVEUSD	+0.0267%	1h	143.93	+0.035%	$3.4M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.09	+0.147%	$774K	$2.8M	50x	as long as short