Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Backpack against HTX−0.088%7-day average +0.131% · 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−$82as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.535%+$54 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.088%, 7d avg +0.131%

Together, before fees+0.528%+$53 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.219% cheaper against HTX than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX AAVE-USDT	142.09	0.0100	pay 0.0100% / 8h	5h 58m	$659K	$1.4M	75x
Short	Backpack AAVE_USDC_PERP	141.97	0.0100	get 0.0013% / 1h	58m 39s	$386K	$605K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → +0.131%: −$21.92
Slippage, 4 orders: −$38.18
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$82.1
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Backpack: live order book, 53 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 HTX live order book, 3 min ago	7.17 bp	16.1 bp −$16	52.6 bp −$526	doesn't fit	doesn't fit
Sell Backpack live order book, 53 min ago	1.06 bp	7.4 bp −$7	189.8 bp −$1,898	doesn't fit	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
dYdX AAVE-USD	0.0000%	1h	142.01	−0.061%	$102K	$6K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.02	−0.053%	$41K	$1.3M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.88	−0.151%	$208K	$335K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.85	−0.170%	$79K	—	150x	as long as short
01 Exchange AAVEUSD	+0.0008%	1h	141.86	−0.165%	$10K	$1K	5x	as long as short
Phemex AAVEUSDT	+0.0009%	8h	141.88	−0.151%	$3.9M	$3.6M	50x	as long as short
Bybit AAVEUSDT	+0.0023%	8h	141.81	−0.201%	$61.4M	$60.0M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.614%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0035%	1h	141.73	−0.257%	$132K	$221K	50x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.81	−0.204%	—	—	20x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0052%	1h	141.85	−0.172%	$7K	$242K	10x	as long as short
Phoenix AAVE	+0.0062%	1h	142.10	+0.004%	$4K	$80K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0086%	8h	141.85	−0.172%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.06	−0.025%	$4.6M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.78	−0.221%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.79	−0.211%	$815K	$310K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.05	−0.032%	$78.0M	$28.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.90	−0.135%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.89	−0.147%	$346K	$312K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.86	−0.165%	$63.9M	$163.0M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.83	−0.186%	$16.4M	$52.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.95	−0.102%	$95K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.93	−0.116%	$8.2M	$13.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.83	−0.186%	$22.0M	$21.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.88	−0.151%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.91	−0.130%	$29.3M	$15.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.87	−0.158%	—	$43.0M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	141.97	−0.088%	$386K	$605K	10x
Variational Omni AAVE	+0.0100%	8h	141.71	−0.270%	$3.7M	$692K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.75	−0.242%	$109K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.88	−0.151%	$448K	$3.2M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.88	−0.151%	$134K	$371K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.83	−0.189%	$2K	$1.1M	20x	as long as short
HTX AAVE-USDTlong	+0.0100%	8h	142.09	long leg	$659K	$1.4M	75x
Bulk AAVE-USD	+0.0100%	1h	141.76	−0.232%	$164K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.86	−0.163%	$913K	$1.5M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.90	−0.141%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	141.88	−0.148%	$172K	$207K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.81	−0.201%	$3.3M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	142.03	−0.046%	$754K	$2.2M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.87	−0.156%	$110K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0306%	1h	141.99	−0.072%	$3.4M	$1.9M	50x	as long as short