Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.003%

Price spread now: Phoenix against HTX−0.221%72s7-day average +0.176% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$980.984% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.482%+$48 on $10k

Price spread, last 4 days (all we have)+0.305%+$31 · spread now −0.221%, 7d avg +0.176%

Together, before fees+0.787%+$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.397% cheaper against HTX than usual: you would sell low and buy high (−$40 if the spread goes back to its 7-day average of +0.176%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.482%, so the current rate has only just turned against you. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX AAVE-USDT	142.78	0.0100	pay 0.0100% / 8h	2h 59m	$683K	$5.2M	75x
Short	Phoenix AAVE	142.46	0.0033	get 0.0004% / 1h	59m 41s	$4K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.221%Rate

Funding earned: −$13.97
Price spread: −0.221% → +0.176%: −$39.74
Slippage, 4 orders: −$79.42
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$152.13
Costs to cover: 0.984%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Phoenix: live order book, 45 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, 4 min ago	7.59 bp	15.9 bp −$16	63.1 bp −$631	doesn't fit	doesn't fit
Sell Phoenix live order book, 45 min ago	0.69 bp	13.9 bp −$14	46.4 bp −$464	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	142.63	−0.102%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.56	−0.151%	$49K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.61	−0.116%	$218K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.66	−0.078%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.074%	$422	$51K	12x	as long as short
Phoenix AAVEshort	+0.0033%	1h	142.46	−0.221%	$4K	$106K	10x
Nado AAVE-PERP	+0.0042%	1h	142.62	−0.109%	$829K	$400K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.63	−0.101%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0059%	8h	142.61	−0.116%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0075%	8h	142.59	−0.130%	$4.0M	$3.6M	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange AAVEUSD	+0.0080%	1h	142.74	−0.025%	$10K	$2K	5x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.69	−0.061%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.70	−0.053%	$78.0M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.72	−0.043%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.70	−0.051%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.67	−0.073%	$63.8M	$188.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.67	−0.074%	$61.2M	$67.9M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.61	−0.116%	$17.1M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.81	+0.024%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.61	−0.116%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.72	−0.039%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.71	−0.046%	$25.7M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.71	−0.046%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.68	−0.067%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.73	−0.032%	—	$43.6M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.70	−0.053%	$335K	$725K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.46	−0.221%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.43	−0.245%	$104K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.50	−0.195%	$455K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.50	−0.193%	$132K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.72	−0.039%	$132K	$450K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.63	−0.102%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.63	−0.102%	$5K	$311K	10x	as long as short
HTX AAVE-USDTlong	+0.0100%	8h	142.78	long leg	$683K	$5.2M	75x
Extended AAVE-USD	+0.0104%	1h	142.65	−0.088%	$904K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.62	−0.107%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.77	−0.004%	$186K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.53	−0.172%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0248%	1h	142.66	−0.080%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.67	−0.075%	$112K	—	100x	as long as short
Lighter AAVE	+0.0264%	1h	142.92	+0.099%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0360%	1h	142.75	−0.018%	$785K	$2.8M	50x	as long as short