AAVE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0010%/8h= +1.1% APRnext payment +$0.01 per $10,000 · paid last 24h −0.025%

Price spread now: Backpack against Hyperliquid−0.112%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now −0.112%, 7d avg −0.082%

Together, before fees−0.082%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.030% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of −0.082%). If the spread goes back, that is −$3 on $10k: about 10 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	142.77	0.0100	pay 0.0013% / 1h	42m 40s	$78.1M	$37.1M	10x
Short	Backpack AAVE_USDC_PERP	142.61	0.0110	get 0.0014% / 1h	42m 40s	$335K	$727K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.112%Rate

Funding earned: $2.05
Price spread: −0.112% → −0.082%: −$3.04
Slippage, 4 orders: −$10.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$30.16
Costs to cover: 0.292%
Break-even: 109.9 days

Slippage from Hyperliquid: live order book, 11 min ago; Backpack: live order book, 6 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 Hyperliquid live order book, 11 min ago	0.35 bp	7.9 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	0.35 bp	7.4 bp −$7	55.7 bp −$557	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
Nado AAVE-PERP	−0.0031%	1h	142.65	−0.084%	$831K	$402K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0031%	1h	142.55	−0.154%	$218K	$393K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.58	−0.132%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.64	−0.091%	$55K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.64	−0.091%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.069%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.63	−0.096%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0064%	8h	142.55	−0.154%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0075%	8h	142.56	−0.147%	$4.0M	$3.6M	50x	as long as short
01 Exchange AAVEUSD	+0.0088%	1h	142.81	+0.028%	$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	142.52	−0.178%	$13K	$4K	20x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	142.77	long leg	$78.1M	$37.1M	10x
Aster AAVEUSDT	+0.0100%	8h	142.64	−0.094%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.60	−0.119%	$326K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.59	−0.129%	$63.6M	$189.2M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.54	−0.161%	$61.1M	$68.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.51	−0.182%	$17.1M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.86	+0.063%	$64K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.94	+0.118%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.64	−0.091%	$8.0M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.58	−0.133%	$25.6M	$23.9M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.65	−0.084%	$10.3M	$9.4M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.58	−0.133%	$29.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.61	−0.112%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.88	+0.077%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.12	+0.244%	$105K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.99	+0.154%	$448K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.01	+0.168%	$133K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.76	−0.007%	$134K	$453K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.58	−0.133%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.55	−0.154%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.037%	$682K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.48	−0.203%	$903K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.60	−0.116%	$120K	$146	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0110%	1h	142.61	−0.112%	$335K	$727K	10x
Phoenix AAVE	+0.0118%	1h	143.00	+0.161%	$4K	$106K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.81	+0.027%	$186K	$251K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.58	−0.133%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.62	−0.103%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.62	−0.107%	$112K	—	100x	as long as short
Lighter AAVE	+0.0360%	1h	142.80	+0.023%	$4.5M	$2.4M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.68	−0.063%	$788K	$2.8M	50x	as long as short