Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.027%

Price spread now: Phemex against Hyperliquid−0.185%48s7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$430.434% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.237%+$24 · spread now −0.185%, 7d avg −0.082%

Together, before fees+0.226%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 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: Phemex is 0.102% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.082%. The two prices were read 48 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	Hyperliquid AAVE	146.04	0.0100	pay 0.0013% / 1h	1m 27s	$80.2M	$35.0M	10x
Short	Phemex AAVEUSDT	145.77	0.0100	get 0.0100% / 8h	1m 27s	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.185%Rate

Funding earned: $0
Price spread: −0.185% → −0.082%: −$10.25
Slippage, 4 orders: −$22.44
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$53.69
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Phemex: live order book, 2 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, 12 min ago	0.34 bp	5.9 bp −$6	11.5 bp −$115	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	5.49 bp	14.2 bp −$14	21.8 bp −$218	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
SoDEX AAVE-USD	−0.0127%	1h	145.77	−0.185%	$5K	$305K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0093%	1h	145.79	−0.171%	$255K	$391K	50x	as long as short
01 Exchange AAVEUSD	−0.0056%	1h	145.91	−0.089%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	145.80	−0.164%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.96	−0.053%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.78	−0.178%	$78K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	145.90	−0.096%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.83	−0.143%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0027%	8h	145.91	−0.089%	$29.7M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0028%	8h	145.89	−0.103%	$66.2M	$187.9M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.217%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.90	−0.096%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	145.74	−0.205%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0067%	8h	145.91	−0.089%	$17.9M	$67.7M	50x	as long as short
Gate AAVE_USDT	+0.0074%	8h	145.90	−0.096%	$7.9M	$16.0M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.79	−0.173%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.08	+0.025%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.89	−0.101%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.89	−0.103%	$801K	$446K	10x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	146.04	long leg	$80.2M	$35.0M	10x
Aster AAVEUSDT	+0.0100%	8h	145.94	−0.072%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.92	−0.081%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.92	−0.082%	$62.3M	$66.1M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.91	−0.089%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.59	−0.310%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.90	−0.096%	$10.0M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.84	−0.137%	$30.3M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.89	−0.103%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.99	−0.034%	$349K	$745K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.20	−0.578%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.72	−0.216%	$105K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.40	−0.437%	$454K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.82	−0.151%	$136K	$230K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.98	−0.041%	$128K	$455K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.76	−0.188%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.04	−0.001%	$691K	$5.1M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	145.77	−0.185%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	145.86	−0.126%	$934K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	145.96	−0.058%	$185K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0114%	8h	145.86	−0.123%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.81	−0.155%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	145.81	−0.157%	$794K	$3.0M	50x	as long as short