Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.072%

Price spread now: Variational Omni against Hyperliquid−0.106%7-day average −0.082% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.106%−$11 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.106%, 7d avg −0.082%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$5 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: Variational Omni is 0.024% cheaper against Hyperliquid than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	145.27	0.0100	pay 0.0013% / 1h	44m 05s	$81.2M	$32.5M	10x
Short	Variational Omni AAVE	145.12	0.0100	get 0.0100% / 8h	2h 44m	$3.8M	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.106%Rate

Funding earned: $0
Price spread: −0.106% → −0.082%: −$2.39
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.39
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Variational Omni: RFQ quote, 5 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 Hyperliquid live order book, 10 min ago	0.69 bp	6.5 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	3.07 bp	doesn't fit	11.7 bp −$117	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
Deribit AAVE_USDC-PERPETUAL	−0.0301%	1h	145.15	−0.083%	$250K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0187%	1h	145.11	−0.110%	$5K	$311K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	145.08	−0.131%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	145.11	−0.110%	$4K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.04	−0.157%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.06	−0.145%	$74K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.20	−0.045%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	145.27	−0.002%	$3.5M	$2.0M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.720%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	145.12	−0.104%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX AAVE-USDT-SWAP	+0.0049%	8h	145.12	−0.103%	$17.6M	$65.7M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0057%	8h	145.13	−0.096%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0062%	8h	145.09	−0.124%	$7.8M	$15.6M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0066%	1h	145.09	−0.124%	$135K	$229K	50x	as long as short
MEXC AAVE_USDT	+0.0076%	8h	145.09	−0.124%	$32.2M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0076%	8h	145.09	−0.124%	$66.0M	$181.9M	75x	as long as short
Nado AAVE-PERP	+0.0086%	1h	145.05	−0.148%	$805K	$444K	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.33	+0.039%	$4.7M	$1.6M	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	145.13	−0.094%	$181K	$242K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.07	−0.138%	$14K	$4K	20x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	145.27	long leg	$81.2M	$32.5M	10x
Aster AAVEUSDT	+0.0100%	8h	145.16	−0.077%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.06	−0.142%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.16	−0.076%	$61.8M	$64.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.08	−0.131%	$50K	$274K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.14	−0.092%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.16	−0.076%	$10.1M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.14	−0.089%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.10	−0.117%	—	$44.3M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.23	−0.028%	$381K	$703K	10x	as long as short
Variational Omni AAVEshort	+0.0100%	8h	145.12	−0.106%	$3.8M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	145.14	−0.087%	$101K	$313K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.16	−0.074%	$461K	$4.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.18	−0.062%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.11	−0.113%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.28	+0.010%	$737K	$4.8M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.15	−0.083%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.10	−0.115%	$936K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	145.18	−0.065%	$123K	$146	10x	as long as short
BloFin AAVE-USDT	+0.0196%	8h	144.90	−0.255%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	145.44	+0.117%	$782K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	145.17	−0.067%	$125K	—	100x	as long as short