Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.021%

Price spread now: Kalshi against Injective+4.249%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 4.249% dearer against Injective than usual: you sell high and buy low (spread +4.249% now, against zero (this spread has no 7-day history yet)): +$425 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective AAVE/USDC PERP	136.96	0.0033	pay 0.0004% / 1h	16m 29s	$422	$51K	12x
Short	Kalshi KXAAVEPERP	142.78	0	get 0.0000% / 8h	16m 29s	$46K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. 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 InjectivebpFee KalshibpOrdersPrice spread, now +4.249%Rate

Funding earned: −$7
Price spread: +4.249% → 0.000%: $424.94
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $407.92
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	8.76 bp	17.3 bp −$17	25.4 bp −$254	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange AAVEUSD	−0.0144%	1h	142.63	+4.140%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.77	+4.241%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.78	+4.249%	$46K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.83	+4.286%	$219K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.66	+4.163%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0013%	1h	142.70	+4.191%	$841K	$448K	10x	as long as short
Injective AAVE/USDC PERPlong	+0.0033%	1h	136.96	long leg	$422	$51K	12x
Reya AAVERUSDPERP	+0.0044%	1h	142.63	+4.138%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0049%	8h	142.80	+4.264%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	142.95	+4.374%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX AAVE-USD	+0.0095%	1h	142.80	+4.264%	$5K	$293K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.82	+4.276%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.71	+4.199%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.78	+4.249%	$76.9M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.78	+4.248%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.73	+4.210%	$327K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.65	+4.154%	$63.8M	$186.3M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.66	+4.162%	$61.0M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.65	+4.154%	$17.1M	$64.0M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.78	+4.249%	$64K	$203K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	+4.322%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.69	+4.184%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.64	+4.147%	$25.1M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.68	+4.176%	$10.5M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.74	+4.220%	$29.0M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.66	+4.162%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.93	+4.359%	$337K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.71	+4.197%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.72	+4.204%	$103K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.78	+4.249%	$459K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.79	+4.257%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.70	+4.191%	$124K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.75	+4.229%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.90	+4.337%	$687K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.70	+4.191%	$4.0M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.61	+4.123%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.83	+4.286%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.70	+4.189%	$178K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.83	+4.286%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.85	+4.300%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.89	+4.326%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.82	+4.279%	$792K	$2.8M	50x	as long as short