Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.019%

Price spread now: Phemex against Injective+4.797%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 Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 4.797% dearer against Injective than usual: you sell high and buy low: +$480 more if the spread goes back to zero (this spread has no 7-day history yet).

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	7m 20s	$422	$51K	12x
Short	Phemex AAVEUSDT	143.53	0.0100	get 0.0100% / 8h	2h 07m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +4.797%Rate

Funding earned: $14
Price spread: +4.797% → 0.000%: $479.7
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $481.68
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	1.74 bp	11.9 bp −$12	22.0 bp −$220	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
Deribit AAVE_USDC-PERPETUAL	−0.0377%	1h	143.45	+4.739%	$252K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0136%	1h	143.37	+4.680%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0096%	1h	143.92	+5.082%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.10	+5.213%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.97	+5.115%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.90	+5.067%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.70	+4.922%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	143.52	+4.791%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERPlong	+0.0033%	1h	136.96	long leg	$422	$51K	12x
Reya AAVERUSDPERP	+0.0044%	1h	143.62	+4.860%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0047%	8h	143.50	+4.777%	$65.3M	$185.1M	75x	as long as short
MEXC AAVE_USDT	+0.0048%	8h	143.62	+4.863%	$31.0M	$26.4M	200x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	143.41	+4.709%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0055%	8h	143.41	+4.709%	$17.3M	$65.8M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0056%	1h	144.02	+5.155%	$134K	$229K	50x	as long as short
Gate AAVE_USDT	+0.0063%	8h	143.63	+4.870%	$7.7M	$16.0M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	+5.122%	$60K	$3K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.07	+5.191%	$450K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.11	+5.219%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	143.45	+4.737%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	143.91	+5.073%	$179K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.86	+5.038%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	143.73	+4.941%	$797K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.76	+4.965%	$79.7M	$33.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.85	+5.034%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.93	+5.091%	$328K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.45	+4.739%	$61.0M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.88	+5.053%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.68	+4.907%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.39	+4.695%	$29.9M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.54	+4.804%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.96	+5.111%	$380K	$707K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.01	+5.149%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.06	+5.184%	$101K	$314K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.76	+4.965%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.39	+4.692%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.55	+4.809%	$714K	$4.9M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.53	+4.797%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	143.36	+4.675%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0169%	8h	144.04	+5.169%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	143.91	+5.074%	$770K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	143.68	+4.908%	$124K	—	100x	as long as short