Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.041%

Price spread now: Backpack against Kalshi+0.055%7-day average +0.094% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.221%+$22 on $10k

Price spread, last 4 days (all we have)−0.520%−$52 · spread now +0.055%, 7d avg +0.094%

Together, before fees−0.299%−$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.038% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.055% now, against its 7-day average of +0.094%). If the spread goes back, that is −$4 on $10k: about 31 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXAAVEPERP	144.33	0	get 0.0000% / 8h	2h 02m	$71K	$1.4M	3.4x
Short	Backpack AAVE_USDC_PERP	144.41	0.0100	get 0.0013% / 1h	2m 45s	$323K	$718K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.055%Rate

Funding earned: $21
Price spread: +0.055% → +0.094%: −$3.82
Slippage, 4 orders: −$25.03
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.86
Costs to cover: 0.450%
Break-even: 16.3 days

Slippage from Kalshi: live order book, just now; Backpack: live order book, 1 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 Kalshi live order book, just now	6.94 bp	18.9 bp −$19	28.9 bp −$289	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.35 bp	7.6 bp −$8	182.9 bp −$1,829	doesn't fit	doesn't fit

AAVE on 41 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
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.58	+0.171%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	144.46	+0.090%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.32	−0.009%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	144.33	long leg	$71K	$1.4M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.43	+0.069%	$245K	$370K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.42	+0.062%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.47	+0.097%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.106%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.36	+0.022%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.46	+0.090%	$18K	$10K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0087%	8h	144.36	+0.021%	$26.6M	$25.0M	200x	as long as short
Binance AAVEUSDT	+0.0087%	8h	144.38	+0.035%	$65.1M	$182.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0088%	8h	144.37	+0.028%	$17.3M	$64.1M	50x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.47	+0.095%	$200K	$229K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.58	+0.175%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.39	+0.044%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.41	+0.052%	$803K	$415K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.49	+0.111%	$78.2M	$35.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.31	−0.011%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.39	+0.042%	$329K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.41	+0.055%	$61.8M	$64.1M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.44	+0.076%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.40	+0.048%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.37	+0.028%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.41	+0.055%	$30.0M	$17.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.43	+0.069%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.41	+0.055%	$323K	$718K	10x
Variational Omni AAVE	+0.0100%	8h	144.02	−0.215%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.83	−0.348%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.07	−0.180%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.85	−0.333%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.49	+0.111%	$126K	$421K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.42	+0.065%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.45	+0.083%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.82	+0.343%	$701K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.39	+0.042%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	−0.183%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.39	+0.041%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.45	+0.083%	$122K	$146	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0398%	1h	144.37	+0.030%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.45	+0.083%	$776K	$2.8M	50x	as long as short