Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.041%

Price spread now: Bulk against Kalshi−0.142%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Bulk is 0.142% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.142% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 4.7 days 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	144.25	0	get 0.0000% / 8h	1h 55m	$72K	$1.4M	3.4x
Short	Bulk AAVE-USD	144.04	0.0100	get 0.0013% / 1h	55m 37s	$58K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.142%Rate

Funding earned: $21
Price spread: −0.142% → 0.000%: −$14.23
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$10.23
Costs to cover: 0.170%
Break-even: 10.4 days

Slippage unknown: Kalshi: live order book, 3 min ago; Bulk: no order-book sample. 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 Kalshi live order book, 3 min ago	1.39 bp	12.7 bp −$13	23.3 bp −$233	doesn't fit	doesn't fit
Sell Bulk no order-book sample	—	—	—	—	—

Bulk: 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 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
ApeX Omni AAVEUSDT	−0.0648%	1h	143.72	−0.367%	$134K	$219K	50x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0165%	1h	144.52	+0.187%	$245K	$370K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	144.02	−0.159%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.11	−0.095%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	144.25	long leg	$72K	$1.4M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.58	+0.227%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.59	+0.236%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.054%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.57	+0.224%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.57	+0.222%	$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
OKX AAVE-USDT-SWAP	+0.0088%	8h	143.95	−0.208%	$17.3M	$63.4M	50x	as long as short
MEXC AAVE_USDT	+0.0092%	8h	144.12	−0.090%	$26.4M	$23.4M	200x	as long as short
Binance AAVEUSDT	+0.0093%	8h	144.00	−0.173%	$64.9M	$181.0M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.29	+0.029%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.11	−0.100%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.55	+0.208%	$804K	$414K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.31	+0.042%	$78.1M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.18	−0.048%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.15	−0.070%	$329K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.01	−0.166%	$61.6M	$63.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.06	−0.132%	$45K	$181K	10x	as long as short
Bulk AAVE-USDshort	+0.0100%	1h	144.04	−0.142%	$58K	$2K	10x
Gate AAVE_USDT	+0.0100%	8h	144.08	−0.118%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.14	−0.076%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.14	−0.076%	$30.0M	$17.1M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.05	−0.139%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.49	+0.166%	$323K	$716K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.60	+0.243%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.85	−0.279%	$104K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.82	−0.297%	$451K	$3.8M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.61	+0.250%	$126K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.61	+0.252%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.53	+0.194%	$5K	$291K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.66	+0.288%	$700K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.49	+0.166%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.00	−0.177%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.61	+0.246%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	144.10	−0.103%	$199K	$228K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0258% / S −0.0408%	1h	144.62	+0.257%	$125K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0266%	1h	144.63	+0.266%	$3.5M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.56	+0.215%	$777K	$2.8M	50x	as long as short