Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0089%/8h= +9.8% APRpaid last 24h +0.019%

Price spread now: Phoenix against Kalshi+0.240%74s7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.567% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 4 days (all we have)−0.139%−$14 · spread now +0.240%, 7d avg +0.139%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.101% dearer against Kalshi than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.139%. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXAAVEPERP	141.77	0	get 0.0000% / 8h	4h 59m	$51K	$1.4M	3.4x
Short	Phoenix AAVE	142.11	0.0089	get 0.0011% / 1h	59m 45s	$4K	$108K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.240%Rate

Funding earned: $18.71
Price spread: +0.240% → +0.139%: $10.08
Slippage, 4 orders: −$39.69
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.91
Costs to cover: 0.567%
Break-even: 17.4 days

Slippage from Kalshi: live order book, 3 min ago; Phoenix: live order book, 35 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, 3 min ago	6.34 bp	12.3 bp −$12	20.6 bp −$206	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 min ago	0.70 bp	14.0 bp −$14	46.7 bp −$467	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	−0.0102%	1h	141.93	+0.113%	$215K	$398K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.76	−0.007%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERPlong	0.0000%	8h	141.77	long leg	$51K	$1.4M	3.4x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.96	+0.136%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.393%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.92	+0.104%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0071%	1h	141.89	+0.085%	$826K	$396K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0080%	8h	141.94	+0.120%	$18K	$7K	10x	as long as short
Phoenix AAVEshort	+0.0089%	1h	142.11	+0.240%	$4K	$108K	10x
Lighter AAVE	+0.0096%	1h	141.98	+0.147%	$4.5M	$2.4M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	141.80	+0.020%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.95	+0.127%	$77.6M	$36.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.87	+0.068%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.79	+0.015%	$324K	$384K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.82	+0.035%	$63.7M	$188.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.81	+0.028%	$61.3M	$67.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.83	+0.042%	$16.9M	$63.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.95	+0.127%	$63K	$197K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.77	−0.003%	$160K	$103K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.85	+0.056%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.83	+0.042%	$24.2M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.84	+0.049%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.82	+0.035%	$29.0M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.82	+0.035%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.84	+0.050%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.99	+0.156%	$107K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.03	+0.183%	$443K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.08	+0.219%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.01	+0.169%	$141K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.95	+0.130%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.96	+0.134%	$5K	$285K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.15	+0.269%	$673K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.93	+0.113%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.79	+0.011%	$901K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.97	+0.142%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	141.93	+0.113%	$10K	$2K	5x	as long as short
Backpack AAVE_USDC_PERP	+0.0168%	1h	142.05	+0.198%	$390K	$728K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.95	+0.127%	$3.3M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.97	+0.140%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	141.93	+0.115%	$188K	$273K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.29	+0.367%	$755K	$2.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0317%	1h	142.02	+0.179%	$3.4M	$2.1M	50x	as long as short