Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.011%

Price spread now: Kalshi against Kraken Futures−0.001%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$590.590% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)−0.239%−$24 · spread now −0.001%, 7d avg −0.113%

Together, before fees−0.296%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.112% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.001% now, against its 7-day average of −0.113%): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 7 days (−0.058% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_AAVEUSD	142.59	0.0316	pay 0.0040% / 1h	43m 33s	$3.4M	$2.1M	50x
Short	Kalshi KXAAVEPERP	142.59	0	get 0.0000% / 8h	5h 43m	$51K	$1.5M	3.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now −0.001%Rate

Funding earned: −$66.4
Price spread: −0.001% → −0.113%: $11.2
Slippage, 4 orders: −$39.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$114.22
Costs to cover: 0.590%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Kalshi: live order book, 5 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 Kraken Futures live order book, 5 min ago	4.90 bp	14.3 bp −$14	24.4 bp −$244	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	1.75 bp	23.8 bp −$24	32.6 bp −$326	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
dYdX AAVE-USD	0.0000%	1h	142.51	−0.061%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERPshort	0.0000%	8h	142.59	−0.001%	$51K	$1.5M	3.4x
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.48	−0.078%	$217K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.55	−0.028%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.949%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.49	−0.069%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0059%	1h	142.56	−0.019%	$827K	$401K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0077%	8h	142.47	−0.085%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.30	+0.497%	$4K	$108K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.53	−0.042%	$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	142.39	−0.143%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.51	−0.056%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.49	−0.071%	$325K	$449K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.48	−0.075%	$64.2M	$192.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.54	−0.036%	$61.3M	$68.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.56	−0.022%	$17.0M	$65.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.60	+0.006%	$64K	$197K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.88	+0.204%	$58K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.53	−0.043%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.54	−0.036%	$25.0M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.49	−0.071%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.51	−0.057%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.53	−0.043%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.54	−0.036%	$335K	$723K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.34	−0.176%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.55	−0.027%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.76	+0.116%	$452K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.70	+0.076%	$133K	$223K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.61	+0.013%	$141K	$471K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.47	−0.087%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.47	−0.085%	$5K	$311K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.82	+0.160%	$678K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.49	−0.071%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.52	−0.048%	$906K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.50	−0.064%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0136%	1h	142.55	−0.029%	$10K	$2K	5x	as long as short
Hyperliquid AAVE	+0.0200%	1h	142.59	−0.001%	$78.0M	$37.3M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.77	+0.125%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.54	−0.035%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.55	−0.031%	$195K	$262K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.70	+0.076%	$756K	$2.9M	50x	as long as short
Kraken Futures PF_AAVEUSDlong	+0.0316%	1h	142.59	long leg	$3.4M	$2.1M	50x