Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Backpack against KuCoin−0.035%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.035%, 7d avg +0.011%

Together, before fees+0.115%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.046% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin AAVEUSDTM	144.33	0.0100	pay 0.0100% / 8h	2h 10m	$10.2M	$8.6M	75x
Short	Backpack AAVE_USDC_PERP	144.28	0.0100	get 0.0013% / 1h	10m 06s	$381K	$707K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → +0.011%: −$4.57
Slippage, 4 orders: −$25.14
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$51.7
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Backpack: live order book, 14 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 KuCoin live order book, 8 min ago	1.73 bp	13.4 bp −$13	33.9 bp −$339	doesn't fit	doesn't fit
Sell Backpack live order book, 14 min ago	0.35 bp	6.6 bp −$7	84.5 bp −$845	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	−0.0304%	1h	144.30	−0.021%	$253K	$494K	50x	as long as short
SoDEX AAVE-USD	−0.0141%	1h	144.26	−0.048%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0104%	1h	144.36	+0.021%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0044%	1h	144.39	+0.042%	$5K	$101K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.29	−0.024%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.19	−0.097%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.38	+0.037%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.33	+0.001%	$3.4M	$2.1M	50x	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	144.29	−0.025%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0048%	8h	144.26	−0.048%	$31.2M	$26.4M	200x	as long as short
Binance AAVEUSDT	+0.0049%	8h	144.16	−0.116%	$65.7M	$184.8M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	144.29	−0.028%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0053%	8h	144.12	−0.145%	$17.4M	$66.0M	50x	as long as short
Gate AAVE_USDT	+0.0060%	8h	144.20	−0.090%	$7.8M	$15.9M	75x	as long as short
Bulk AAVE-USD	+0.0073%	1h	143.97	−0.246%	$60K	$3K	10x	as long as short
ApeX Omni AAVEUSDT	+0.0079%	1h	144.26	−0.048%	$134K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0090%	8h	144.17	−0.111%	$451K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.42	+0.062%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.32	−0.007%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.34	+0.004%	$180K	$245K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.23	−0.070%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.25	−0.059%	$800K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.25	−0.052%	$80.2M	$33.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.27	−0.044%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.26	−0.051%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.16	−0.118%	$61.3M	$65.5M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.29	−0.028%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTMlong	+0.0100%	8h	144.33	long leg	$10.2M	$8.6M	75x
Bitget AAVEUSDT	+0.0100%	8h	144.20	−0.090%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.14	−0.132%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.28	−0.035%	$381K	$707K	10x
Variational Omni AAVE	+0.0100%	8h	144.01	−0.221%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.28	−0.037%	$101K	$315K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.40	+0.048%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.27	−0.044%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.43	+0.066%	$718K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.25	−0.055%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.10	−0.160%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0169%	8h	144.05	−0.194%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.51	+0.125%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.36	+0.023%	$124K	—	100x	as long as short