Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.021%

Price spread now: Backpack against MEXC+0.077%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$170.167% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now +0.077%, 7d avg +0.009%

Together, before fees−0.018%−$2 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 0.068% dearer against MEXC than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC AAVE_USDT	143.40	0.0100	pay 0.0100% / 8h	5h 36m	$25.9M	$23.5M	200x
Short	Backpack AAVE_USDC_PERP	143.51	0.0100	get 0.0013% / 1h	36m 49s	$320K	$718K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.077%Rate

Funding earned: $0
Price spread: +0.077% → +0.009%: $6.81
Slippage, 4 orders: −$6.73
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.93
Costs to cover: 0.167%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Backpack: live order book, 27 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 MEXC live order book, 2 min ago	0.35 bp	2.0 bp −$2	5.6 bp −$56	35.8 bp −$3,578	106.0 bp −$53.0K
Sell Backpack live order book, 27 min ago	0.35 bp	7.6 bp −$8	182.9 bp −$1,829	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
01 Exchange AAVEUSD	−0.0064%	1h	143.16	−0.167%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.07	−0.227%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.21	−0.132%	$59K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.36	−0.028%	$229K	$387K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.40	+0.001%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.491%	$422	$51K	12x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	143.36	−0.028%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.32	−0.059%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0087%	1h	143.33	−0.049%	$832K	$431K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	143.28	−0.084%	$5K	$98K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.72	+0.221%	$4.6M	$1.5M	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0098%	8h	143.48	+0.056%	$17.1M	$63.4M	50x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.24	−0.110%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.50	+0.067%	$77.6M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.43	+0.021%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.15	−0.175%	$326K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.39	−0.007%	$64.2M	$182.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.41	+0.007%	$61.3M	$64.2M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.20	−0.139%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	143.56	+0.109%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.37	−0.021%	$7.9M	$15.1M	75x	as long as short
MEXC AAVE_USDTlong	+0.0100%	8h	143.40	long leg	$25.9M	$23.5M	200x
KuCoin AAVEUSDTM	+0.0100%	8h	143.41	+0.007%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.45	+0.035%	$30.1M	$17.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.38	−0.014%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	143.51	+0.077%	$320K	$718K	10x
Variational Omni AAVE	+0.0100%	8h	143.49	+0.061%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.52	+0.081%	$103K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.26	−0.099%	$455K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.31	−0.063%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.34	−0.042%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.34	−0.040%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.36	−0.028%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.58	+0.126%	$692K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.45	+0.035%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.33	−0.046%	$913K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.39	−0.004%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.25	−0.105%	$187K	$235K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.38	−0.014%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.41	+0.005%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0268%	1h	143.46	+0.042%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.47	+0.049%	$776K	$2.8M	50x	as long as short