Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Nado+0.010%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.080%+$8 · spread now +0.010%, 7d avg +0.047%

Together, before fees+0.084%+ Points / potential airdropNado: Active · farm board+$8 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: Phemex is 0.037% cheaper against Nado than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado AAVE-PERP	143.94	0.0100	pay 0.0012% / 1h	54m 01s	$801K	$409K	10x
Short	Phemex AAVEUSDT	143.96	0.0100	get 0.0100% / 8h	5h 54m	$4.1M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → +0.047%: −$3.7
Slippage, 4 orders: −$19.68
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.38
Costs to cover: 0.387%
Break-even: 4354437462086782.5 days

Slippage from Nado: live order book, 9 min ago; Phemex: 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 Nado live order book, 9 min ago	0.69 bp	7.2 bp −$7	18.1 bp −$181	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.04 bp	12.3 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit

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
Deribit AAVE_USDC-PERPETUAL	−0.6483%	1h	143.09	−0.594%	$243K	$370K	50x	as long as short
ApeX Omni AAVEUSDT	−0.0648%	1h	143.72	−0.156%	$134K	$219K	50x	as long as short
01 Exchange AAVEUSD	−0.0064%	1h	143.91	−0.024%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.99	+0.034%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.97	+0.017%	$72K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.96	+0.007%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.59	+0.448%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.853%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.86	−0.059%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.02	+0.052%	$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	143.96	+0.010%	$17.2M	$63.4M	50x	as long as short
MEXC AAVE_USDT	+0.0092%	8h	143.99	+0.031%	$26.3M	$23.4M	200x	as long as short
Binance AAVEUSDT	+0.0093%	8h	143.98	+0.024%	$64.9M	$180.9M	75x	as long as short
Lighter AAVE	+0.0096%	1h	144.20	+0.174%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.93	−0.013%	$13K	$4K	20x	as long as short
Nado AAVE-PERPlong	+0.0100%	1h	143.94	long leg	$801K	$409K	10x
Hyperliquid AAVE	+0.0100%	1h	144.08	+0.094%	$78.0M	$35.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.00	+0.035%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.93	−0.012%	$328K	$433K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.98	+0.024%	$61.6M	$63.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.93	−0.010%	$44K	$181K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.04	+0.069%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.97	+0.017%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.01	+0.045%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.95	+0.003%	$29.9M	$17.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	143.98	+0.024%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.04	+0.066%	$322K	$716K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.60	+0.456%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.85	−0.067%	$104K	$277K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.82	−0.086%	$451K	$3.8M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.92	−0.017%	$125K	$419K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.90	−0.028%	$1K	$1.2M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.06	+0.080%	$5K	$291K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.27	+0.228%	$698K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	143.96	+0.010%	$4.1M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	143.93	−0.010%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.06	+0.083%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.97	+0.019%	$199K	$228K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0259% / S −0.0410%	1h	143.93	−0.013%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0267%	1h	144.14	+0.134%	$3.5M	$2.0M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	144.56	+0.427%	$777K	$2.8M	50x	as long as short