Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0175%/8h= +19.1% APRpaid last 24h +0.048%

Price spread now: Backpack against OKX+0.082%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.082%, 7d avg +0.035%

Together, before fees−0.003%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Backpack is 0.047% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX AAVE-USDT-SWAP	146.26	0.0070	pay 0.0070% / 8h	52m 10s	$17.9M	$67.6M	50x
Short	Backpack AAVE_USDC_PERP	146.38	0.0245	get 0.0031% / 1h	52m 10s	$353K	$733K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.082%Rate

Funding earned: $36.7
Price spread: +0.082% → +0.035%: $4.74
Slippage, 4 orders: −$9.56
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $11.88
Costs to cover: 0.296%
Break-even: 4.7 days

Slippage from OKX: 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 OKX live order book, 2 min ago	0.34 bp	8.0 bp −$8	15.1 bp −$151	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	0.34 bp	7.0 bp −$7	196.5 bp −$1,965	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	−0.0092%	1h	146.24	−0.014%	$256K	$412K	50x	as long as short
SoDEX AAVE-USD	−0.0041%	1h	146.23	−0.021%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0027%	1h	146.30	+0.027%	$5K	$99K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.29	+0.020%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.32	+0.041%	$83K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.32	+0.041%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.24	−0.012%	$71K	—	150x	as long as short
01 Exchange AAVEUSD	+0.0016%	1h	146.30	+0.027%	$11K	$2K	5x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.359%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0042%	8h	146.26	0.000%	$31.0M	$25.6M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0043%	8h	146.23	−0.021%	$66.6M	$185.1M	75x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.21	−0.037%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0050%	8h	146.21	−0.034%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAPlong	+0.0070%	8h	146.26	long leg	$17.9M	$67.6M	50x
Gate AAVE_USDT	+0.0076%	8h	146.27	+0.007%	$7.9M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.26	0.000%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.46	+0.138%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.20	−0.040%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.23	−0.021%	$809K	$438K	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.31	+0.032%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.23	−0.019%	$334K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.23	−0.021%	$62.3M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.25	−0.007%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.321%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.26	0.000%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.32	+0.041%	$30.6M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	146.32	+0.041%	—	$43.9M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	146.32	+0.038%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.32	+0.044%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.39	+0.091%	$462K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.22	−0.027%	$136K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.28	+0.014%	$128K	$466K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.19	−0.047%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.28	+0.012%	$700K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.25	−0.007%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.20	−0.043%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.29	+0.017%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0163%	8h	146.25	−0.007%	$3.5M	$4.0M	100x	as long as short
Hyperliquid AAVE	+0.0189%	1h	146.46	+0.137%	$80.9M	$34.3M	10x	as long as short
Backpack AAVE_USDC_PERPshort	+0.0245%	1h	146.38	+0.082%	$353K	$733K	10x
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.26	0.000%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.43	+0.116%	$795K	$3.0M	50x	as long as short