Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.293%

Price spread now: Deribit against Orderly+0.110%55s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.110% dearer against Orderly than usual: you sell high and buy low (spread +0.110% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.9 days. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	144.98	0.0049	pay 0.0049% / 8h	1h 20m	$18K	$12K	10x
Short	Deribit AAVE_USDC-PERPETUAL	145.14	−0.0026	pay 0.0003% / 1h	20m 26s	$255K	$480K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$15.8
Price spread: +0.110% → 0.000%: $11.04
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$17.77
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 58 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 58 min ago	4.51 bp	8.0 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0144%	1h	145.15	+0.117%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0045%	1h	145.03	+0.034%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0037%	1h	145.13	+0.103%	$5K	$298K	10x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0026%	1h	145.14	+0.110%	$255K	$480K	50x
dYdX AAVE-USD	0.0000%	1h	145.18	+0.138%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.11	+0.090%	$68K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.14	+0.112%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.532%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0036%	8h	145.12	+0.097%	$30.8M	$25.9M	200x	as long as short
Binance AAVEUSDT	+0.0037%	8h	145.09	+0.077%	$66.1M	$185.5M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	145.09	+0.073%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	145.20	+0.150%	$181K	$244K	10x	as long as short
Orderly PERP_AAVE_USDClong	+0.0049%	8h	144.98	long leg	$18K	$12K	10x
OKX AAVE-USDT-SWAP	+0.0053%	8h	144.99	+0.007%	$17.6M	$66.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.27	+0.201%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0064%	8h	145.10	+0.083%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.18	+0.135%	$123K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0094%	8h	144.79	−0.134%	$457K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.32	+0.237%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.13	+0.104%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.13	+0.100%	$803K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.23	+0.172%	$79.8M	$33.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.18	+0.136%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.14	+0.112%	$331K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.05	+0.048%	$61.6M	$65.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.16	+0.124%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.07	+0.065%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.11	+0.090%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.10	+0.083%	$30.3M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.12	+0.097%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.21	+0.159%	$347K	$727K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.67	−0.216%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.72	−0.180%	$103K	$315K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.77	−0.145%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.18	+0.138%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.07	+0.065%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.25	+0.185%	$696K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.11	+0.090%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.10	+0.080%	$931K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0145%	8h	145.11	+0.090%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.14	+0.109%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.06	+0.055%	$787K	$3.0M	50x	as long as short