Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.019%

Price spread now: dYdX against Orderly−0.043%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on dYdX

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.043% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	141.67	0.0086	pay 0.0086% / 8h	5h 54m	$17K	$2K	10x
Short	dYdX AAVE-USD	141.61	0	get 0.0000% / 1h	54m 40s	$102K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$17.97
Price spread: −0.043% → 0.000%: −$4.32
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$38.3
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 57 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 dYdX live order book, 57 min ago	114.61 bp	124.5 bp −$125	124.6 bp −$1,246	167.9 bp −$16.8K	626.0 bp −$313.0K

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 exchanges

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	−0.0808%	1h	141.61	−0.042%	$208K	$323K	50x	as long as short
SoDEX AAVE-USD	−0.0126%	1h	141.68	+0.007%	$7K	$242K	10x	as long as short
dYdX AAVE-USDshort	0.0000%	1h	141.61	−0.043%	$102K	$6K	10x
01 Exchange AAVEUSD	0.0000%	1h	141.71	+0.028%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.66	−0.007%	$45K	$1.3M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.89	+0.152%	$79K	—	150x	as long as short
Phemex AAVEUSDT	+0.0015%	8h	141.64	−0.021%	$3.9M	$3.6M	50x	as long as short
Bybit AAVEUSDT	+0.0020%	8h	141.58	−0.064%	$61.2M	$59.8M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.325%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0041%	1h	141.82	+0.106%	$132K	$221K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	141.63	−0.031%	—	—	20x	as long as short
Phoenix AAVE	+0.0062%	1h	141.94	+0.191%	$4K	$81K	10x	as long as short
Orderly PERP_AAVE_USDClong	+0.0086%	8h	141.67	long leg	$17K	$2K	10x
Lighter AAVE	+0.0096%	1h	141.78	+0.077%	$4.6M	$2.2M	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	141.67	−0.001%	$3.7M	$692K	—	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.56	−0.079%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.66	−0.004%	$814K	$310K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.72	+0.035%	$77.8M	$27.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.68	+0.007%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.63	−0.031%	$345K	$312K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.59	−0.056%	$63.7M	$162.5M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.59	−0.056%	$16.4M	$52.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.73	+0.042%	$94K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.62	−0.035%	$8.2M	$13.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.58	−0.064%	$21.9M	$21.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.62	−0.035%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.57	−0.071%	$29.2M	$15.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.60	−0.049%	—	$43.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.80	+0.092%	$388K	$601K	10x	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.78	+0.077%	$109K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.84	+0.121%	$453K	$3.1M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.73	+0.042%	$134K	$370K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.68	+0.009%	$1K	$1.1M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.12	+0.318%	$659K	$1.4M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.78	+0.078%	$164K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.54	−0.093%	$913K	$1.5M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.69	+0.013%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	141.66	−0.009%	$172K	$206K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.69	+0.014%	$3.3M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	141.87	+0.141%	$752K	$2.2M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.71	+0.028%	$110K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0306%	1h	141.78	+0.077%	$3.5M	$1.9M	50x	as long as short