Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.023%

Price spread now: Extended against Orderly−0.035%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 Extended

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.035% cheaper against Orderly than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	144.53	0.0049	pay 0.0049% / 8h	1h 26m	$18K	$12K	10x
Short	Extended AAVE-USD	144.48	0.0104	get 0.0013% / 1h	26m 13s	$931K	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.035%Rate

Funding earned: $11.47
Price spread: −0.035% → 0.000%: −$3.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$3.01
Costs to cover: 0.110%
Break-even: 8.8 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 2 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 Extended live order book, 2 min ago	2.42 bp	6.7 bp −$7	23.9 bp −$239	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	−0.0152%	1h	144.55	+0.014%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0096%	1h	144.54	+0.007%	$254K	$480K	50x	as long as short
SoDEX AAVE-USD	−0.0063%	1h	144.51	−0.014%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0045%	1h	144.37	−0.111%	$5K	$100K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.77	+0.166%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.53	0.000%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.60	+0.052%	$70K	—	150x	as long as short
MEXC AAVE_USDT	+0.0032%	8h	144.54	+0.007%	$30.7M	$25.8M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.238%	$422	$51K	12x	as long as short
Binance AAVEUSDT	+0.0034%	8h	144.55	+0.014%	$65.8M	$185.6M	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	144.52	−0.010%	—	—	20x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.57	+0.029%	$180K	$246K	10x	as long as short
Orderly PERP_AAVE_USDClong	+0.0049%	8h	144.53	long leg	$18K	$12K	10x
OKX AAVE-USDT-SWAP	+0.0052%	8h	144.53	0.000%	$17.5M	$66.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.61	+0.053%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0057%	8h	144.53	0.000%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.57	+0.028%	$122K	$146	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0091%	8h	144.70	+0.121%	$455K	$3.8M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.72	+0.129%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.55	+0.017%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.54	+0.007%	$800K	$436K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.68	+0.104%	$79.5M	$34.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.62	+0.059%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.67	+0.099%	$330K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.53	0.000%	$61.4M	$65.8M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.52	−0.007%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.27	−0.182%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.53	0.000%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.52	−0.007%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.55	+0.014%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.82	+0.201%	$380K	$712K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.42	−0.078%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.59	+0.042%	$103K	$314K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	144.77	+0.166%	$135K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.61	+0.055%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.49	−0.031%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.67	+0.100%	$693K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.47	−0.042%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USDshort	+0.0104%	1h	144.48	−0.035%	$931K	$1.8M	50x
BloFin AAVE-USDT	+0.0131%	8h	144.61	+0.055%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.60	+0.050%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	144.79	+0.180%	$784K	$3.0M	50x	as long as short