Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.001%

Price spread now: Phemex against Pacifica−0.007%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

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

costs, in and out, $10k−$420.423% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.007%, 7d avg −0.006%

Together, before fees+0.185%+ Points / potential airdropPacifica: Active · farm board+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica AAVE	141.77	0.0100	pay 0.0013% / 1h	19m 45s	$345K	$319K	10x
Short	Phemex AAVEUSDT	141.76	0.0055	get 0.0055% / 8h	6h 19m	$3.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$9.4
Price spread: −0.007% → −0.006%: −$0.1
Slippage, 4 orders: −$22.27
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$51.78
Costs to cover: 0.423%
Break-even: never at this rate

Slippage from Pacifica: live order book, 31 min ago; Phemex: live order book, 2 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 Pacifica live order book, 31 min ago	1.07 bp	13.1 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.70 bp	11.2 bp −$11	20.2 bp −$202	doesn't fit	doesn't fit

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
SoDEX AAVE-USD	−0.0110%	1h	141.75	−0.014%	$6K	$241K	10x	as long as short
ApeX Omni AAVEUSDT	−0.0070%	1h	141.55	−0.155%	$132K	$221K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.80	+0.018%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.83	+0.042%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.84	+0.049%	$42K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.79	+0.014%	$210K	$354K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.90	+0.094%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.393%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.72	−0.039%	—	—	20x	as long as short
Bybit AAVEUSDT	+0.0048%	8h	141.71	−0.042%	$61.1M	$62.3M	75x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAVEUSDTshort	+0.0055%	8h	141.76	−0.007%	$3.9M	$3.6M	50x
Phoenix AAVE	+0.0062%	1h	141.72	−0.035%	$4K	$97K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	141.74	−0.021%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.89	+0.084%	$4.6M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.66	−0.079%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.76	−0.005%	$814K	$319K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.93	+0.113%	$77.9M	$31.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.81	+0.032%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVElong	+0.0100%	1h	141.77	long leg	$345K	$319K	10x
Binance AAVEUSDT	+0.0100%	8h	141.67	−0.069%	$63.8M	$170.7M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.74	−0.021%	$16.5M	$55.1M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.90	+0.092%	$94K	$206K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.80	+0.021%	$164K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.76	−0.007%	$8.1M	$14.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.74	−0.021%	$22.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.74	−0.021%	$10.3M	$9.3M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.70	−0.049%	$29.3M	$16.6M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.75	−0.014%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.78	+0.004%	$3.7M	$724K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.58	−0.135%	$109K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.58	−0.134%	$452K	$3.3M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.92	+0.106%	$134K	$400K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.75	−0.018%	$1K	$1.2M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.93	+0.111%	$663K	$1.5M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.66	−0.080%	$916K	$1.6M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.82	+0.038%	$120K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0106%	1h	141.86	+0.063%	$387K	$634K	10x	as long as short
RISEx AAVE/USDC	+0.0164%	1h	141.89	+0.085%	$172K	$204K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0176%	1h	141.86	+0.062%	$3.4M	$1.9M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.86	+0.063%	$3.3M	$3.4M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0232%	1h	142.00	+0.162%	$753K	$2.3M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.82	+0.034%	$110K	—	100x	as long as short