Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Phemex+0.077%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$450.452% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.077%, 7d avg +0.009%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.068% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	142.00	0.0100	pay 0.0100% / 8h	1h 34m	$4.0M	$3.6M	50x
Short	Backpack AAVE_USDC_PERP	142.11	0.0100	get 0.0013% / 1h	34m 41s	$374K	$742K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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 PhemexbpFee BackpackbpOrdersPrice spread, now +0.077%Rate

Funding earned: $0
Price spread: +0.077% → +0.009%: $6.81
Slippage, 4 orders: −$23.15
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.34
Costs to cover: 0.452%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Backpack: live order book, 9 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 Phemex live order book, 4 min ago	2.46 bp	17.4 bp −$17	24.8 bp −$248	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	0.35 bp	6.6 bp −$7	215.8 bp −$2,158	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
dYdX AAVE-USD	0.0000%	1h	142.03	+0.019%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.99	−0.007%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.95	−0.035%	$216K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.06	+0.039%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.549%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.93	−0.047%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0070%	1h	141.95	−0.032%	$821K	$401K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0078%	8h	141.96	−0.028%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	142.23	+0.162%	$4K	$108K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.11	+0.079%	$4.5M	$2.4M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	141.91	−0.061%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.06	+0.039%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.00	−0.003%	$324K	$450K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.00	+0.003%	$63.9M	$191.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.95	−0.035%	$61.1M	$68.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.97	−0.021%	$16.9M	$65.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.06	+0.042%	$63K	$197K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.00	0.000%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.00	0.000%	$24.6M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.01	+0.007%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.98	−0.014%	$29.0M	$18.4M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.97	−0.021%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	142.11	+0.077%	$374K	$742K	10x
Variational Omni AAVE	+0.0100%	8h	142.03	+0.021%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.20	+0.138%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.27	+0.192%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.28	+0.197%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.05	+0.035%	$141K	$472K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.94	−0.043%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.96	−0.028%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.10	+0.068%	$674K	$5.3M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	142.00	long leg	$4.0M	$3.6M	50x
Bulk AAVE-USD	+0.0100%	1h	142.36	+0.250%	$57K	−$0	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.94	−0.041%	$905K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.96	−0.028%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	142.03	+0.021%	$10K	$2K	5x	as long as short
Hyperliquid AAVE	+0.0151%	1h	142.17	+0.120%	$77.7M	$37.1M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.98	−0.014%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.98	−0.013%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.03	+0.023%	$192K	$263K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.00	0.000%	$753K	$2.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0317%	1h	142.06	+0.043%	$3.4M	$2.1M	50x	as long as short