Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Bybit against Phemex−0.028%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

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

costs, in and out, $10k−$420.424% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)−0.282%−$28 · spread now −0.028%, 7d avg −0.033%

Together, before fees−0.389%−$39 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	141.97	0.0100	pay 0.0100% / 8h	4h 41m	$4.0M	$3.7M	50x
Short	Bybit AAVEUSDT	141.93	0.0100	get 0.0100% / 8h	4h 41m	$60.7M	$66.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → −0.033%: $0.51
Slippage, 4 orders: −$19.39
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.88
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bybit: 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 Phemex live order book, 2 min ago	1.05 bp	12.2 bp −$12	19.1 bp −$191	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.35 bp	8.6 bp −$9	15.1 bp −$151	73.1 bp −$7,312	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
01 Exchange AAVEUSD	−0.0176%	1h	141.89	−0.056%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.99	+0.018%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.96	−0.007%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.02	+0.035%	$220K	$399K	50x	as long as short
SoDEX AAVE-USD	+0.0002%	1h	142.02	+0.035%	$5K	$299K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.05	+0.058%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.529%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	142.02	+0.032%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0046%	1h	142.02	+0.035%	$841K	$447K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0046%	8h	142.02	+0.035%	$18K	$10K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0056%	1h	142.04	+0.049%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.07	+0.068%	$4.6M	$1.9M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.00	+0.022%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.08	+0.077%	$76.6M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.06	+0.065%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.04	+0.049%	$323K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.97	0.000%	$63.4M	$185.7M	75x	as long as short
Bybit AAVEUSDTshort	+0.0100%	8h	141.93	−0.028%	$60.7M	$66.6M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.95	−0.014%	$17.0M	$63.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.02	+0.035%	$63K	$204K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.12	+0.106%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.02	+0.035%	$8.0M	$15.7M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.01	+0.028%	$25.0M	$23.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.99	+0.014%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.91	−0.042%	$28.9M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.95	−0.014%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.07	+0.070%	$337K	$715K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.05	+0.055%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.83	−0.099%	$102K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.11	+0.099%	$449K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.11	+0.099%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.04	+0.049%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.94	−0.022%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.10	+0.089%	$684K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	141.97	long leg	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	141.96	−0.010%	$895K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.05	+0.057%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	141.96	−0.004%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.12	+0.106%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.04	+0.050%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0326%	1h	142.12	+0.102%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.20	+0.162%	$783K	$2.8M	50x	as long as short