Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.292%

Price spread now: Deribit against Phemex+0.007%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$440.441% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.496%−$50 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now +0.007%, 7d avg −0.030%

Together, before fees−0.489%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.037% dearer against Phemex than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.030%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	141.04	0.0100	pay 0.0100% / 8h	7h 35m	$3.9M	$3.6M	50x
Short	Deribit AAVE_USDC-PERPETUAL	141.05	−0.0104	pay 0.0013% / 1h	35m 20s	$213K	$392K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$42.84
Price spread: +0.007% → −0.030%: $3.67
Slippage, 4 orders: −$25.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$83.31
Costs to cover: 0.441%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Deribit: live order book, 59 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, 3 min ago	1.77 bp	14.6 bp −$15	19.7 bp −$197	doesn't fit	doesn't fit
Sell Deribit live order book, 59 min ago	4.60 bp	8.1 bp −$8	16.1 bp −$161	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
Deribit AAVE_USDC-PERPETUALshort	−0.0104%	1h	141.05	+0.007%	$213K	$392K	50x
dYdX AAVE-USD	0.0000%	1h	141.10	+0.045%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.13	+0.064%	$53K	$1.4M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.09	+0.037%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.893%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.99	−0.033%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	141.06	+0.014%	$17K	$8K	10x	as long as short
01 Exchange AAVEUSD	+0.0096%	1h	141.23	+0.135%	$10K	$2K	5x	as long as short
Phoenix AAVE	+0.0096%	1h	141.12	+0.057%	$4K	$99K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.11	+0.050%	$13K	$4K	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado AAVE-PERP	+0.0100%	1h	141.12	+0.053%	$825K	$401K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.22	+0.128%	$77.1M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.10	+0.041%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.15	+0.078%	$329K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.04	0.000%	$63.4M	$191.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.05	+0.007%	$60.8M	$69.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.06	+0.014%	$16.6M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.23	+0.135%	$94K	$225K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.17	+0.090%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.10	+0.043%	$8.1M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.13	+0.064%	$22.7M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.11	+0.050%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.10	+0.043%	$28.7M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.09	+0.035%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.05	+0.008%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.14	+0.073%	$109K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.19	+0.106%	$451K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.32	+0.199%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.22	+0.128%	$134K	$474K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.06	+0.018%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.03	−0.007%	$5K	$299K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.15	+0.079%	$664K	$5.3M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	141.04	long leg	$3.9M	$3.6M	50x
Extended AAVE-USD	+0.0104%	1h	140.98	−0.040%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.07	+0.019%	$119K	$146	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0174%	1h	141.27	+0.163%	$384K	$732K	10x	as long as short
Lighter AAVE	+0.0176%	1h	141.25	+0.147%	$4.5M	$2.5M	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.02	−0.014%	$751K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.03	−0.007%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.22	+0.127%	$171K	$299K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0249%	1h	141.11	+0.049%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.08	+0.029%	$110K	—	100x	as long as short