Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against Phemex−5.277%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 5.277% cheaper against Phemex than usual: you would sell low and buy high (−$528 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	144.59	0.0100	pay 0.0100% / 8h	6h 48m	$4.1M	$3.8M	50x
Short	Injective AAVE/USDC PERP	136.96	0.0033	get 0.0004% / 1h	48m 19s	$422	$51K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −5.277%Rate

Funding earned: −$14
Price spread: −5.277% → 0.000%: −$527.7
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$553.72
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Injective: no order-book sample. 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 Phemex live order book, 5 min ago	1.74 bp	12.7 bp −$13	22.0 bp −$220	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Deribit AAVE_USDC-PERPETUAL	−1.9765%	1h	141.50	−2.137%	$246K	$362K	50x	as long as short
ApeX Omni AAVEUSDT	−0.0166%	1h	144.26	−0.228%	$134K	$230K	50x	as long as short
01 Exchange AAVEUSD	−0.0048%	1h	144.45	−0.097%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.49	−0.067%	$3.5M	$2.0M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.60	+0.008%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.51	−0.055%	$65K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.41	−0.124%	$70K	—	150x	as long as short
Phoenix AAVE	+0.0006%	1h	144.68	+0.062%	$5K	$98K	10x	as long as short
Injective AAVE/USDC PERPshort	+0.0033%	1h	136.96	−5.277%	$422	$51K	12x
MEXC AAVE_USDT	+0.0036%	8h	144.38	−0.145%	$27.6M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0039%	8h	144.36	−0.159%	$65.1M	$184.8M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.36	−0.159%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.29	−0.206%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	144.39	−0.138%	$17.5M	$66.1M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.42	−0.118%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.48	−0.075%	$183K	$231K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.75	+0.111%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.53	−0.041%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.47	−0.083%	$800K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.50	−0.062%	$78.5M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.52	−0.048%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.59	+0.001%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.38	−0.145%	$61.8M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.46	−0.090%	$45K	$199K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.56	−0.021%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.35	−0.166%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.47	−0.083%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.39	−0.138%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.37	−0.152%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.69	+0.069%	$325K	$750K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.247%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.86	−0.503%	$104K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.95	−0.444%	$455K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.47	−0.083%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.35	−0.168%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.42	−0.118%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.07	+0.333%	$704K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	144.59	long leg	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.39	−0.138%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0147%	8h	144.53	−0.041%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.38	−0.148%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.89	+0.207%	$777K	$2.9M	50x	as long as short