Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Nado against Phemex−0.201%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now −0.201%, 7d avg −0.043%

Together, before fees−0.213%+ Points / potential airdropNado: Active · farm board−$21 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: Nado is 0.158% cheaper against Phemex than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	140.81	0.0100	pay 0.0100% / 8h	7h 28m	$3.9M	$3.6M	50x
Short	Nado AAVE-PERP	140.53	0.0100	get 0.0012% / 1h	28m 17s	$834K	$405K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.201%Rate

Funding earned: $0
Price spread: −0.201% → −0.043%: −$15.78
Slippage, 4 orders: −$21.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$56.06
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	2.49 bp	12.9 bp −$13	19.3 bp −$193	doesn't fit	doesn't fit
Sell Nado live order book, 5 min ago	0.71 bp	6.4 bp −$6	12.4 bp −$124	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-PERPETUAL	−0.0034%	1h	140.72	−0.064%	$211K	$393K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	140.70	−0.078%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.61	−0.142%	$53K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.66	−0.109%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.734%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.59	−0.154%	—	—	20x	as long as short
SoDEX AAVE-USD	+0.0072%	1h	140.69	−0.085%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	+0.0080%	1h	140.51	−0.213%	$10K	$2K	5x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	140.70	−0.078%	$17K	$8K	10x	as long as short
Phoenix AAVE	+0.0096%	1h	140.68	−0.092%	$4K	$99K	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	140.59	−0.159%	$13K	$4K	20x	as long as short
Nado AAVE-PERPshort	+0.0100%	1h	140.53	−0.201%	$834K	$405K	10x
Hyperliquid AAVE	+0.0100%	1h	140.69	−0.085%	$76.8M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.80	−0.007%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.61	−0.145%	$342K	$409K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.79	−0.014%	$63.1M	$192.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	140.81	0.000%	$60.7M	$69.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.82	+0.007%	$16.5M	$64.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	140.61	−0.142%	$94K	$228K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	140.61	−0.142%	$162K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.64	−0.121%	$8.2M	$16.3M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.81	0.000%	$22.5M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.76	−0.036%	$10.1M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.67	−0.099%	$28.6M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.63	−0.128%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.62	−0.134%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.59	−0.158%	$108K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	140.66	−0.107%	$440K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.59	−0.156%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.68	−0.092%	$133K	$474K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.46	−0.251%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	140.72	−0.067%	$662K	$5.3M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	140.81	long leg	$3.9M	$3.6M	50x
Extended AAVE-USD	+0.0104%	1h	140.64	−0.119%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.76	−0.037%	$119K	$146	10x	as long as short
Lighter AAVE	+0.0120%	1h	140.89	+0.056%	$4.5M	$2.5M	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0169%	1h	140.82	+0.007%	$384K	$736K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	140.68	−0.092%	$750K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.69	−0.085%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	140.54	−0.191%	$171K	$301K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0250%	1h	140.79	−0.016%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	140.66	−0.108%	$109K	—	100x	as long as short