Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.009%

Price spread now: Binance against Phoenix−0.064%85s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.064% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.0 days of funding at the current rate (+$2 a day). The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	140.81	0.0028	pay 0.0004% / 1h	30m 00s	$4K	$81K	10x
Short	Binance AAVEUSDT	140.72	0.0100	get 0.0100% / 8h	5h 30m	$63.4M	$160.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.064%Rate

Funding earned: $15.09
Price spread: −0.064% → 0.000%: −$6.39
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$8.31
Costs to cover: 0.170%
Break-even: 10.9 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 6 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.35 bp	5.7 bp −$6	13.4 bp −$134	45.1 bp −$4,515	153.5 bp −$76.8K

Phoenix: 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 exchanges

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
SoDEX AAVE-USD	−0.0105%	1h	140.67	−0.099%	$7K	$224K	10x	as long as short
01 Exchange AAVEUSD	−0.0072%	1h	140.68	−0.092%	$10K	$1K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	140.70	−0.079%	$101K	$6K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.71	−0.071%	$51K	$1.3M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.73	−0.057%	$207K	$304K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.72	−0.067%	$78K	—	150x	as long as short
Bybit AAVEUSDT	+0.0012%	8h	140.68	−0.092%	$60.6M	$58.9M	75x	as long as short
Phoenix AAVElong	+0.0028%	1h	140.81	long leg	$4K	$81K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.734%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	140.61	−0.145%	—	—	20x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AAVEUSDT	+0.0081%	8h	140.67	−0.099%	$3.9M	$3.6M	50x	as long as short
Variational Omni AAVE	+0.0082%	8h	140.61	−0.141%	$3.6M	$761K	—	as long as short
Orderly PERP_AAVE_USDC	+0.0085%	8h	140.69	−0.085%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	140.81	−0.003%	$4.5M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	140.62	−0.133%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	140.62	−0.135%	$808K	$305K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	140.87	+0.043%	$77.5M	$28.0M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.77	−0.025%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.71	−0.068%	$343K	$307K	10x	as long as short
Binance AAVEUSDTshort	+0.0100%	8h	140.72	−0.064%	$63.4M	$160.3M	75x
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.71	−0.071%	$16.2M	$51.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	140.79	−0.014%	$94K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.70	−0.078%	$8.1M	$13.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.70	−0.078%	$22.3M	$22.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.72	−0.064%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.73	−0.057%	$29.0M	$15.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.66	−0.107%	—	$43.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	140.84	+0.021%	$385K	$596K	10x	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.67	−0.096%	$108K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.28	+0.334%	$447K	$3.1M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.94	+0.092%	$131K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.77	−0.028%	$133K	$365K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.65	−0.116%	$1K	$1.1M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.00	+0.138%	$638K	$1.4M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.19	+0.270%	$163K	$108K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.63	−0.131%	$909K	$1.4M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.70	−0.075%	$119K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	140.77	−0.031%	$171K	$212K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.71	−0.071%	$3.2M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	140.87	+0.043%	$747K	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0254% / S −0.0365%	1h	140.76	−0.035%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0308%	1h	140.77	−0.029%	$3.4M	$1.8M	50x	as long as short