Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h +0.008%

Price spread now: BingX against Phoenix−0.173%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$3 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. BingX is 0.173% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.173% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 4.0 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.025% in total) that is about 48 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	144.53	−0.0044	get 0.0005% / 1h	21m 25s	$5K	$101K	10x
Short	BingX AAVE-USDC	144.28	0.0100	get 0.0100% / 8h	2h 21m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.173%Rate

Funding earned: $30.21
Price spread: −0.173% → 0.000%: −$17.3
Slippage, 4 orders: −$40.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$44.12
Costs to cover: 0.570%
Break-even: 17.2 days

Slippage from Phoenix: live order book, 32 min ago; BingX: live order book, 9 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 Phoenix live order book, 32 min ago	0.69 bp	13.8 bp −$14	54.2 bp −$542	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.69 bp	14.6 bp −$15	40.6 bp −$406	241.8 bp −$24.2K	609.3 bp −$304.6K

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	−0.0373%	1h	144.34	−0.131%	$248K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0197%	1h	144.30	−0.159%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0136%	1h	144.30	−0.159%	$11K	$2K	5x	as long as short
Phoenix AAVElong	−0.0044%	1h	144.53	long leg	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.47	−0.041%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.40	−0.090%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.40	−0.091%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.44	−0.063%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.238%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.16	−0.254%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX AAVE-USDT-SWAP	+0.0049%	8h	144.31	−0.152%	$17.4M	$66.0M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0050%	1h	144.35	−0.125%	$134K	$229K	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	144.30	−0.159%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0052%	8h	144.22	−0.214%	$7.7M	$15.9M	75x	as long as short
Binance AAVEUSDT	+0.0053%	8h	144.28	−0.173%	$65.7M	$184.5M	75x	as long as short
MEXC AAVE_USDT	+0.0054%	8h	144.17	−0.249%	$31.3M	$26.3M	200x	as long as short
GRVT AAVE_USDT_Perp	+0.0088%	8h	144.39	−0.098%	$460K	$3.9M	10x	as long as short
Nado AAVE-PERP	+0.0092%	1h	144.35	−0.123%	$801K	$436K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.55	+0.012%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.33	−0.138%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.35	−0.122%	$180K	$243K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.33	−0.138%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.37	−0.111%	$80.2M	$33.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.36	−0.118%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.38	−0.101%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.34	−0.131%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.31	−0.152%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.21	−0.221%	$10.2M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.29	−0.166%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDCshort	+0.0100%	8h	144.28	−0.173%	—	$6.5M	—
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.53	0.000%	$377K	$704K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.87	+0.235%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.40	−0.088%	$101K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.37	−0.111%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.16	−0.259%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.75	+0.155%	$720K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.32	−0.145%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.33	−0.135%	$61K	$3K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.28	−0.173%	$929K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0176%	8h	144.42	−0.076%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.118%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.39	−0.095%	$124K	—	100x	as long as short