Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0085%/8h= +9.4% APRpaid last 24h +0.034%

Price spread now: BloFin against Phoenix−0.041%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.204%+$20 on $10k

Price spread, last 3 days (all we have)+0.106%+$11 · spread now −0.041%, 7d avg −0.046%

Together, before fees+0.310%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	145.87	0	get 0.0000% / 1h	34m 09s	$5K	$102K	10x
Short	BloFin AAVE-USDT	145.81	0.0085	get 0.0085% / 8h	7h 34m	$3.5M	$4.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.041%Rate

Funding earned: $17.95
Price spread: −0.041% → −0.046%: $0.49
Slippage, 4 orders: −$26.11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$26.66
Costs to cover: 0.451%
Break-even: 17.4 days

Slippage from Phoenix: live order book, 19 min ago; BloFin: live order book, 4 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, 19 min ago	0.69 bp	13.8 bp −$14	53.9 bp −$539	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.69 bp	9.1 bp −$9	14.9 bp −$149	28.8 bp −$2,878	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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.25	+0.260%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0144%	1h	146.18	+0.213%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0109%	1h	146.13	+0.178%	$5K	$305K	10x	as long as short
Phemex AAVEUSDT	−0.0060%	8h	146.16	+0.199%	$4.2M	$3.8M	50x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0024%	1h	146.17	+0.206%	$255K	$369K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.21	+0.230%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.10	+0.158%	$77K	$1.5M	3.4x	as long as short
Phoenix AAVElong	0.0000%	1h	145.87	long leg	$5K	$102K	10x
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.19	+0.221%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0020%	8h	146.07	+0.139%	$66.2M	$185.0M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0021%	8h	146.15	+0.192%	$29.2M	$25.8M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.108%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.09	+0.153%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0047%	8h	146.11	+0.165%	$18K	$10K	10x	as long as short
Gate AAVE_USDT	+0.0049%	8h	146.15	+0.192%	$7.9M	$15.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0060%	8h	146.13	+0.178%	$17.9M	$66.9M	50x	as long as short
Bybit AAVEUSDT	+0.0065%	8h	146.09	+0.151%	$62.5M	$65.3M	75x	as long as short
ApeX Omni AAVEUSDT	+0.0067%	1h	146.03	+0.110%	$136K	$230K	50x	as long as short
GRVT AAVE_USDT_Perp	+0.0069%	8h	145.92	+0.034%	$462K	$3.9M	10x	as long as short
BloFin AAVE-USDTshort	+0.0085%	8h	145.81	−0.041%	$3.5M	$4.0M	100x
Aevo AAVE-PERP	+0.0088%	1h	146.16	+0.202%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.36	+0.334%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.12	+0.174%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.11	+0.168%	$799K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.20	+0.226%	$79.8M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.18	+0.211%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.12	+0.171%	$334K	$503K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.20	+0.226%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.72	−0.103%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.15	+0.192%	$10.1M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.07	+0.137%	$30.3M	$18.1M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.13	+0.178%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.23	+0.247%	$333K	$741K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.87	+0.002%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.87	+0.001%	$105K	$317K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.24	+0.254%	$128K	$427K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.14	+0.188%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.27	+0.274%	$710K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.10	+0.155%	$932K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.23	+0.247%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0363%	1h	146.20	+0.229%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.14	+0.185%	$786K	$3.1M	50x	as long as short