Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.023%

Price spread now: edgeX against Phoenix−0.445%7-day average −0.076% · you buy dearer than you sell

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

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.337%+$34 · spread now −0.445%, 7d avg −0.076%

Together, before fees+0.403%+ Points / potential airdropedgeX: Active · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.369% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.445% now, against its 7-day average of −0.076%). If the spread goes back, that is −$37 on $10k: about 13 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.066% in total) that is about 39 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	144.47	0.0006	pay 0.0001% / 1h	2m 00s	$5K	$98K	10x
Short	edgeX AAVEUSDC	143.83	0.0100	get 0.0050% / 4h	2h 02m	$104K	$318K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.445%Rate

Funding earned: $19.84
Price spread: −0.445% → −0.076%: −$36.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$33.07
Costs to cover: 0.160%
Break-even: 18.7 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 1 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 edgeX live order book, 1 min ago	3.46 bp	8.1 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit

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 41 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	−0.0034%	1h	144.54	+0.047%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0032%	1h	144.42	−0.035%	$11K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.32	−0.106%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.28	−0.132%	$71K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	144.43	−0.028%	$245K	$370K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.53	+0.039%	$70K	—	150x	as long as short
Phoenix AAVElong	+0.0006%	1h	144.47	long leg	$5K	$98K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.198%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.46	−0.009%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0044%	8h	144.45	−0.014%	$18K	$10K	10x	as long as short

Show all 41 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0087%	8h	144.47	0.000%	$26.6M	$25.0M	200x	as long as short
Binance AAVEUSDT	+0.0087%	8h	144.44	−0.024%	$65.1M	$182.0M	75x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.47	−0.002%	$200K	$229K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0090%	8h	144.37	−0.069%	$17.3M	$64.1M	50x	as long as short
Lighter AAVE	+0.0096%	1h	144.66	+0.129%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.39	−0.053%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.38	−0.062%	$803K	$415K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.56	+0.062%	$78.2M	$35.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.52	+0.036%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.39	−0.055%	$329K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.42	−0.035%	$61.8M	$64.1M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.44	−0.021%	$45K	$181K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.49	+0.014%	$7.8M	$15.2M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.48	+0.007%	$10.8M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.49	+0.014%	$30.1M	$17.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	144.47	0.000%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.54	+0.048%	$323K	$718K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.02	−0.312%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDCshort	+0.0100%	4h	143.83	−0.445%	$104K	$318K	20x
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.07	−0.277%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.85	−0.429%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.52	+0.035%	$126K	$421K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.42	−0.033%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.43	−0.028%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.58	+0.075%	$700K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.51	+0.028%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	−0.280%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.38	−0.062%	$917K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	144.45	−0.014%	$122K	$146	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0254% / S −0.0399%	1h	144.53	+0.039%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.53	+0.042%	$776K	$2.8M	50x	as long as short