Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h +0.014%

Price spread now: KuCoin against Phoenix+0.014%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 4 days (all we have)−0.206%−$21 · spread now +0.014%, 7d avg −0.060%

Together, before fees−0.242%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.074% dearer against Phoenix than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.060%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.7 days. At the pace of the last 7 days (−0.036% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	141.19	0.0152	pay 0.0019% / 1h	17m 07s	$5K	$98K	10x
Short	KuCoin AAVEUSDTM	141.21	0.0100	get 0.0100% / 8h	17m 07s	$10.3M	$9.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$10.95
Price spread: +0.014% → −0.060%: $7.38
Slippage, 4 orders: −$41.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$64.52
Costs to cover: 0.609%
Break-even: never at this rate

Slippage from Phoenix: live order book, 78 min ago; KuCoin: live order book, 1 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, 78 min ago	0.70 bp	14.0 bp −$14	54.0 bp −$540	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	0.71 bp	18.4 bp −$18	34.3 bp −$343	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
dYdX AAVE-USD	0.0000%	1h	141.19	+0.001%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.15	−0.028%	$45K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.22	+0.021%	$213K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.20	+0.004%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.996%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.12	−0.051%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0083%	8h	141.18	−0.007%	$17K	$8K	10x	as long as short
Lighter AAVE	+0.0096%	1h	141.38	+0.135%	$4.5M	$2.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.14	−0.034%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.14	−0.035%	$826K	$399K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid AAVE	+0.0100%	1h	141.37	+0.127%	$77.2M	$37.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.26	+0.048%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.19	−0.003%	$328K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.25	+0.041%	$63.4M	$192.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.20	+0.007%	$60.7M	$69.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.25	+0.042%	$16.6M	$64.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.27	+0.057%	$91K	$221K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.24	+0.035%	$8.0M	$16.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.24	+0.035%	$22.6M	$24.3M	200x	as long as short
KuCoin AAVEUSDTMshort	+0.0100%	8h	141.21	+0.014%	$10.3M	$9.6M	75x
Bitget AAVEUSDT	+0.0100%	8h	141.23	+0.028%	$28.7M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.22	+0.021%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.89	−0.212%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.10	−0.065%	$108K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.19	+0.002%	$445K	$3.6M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.19	0.000%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.22	+0.021%	$133K	$483K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.13	−0.045%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.21	+0.014%	$5K	$297K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.35	+0.111%	$667K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.21	+0.014%	$3.9M	$3.6M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.18	−0.007%	$163K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.16	−0.022%	$909K	$1.8M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	141.19	0.000%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.23	+0.031%	$119K	$146	10x	as long as short
Phoenix AAVElong	+0.0152%	1h	141.19	long leg	$5K	$98K	10x
BloFin AAVE-USDT	+0.0220%	8h	141.21	+0.014%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0245%	1h	141.20	+0.004%	$189K	$292K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0251%	1h	141.36	+0.120%	$384K	$732K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.19	+0.001%	$110K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0256%	1h	141.28	+0.064%	$752K	$2.7M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0271%	1h	141.30	+0.080%	$3.4M	$2.1M	50x	as long as short