Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0011%/8h= +1.3% APRpaid last 24h +0.003%

Price spread now: MEXC against Phoenix−0.292%7-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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 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. MEXC is 0.292% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.292% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$29 on $10k: about 3 months of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	143.75	0.0089	pay 0.0011% / 1h	9m 07s	$5K	$98K	10x
Short	MEXC AAVE_USDT	143.33	0.0100	get 0.0100% / 8h	5h 09m	$25.9M	$23.7M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.292%Rate

Funding earned: $2.4
Price spread: −0.292% → 0.000%: −$29.22
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$33.82
Costs to cover: 0.070%
Break-even: 105.6 days

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	4.52 bp	4.5 bp −$5	4.8 bp −$48	39.0 bp −$3,904	97.7 bp −$48.8K

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 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
01 Exchange AAVEUSD	−0.0048%	1h	143.35	−0.278%	$10K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0029%	1h	143.33	−0.292%	$227K	$389K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	143.45	−0.211%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.60	−0.104%	$59K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.38	−0.256%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.723%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	143.29	−0.319%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0045%	8h	143.30	−0.313%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0057%	1h	143.35	−0.278%	$828K	$433K	10x	as long as short
Phoenix AAVElong	+0.0089%	1h	143.75	long leg	$5K	$98K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	143.52	−0.163%	$4.6M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.39	−0.250%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	143.47	−0.195%	$77.6M	$34.9M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	143.43	−0.224%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.40	−0.244%	$326K	$434K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.32	−0.299%	$64.1M	$182.6M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.34	−0.285%	$61.2M	$64.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.35	−0.278%	$17.2M	$63.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.39	−0.250%	$44K	$179K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.07	+0.226%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.35	−0.278%	$7.8M	$15.2M	75x	as long as short
MEXC AAVE_USDTshort	+0.0100%	8h	143.33	−0.292%	$25.9M	$23.7M	200x
KuCoin AAVEUSDTM	+0.0100%	8h	143.42	−0.230%	$10.7M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.33	−0.292%	$30.0M	$17.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.36	−0.271%	—	$43.8M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	143.42	−0.230%	$320K	$691K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	143.66	−0.065%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.67	−0.057%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.74	−0.006%	$451K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.90	+0.104%	$134K	$219K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.38	−0.257%	$128K	$422K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.35	−0.278%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.34	−0.285%	$5K	$301K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.55	−0.139%	$691K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	143.43	−0.223%	$4.1M	$3.7M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.30	−0.315%	$913K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.03	−0.499%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0195%	1h	143.42	−0.227%	$184K	$237K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.36	−0.271%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0263% / S −0.0420%	1h	143.37	−0.261%	$124K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0268%	1h	143.48	−0.188%	$3.5M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	143.93	+0.125%	$782K	$2.8M	50x	as long as short