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 +0.022%

Price spread now: Phemex against Phoenix−0.200%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$510.510% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 3 days (all we have)+0.237%+$24 · spread now −0.200%, 7d avg −0.044%

Together, before fees+0.285%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.157% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.200% now, against its 7-day average of −0.044%). If the spread goes back, that is −$16 on $10k: about 5.5 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.048% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	144.68	0.0006	pay 0.0001% / 1h	46m 45s	$5K	$98K	10x
Short	Phemex AAVEUSDT	144.39	0.0100	get 0.0100% / 8h	6h 46m	$4.1M	$3.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.200%Rate

Funding earned: $19.84
Price spread: −0.200% → −0.044%: −$15.69
Slippage, 4 orders: −$32.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$46.88
Costs to cover: 0.510%
Break-even: 23.5 days

Slippage from Phoenix: live order book, 66 min ago; Phemex: live order book, 2 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, 66 min ago	0.69 bp	13.8 bp −$14	53.9 bp −$539	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	2.08 bp	11.2 bp −$11	19.3 bp −$193	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
Deribit AAVE_USDC-PERPETUAL	−1.9775%	1h	141.43	−2.246%	$246K	$362K	50x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	144.49	−0.131%	$11K	$2K	5x	as long as short
Kraken Futures PF_AAVEUSD	−0.0034%	1h	144.43	−0.172%	$3.5M	$2.0M	50x	as long as short
ApeX Omni AAVEUSDT	−0.0033%	1h	144.58	−0.069%	$134K	$230K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.32	−0.246%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.40	−0.194%	$65K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.44	−0.164%	$70K	—	150x	as long as short
Phoenix AAVElong	+0.0006%	1h	144.68	long leg	$5K	$98K	10x
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.336%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0040%	8h	144.36	−0.221%	$27.6M	$24.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0041%	8h	144.35	−0.231%	$65.1M	$185.1M	75x	as long as short
Orderly PERP_AAVE_USDC	+0.0043%	8h	144.38	−0.207%	$18K	$10K	10x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.37	−0.216%	—	—	20x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	144.31	−0.256%	$17.5M	$66.0M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.33	−0.239%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0089%	1h	144.37	−0.213%	$184K	$232K	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.50	−0.122%	$4.6M	$1.4M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.40	−0.192%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	144.44	−0.169%	$799K	$427K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.47	−0.145%	$78.5M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.40	−0.191%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.38	−0.208%	$330K	$435K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.29	−0.270%	$61.8M	$65.3M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.36	−0.221%	$45K	$188K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.44	−0.166%	$58K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	144.42	−0.180%	$7.8M	$15.0M	75x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.34	−0.235%	$10.8M	$9.1M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.30	−0.263%	$30.0M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.29	−0.270%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.47	−0.145%	$324K	$750K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.23	−0.309%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.51	−0.114%	$104K	$318K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	144.54	−0.095%	$456K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.45	−0.159%	$125K	$417K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.45	−0.161%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	144.36	−0.221%	$5K	$302K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.54	−0.098%	$701K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	144.39	−0.200%	$4.1M	$3.8M	50x
Extended AAVE-USD	+0.0104%	1h	144.26	−0.292%	$922K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0147%	8h	144.53	−0.104%	$3.4M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0235% / S −0.0366%	1h	144.43	−0.170%	$129K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	144.55	−0.090%	$775K	$2.8M	50x	as long as short