Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.007%

Price spread now: Variational Omni against Phoenix−0.141%54s7-day average −0.086% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.141%, 7d avg −0.086%

Together, before fees−0.084%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.141% now, against its 7-day average of −0.086%). If the spread goes back, that is −$5 on $10k: about 17 days of funding at the current rate ($0 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	142.23	0.0089	pay 0.0011% / 1h	34m 21s	$4K	$108K	10x
Short	Variational Omni AAVE	142.03	0.0100	get 0.0100% / 8h	1h 34m	$3.7M	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.141%Rate

Funding earned: $2.29
Price spread: −0.141% → −0.086%: −$5.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.2
Costs to cover: 0.070%
Break-even: 38.1 days

Slippage unknown: Phoenix: live order book, 65 min ago; Variational Omni: RFQ quote, 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 live order book, 65 min ago	0.70 bp	14.0 bp −$14	54.4 bp −$544	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	3.10 bp	doesn't fit	11.2 bp −$112	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	142.03	−0.143%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.99	−0.169%	$51K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.95	−0.197%	$216K	$396K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.06	−0.123%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.705%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	141.91	−0.223%	—	—	20x	as long as short
Nado AAVE-PERP	+0.0070%	1h	141.96	−0.190%	$821K	$400K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0078%	8h	141.96	−0.190%	$18K	$10K	10x	as long as short
Phoenix AAVElong	+0.0089%	1h	142.23	long leg	$4K	$108K	10x
Lighter AAVE	+0.0096%	1h	142.11	−0.083%	$4.5M	$2.4M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	141.95	−0.195%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.02	−0.150%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.03	−0.143%	$324K	$450K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.98	−0.176%	$63.9M	$191.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.94	−0.204%	$61.1M	$68.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.96	−0.190%	$16.9M	$65.3M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.09	−0.098%	$63K	$197K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.97	−0.183%	$8.0M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.97	−0.183%	$24.6M	$24.0M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.99	−0.169%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.97	−0.183%	$29.0M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.96	−0.190%	—	$43.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.11	−0.084%	$374K	$742K	10x	as long as short
Variational Omni AAVEshort	+0.0100%	8h	142.03	−0.141%	$3.7M	$1.3M	—
edgeX AAVEUSDC	+0.0100%	4h	142.20	−0.024%	$107K	$283K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.27	+0.030%	$447K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.28	+0.035%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.00	−0.162%	$140K	$472K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.94	−0.205%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.96	−0.190%	$5K	$312K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.10	−0.094%	$674K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.00	−0.162%	$4.0M	$3.6M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.36	+0.088%	$57K	−$0	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.92	−0.217%	$905K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.96	−0.189%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	142.04	−0.134%	$10K	$2K	5x	as long as short
Hyperliquid AAVE	+0.0150%	1h	142.14	−0.063%	$77.7M	$37.1M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.98	−0.176%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.98	−0.175%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.05	−0.128%	$192K	$263K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.00	−0.162%	$753K	$2.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0317%	1h	142.06	−0.119%	$3.4M	$2.1M	50x	as long as short