Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h −0.001%

Price spread now: Phemex against Polymarket Perps−0.049%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.212%+$21 · spread now −0.049%, 7d avg −0.027%

Together, before fees+0.209%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.022% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps AAVE-USD	141.87	0.0100	pay 0.0013% / 1h	57m 01s	$134K	$370K	10x
Short	Phemex AAVEUSDT	141.80	0.0014	get 0.0014% / 8h	5h 57m	$3.9M	$3.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$18.1
Price spread: −0.049% → −0.027%: −$2.24
Slippage, 4 orders: −$20.98
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$61.32
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 53 min ago; Phemex: live order book, 5 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 Polymarket Perps live order book, 53 min ago	0.71 bp	10.2 bp −$10	14.6 bp −$146	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.17 bp	13.0 bp −$13	21.6 bp −$216	doesn't fit	doesn't fit

AAVE on 42 exchanges

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
SoDEX AAVE-USD	−0.0122%	1h	141.85	−0.014%	$7K	$242K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.89	+0.012%	$102K	$6K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	141.84	−0.021%	$10K	$1K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.86	−0.007%	$41K	$1.3M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.88	+0.007%	$208K	$329K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.89	+0.011%	$79K	—	150x	as long as short
Phemex AAVEUSDTshort	+0.0014%	8h	141.80	−0.049%	$3.9M	$3.6M	50x
Bybit AAVEUSDT	+0.0020%	8h	141.81	−0.042%	$61.4M	$59.9M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.461%	$422	$51K	12x	as long as short
ApeX Omni AAVEUSDT	+0.0041%	1h	141.82	−0.035%	$132K	$221K	50x	as long as short

Show all 42 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERP	+0.0044%	1h	141.77	−0.067%	—	—	20x	as long as short
Phoenix AAVE	+0.0062%	1h	141.94	+0.049%	$4K	$81K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0086%	8h	141.82	−0.035%	$17K	$2K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.05	+0.127%	$4.6M	$2.2M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.80	−0.050%	$13K	$444	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.79	−0.056%	$815K	$310K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.04	+0.120%	$78.0M	$28.2M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.90	+0.021%	$1.2M	$1.1M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.85	−0.014%	$346K	$312K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.84	−0.021%	$63.9M	$162.6M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.87	0.000%	$16.4M	$52.8M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.93	+0.042%	$95K	$205K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.87	0.000%	$8.2M	$13.5M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.85	−0.014%	$22.0M	$21.7M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.87	0.000%	$10.2M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.82	−0.035%	$29.3M	$15.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.85	−0.014%	—	$42.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	141.98	+0.078%	$386K	$600K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	141.71	−0.112%	$3.7M	$692K	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.75	−0.084%	$109K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.85	−0.014%	$453K	$3.2M	10x	as long as short
Polymarket Perps AAVE-USDlong	+0.0100%	1h	141.87	long leg	$134K	$370K	10x
SunX AAVE-USDT	+0.0100%	8h	141.78	−0.060%	$2K	$1.1M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.09	+0.159%	$659K	$1.4M	75x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.76	−0.074%	$164K	$106K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.80	−0.051%	$913K	$1.5M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.84	−0.025%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0112%	1h	141.90	+0.019%	$172K	$207K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.85	−0.014%	$3.3M	$3.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0240%	1h	142.03	+0.113%	$754K	$2.2M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0253% / S −0.0360%	1h	141.90	+0.018%	$110K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0306%	1h	141.97	+0.068%	$3.5M	$1.9M	50x	as long as short