Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0144%/8h= −15.8% APRpaid last 24h −0.019%

Price spread now: Phoenix against SunX+0.249%69s7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1601.603% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 3 days (all we have)−0.391%−$39 · spread now +0.249%, 7d avg +0.065%

Together, before fees−0.454%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.184% dearer against SunX than usual: you sell high and buy low (spread +0.249% now, against its 7-day average of +0.065%): +$18 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 7 days (−0.063% in total) that is about 20 days. The two prices were read 69 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	SunX AAVE-USDT	144.44	0.0100	pay 0.0100% / 8h	2h 21m	$1K	$1.3M	20x
Short	Phoenix AAVE	144.80	−0.0044	pay 0.0005% / 1h	21m 43s	$5K	$101K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.249%Rate

Funding earned: −$30.21
Price spread: +0.249% → +0.065%: $18.4
Slippage, 4 orders: −$145.34
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$172.15
Costs to cover: 1.603%
Break-even: never at this rate

Slippage from SunX: live order book, 2 min ago; Phoenix: live order book, 31 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 SunX live order book, 2 min ago	44.88 bp	66.7 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 31 min ago	0.69 bp	13.8 bp −$14	46.4 bp −$464	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	−0.0373%	1h	144.45	+0.007%	$249K	$483K	50x	as long as short
SoDEX AAVE-USD	−0.0192%	1h	144.41	−0.021%	$5K	$299K	10x	as long as short
01 Exchange AAVEUSD	−0.0128%	1h	144.38	−0.042%	$11K	$2K	5x	as long as short
Phoenix AAVEshort	−0.0044%	1h	144.80	+0.249%	$5K	$101K	10x
dYdX AAVE-USD	0.0000%	1h	144.47	+0.021%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.40	−0.028%	$71K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.52	+0.057%	$70K	—	150x	as long as short
Kraken Futures PF_AAVEUSD	+0.0012%	1h	144.52	+0.057%	$3.4M	$2.1M	50x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.179%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	144.45	+0.010%	—	—	20x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni AAVEUSDT	+0.0047%	1h	144.75	+0.215%	$135K	$229K	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.30	−0.097%	$17.4M	$66.0M	50x	as long as short
Orderly PERP_AAVE_USDC	+0.0052%	8h	144.41	−0.021%	$18K	$12K	10x	as long as short
Gate AAVE_USDT	+0.0052%	8h	144.34	−0.069%	$7.7M	$15.9M	75x	as long as short
Binance AAVEUSDT	+0.0053%	8h	144.32	−0.084%	$65.7M	$184.5M	75x	as long as short
MEXC AAVE_USDT	+0.0054%	8h	144.34	−0.069%	$31.4M	$26.3M	200x	as long as short
Nado AAVE-PERP	+0.0091%	1h	144.34	−0.069%	$801K	$436K	10x	as long as short
GRVT AAVE_USDT_Perp	+0.0092%	8h	144.76	+0.221%	$456K	$3.9M	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.55	+0.074%	$4.6M	$1.6M	10x	as long as short
Aevo AAVE-PERP	+0.0096%	1h	144.46	+0.014%	$122K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0097%	1h	144.35	−0.060%	$180K	$243K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.33	−0.075%	$14K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.53	+0.062%	$80.3M	$33.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.36	−0.055%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.38	−0.039%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.38	−0.042%	$61.4M	$65.4M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.31	−0.090%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.43	−0.007%	$10.3M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.31	−0.090%	$30.1M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.34	−0.069%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	144.53	+0.062%	$377K	$704K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	144.87	+0.298%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	144.67	+0.161%	$101K	$312K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.54	+0.069%	$126K	$468K	10x	as long as short
SunX AAVE-USDTlong	+0.0100%	8h	144.44	long leg	$1K	$1.3M	20x
HTX AAVE-USDT	+0.0100%	8h	144.75	+0.217%	$720K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.45	+0.007%	$4.1M	$3.8M	50x	as long as short
Bulk AAVE-USD	+0.0100%	1h	144.33	−0.073%	$61K	$3K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.30	−0.098%	$929K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0176%	8h	144.42	−0.014%	$3.5M	$5.3M	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0248%	1h	144.36	−0.055%	$777K	$3.0M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0266% / S −0.0438%	1h	144.54	+0.067%	$124K	—	100x	as long as short