AAVE arbitrage explained
Right now Aave (AAVE) trades on 11 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $171.63 and the highest bid on OKX spot at $171.78.
The widest AAVE perpetual spread is between Bybit and Hyperliquid: long AAVE on Bybit at $171.63 and short on Hyperliquid at $171.72 for +0.05% gross, or -0.11% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.027% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best AAVE route is to buy spot on Bybit and short the perpetual on Hyperliquid: -0.01% gross, -0.21% net, with +0.030% a day of funding on the short leg.
Spot–spot AAVE arbitrage (buy on Bybit, withdraw, deposit and sell on OKX) shows +0.02% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small AAVE gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: AAVE funding rates · AAVE spread charts · Aave price · arbitrage scanner for all coins.