Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0056%/8h= −6.1% APRnext payment −$0.07 per $10,000 · paid last 24h —

Price spread now: Reya against Backpack+0.099%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.099% dearer against Backpack than usual: you sell high and buy low (spread +0.099% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack AAVE_USDC_PERP	145.90	0.0100	pay 0.0013% / 1h	9m 47s	$346K	$744K	10x
Short	Reya AAVERUSDPERP	146.04	0.0044	get 0.0006% / 1h	9m 47s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Backpack. 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 BackpackbpFee ReyabpOrdersPrice spread, now +0.099%Rate

Funding earned: −$11.73
Price spread: +0.099% → 0.000%: $9.86
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$17.87
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Reya: no order-book sample. 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 Backpack live order book, 4 min ago	0.34 bp	6.4 bp −$6	74.9 bp −$749	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
SoDEX AAVE-USD	−0.0116%	1h	145.88	−0.014%	$5K	$305K	10x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	146.22	+0.219%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	146.26	+0.247%	$5K	$99K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0024%	1h	146.05	+0.103%	$255K	$391K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.46	−0.300%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.79	−0.075%	$83K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.00	+0.072%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.21	+0.209%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0031%	8h	145.44	−0.313%	$66.3M	$187.0M	75x	as long as short
MEXC AAVE_USDT	+0.0032%	8h	145.45	−0.308%	$29.7M	$26.1M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.127%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	146.04	+0.099%	—	—	20x
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.00	+0.069%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0068%	8h	145.48	−0.288%	$17.8M	$67.4M	50x	as long as short
Gate AAVE_USDT	+0.0074%	8h	145.77	−0.089%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.98	+0.056%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.85	−0.036%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.50	−0.277%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.15	+0.171%	$804K	$445K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.91	+0.007%	$80.5M	$34.7M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.75	−0.102%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.54	−0.250%	$332K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.46	−0.302%	$62.0M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.20	+0.206%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.23	+0.228%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.51	−0.267%	$9.9M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.76	−0.096%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.75	−0.103%	—	$44.1M	—	as long as short
Backpack AAVE_USDC_PERPlong	+0.0100%	1h	145.90	long leg	$346K	$744K	10x
Variational Omni AAVE	+0.0100%	8h	145.93	+0.023%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.13	+0.158%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.16	+0.180%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.12	+0.151%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.24	+0.233%	$128K	$454K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.17	+0.187%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.09	+0.134%	$691K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.99	+0.062%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.71	−0.133%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.25	+0.240%	$185K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0130%	8h	145.93	+0.021%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.17	+0.186%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.27	+0.254%	$789K	$3.0M	50x	as long as short