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 Hyperliquid−0.148%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Reya is 0.148% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid AAVE	146.26	0.0100	pay 0.0013% / 1h	10m 21s	$80.6M	$34.7M	10x
Short	Reya AAVERUSDPERP	146.04	0.0044	get 0.0006% / 1h	10m 21s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hyperliquid. 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 HyperliquidbpFee ReyabpOrdersPrice spread, now −0.148%Rate

Funding earned: −$11.73
Price spread: −0.148% → 0.000%: −$14.78
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$41.51
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 3 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 Hyperliquid live order book, 3 min ago	0.34 bp	5.9 bp −$6	11.5 bp −$115	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	−0.260%	$5K	$305K	10x	as long as short
01 Exchange AAVEUSD	−0.0040%	1h	146.22	−0.027%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0027%	1h	146.26	0.000%	$5K	$99K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0024%	1h	146.05	−0.144%	$255K	$391K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.08	−0.123%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.79	−0.321%	$83K	$1.5M	3.4x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.00	−0.175%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.21	−0.038%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0032%	8h	146.10	−0.109%	$29.8M	$26.1M	200x	as long as short
Binance AAVEUSDT	+0.0032%	8h	145.90	−0.246%	$66.5M	$186.8M	75x	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	−6.359%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	146.04	−0.148%	—	—	20x
Orderly PERP_AAVE_USDC	+0.0052%	8h	146.00	−0.178%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0068%	8h	146.00	−0.178%	$17.9M	$67.6M	50x	as long as short
Gate AAVE_USDT	+0.0074%	8h	146.13	−0.089%	$7.9M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.98	−0.190%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.09	−0.115%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.13	−0.090%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.15	−0.075%	$804K	$445K	10x	as long as short
Hyperliquid AAVElong	+0.0100%	1h	146.26	long leg	$80.6M	$34.7M	10x
Aster AAVEUSDT	+0.0100%	8h	146.11	−0.100%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.14	−0.083%	$333K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.90	−0.246%	$62.2M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.20	−0.041%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.23	−0.018%	$61K	$360	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.16	−0.068%	$10.0M	$8.7M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.93	−0.226%	$30.3M	$18.2M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.10	−0.109%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.02	−0.164%	$347K	$744K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.93	−0.223%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.13	−0.089%	$105K	$316K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.16	−0.066%	$461K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	146.12	−0.096%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.24	−0.014%	$128K	$454K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.17	−0.059%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.09	−0.113%	$691K	$5.1M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.99	−0.185%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.87	−0.266%	$940K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.25	−0.007%	$185K	$247K	10x	as long as short
BloFin AAVE-USDT	+0.0130%	8h	145.93	−0.226%	$3.5M	$4.1M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.17	−0.060%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.27	+0.007%	$789K	$3.0M	50x	as long as short