Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.06 per $10,000 · paid last 24h —

Price spread now: Reya against Lighter−0.112%7-day average — · you buy dearer than you sell

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

Long on Lighter 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 airdropLighter: Season 3 · 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 0.112% cheaper against Lighter than usual: you would sell low and buy high (−$11 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	Lighter AAVE	145.53	0.0096	pay 0.0012% / 1h	8m 37s	$4.7M	$1.6M	10x
Short	Reya AAVERUSDPERP	145.37	0.0044	get 0.0006% / 1h	8m 37s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Lighter. 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 LighterbpFee ReyabpOrdersPrice spread, now −0.112%Rate

Funding earned: −$10.89
Price spread: −0.112% → 0.000%: −$11.17
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.07
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: 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 Lighter live order book, 4 min ago	1.82 bp	4.2 bp −$4	10.3 bp −$103	38.6 bp −$3,860	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
01 Exchange AAVEUSD	−0.0128%	1h	145.27	−0.177%	$11K	$2K	5x	as long as short
Phoenix AAVE	−0.0045%	1h	145.09	−0.301%	$5K	$100K	10x	as long as short
SoDEX AAVE-USD	−0.0026%	1h	145.34	−0.129%	$5K	$298K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0025%	1h	145.35	−0.122%	$255K	$465K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.31	−0.152%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.40	−0.088%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.38	−0.100%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.888%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0038%	8h	145.33	−0.136%	$30.8M	$26.0M	200x	as long as short
Binance AAVEUSDT	+0.0039%	8h	145.33	−0.136%	$66.2M	$185.2M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya AAVERUSDPERPshort	+0.0044%	1h	145.37	−0.112%	—	—	20x
RISEx AAVE/USDC	+0.0046%	1h	145.30	−0.156%	$181K	$245K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.32	−0.143%	$18K	$12K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	145.44	−0.060%	$3.5M	$2.1M	50x	as long as short
OKX AAVE-USDT-SWAP	+0.0058%	8h	145.26	−0.184%	$17.6M	$67.0M	50x	as long as short
Gate AAVE_USDT	+0.0066%	8h	145.28	−0.170%	$7.8M	$15.9M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.38	−0.105%	$123K	$146	10x	as long as short
Lighter AAVElong	+0.0096%	1h	145.53	long leg	$4.7M	$1.6M	10x
GRVT AAVE_USDT_Perp	+0.0099%	8h	145.02	−0.348%	$458K	$3.8M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.31	−0.148%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.32	−0.145%	$804K	$437K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.46	−0.047%	$79.9M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.40	−0.086%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.35	−0.122%	$332K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.36	−0.115%	$62.0M	$65.9M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.28	−0.170%	$50K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.13	−0.276%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.32	−0.143%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.27	−0.177%	$30.3M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	145.28	−0.170%	—	$43.9M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.47	−0.040%	$348K	$723K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.04	−0.338%	$3.8M	$1.4M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.06	−0.323%	$104K	$315K	20x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.10	−0.294%	$135K	$228K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.43	−0.067%	$127K	$467K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.38	−0.100%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	145.50	−0.016%	$697K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	145.35	−0.122%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.23	−0.208%	$931K	$1.7M	50x	as long as short
BloFin AAVE-USDT	+0.0154%	8h	145.38	−0.102%	$3.5M	$4.0M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	145.37	−0.108%	$125K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	145.06	−0.322%	$787K	$3.0M	50x	as long as short