Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h —

Price spread now: Reya against Phemex+0.056%7-day average — · you sell dearer than you buy

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

Long on Phemex 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 0.056% dearer against Phemex than usual: you sell high and buy low (spread +0.056% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	142.77	0.0100	pay 0.0100% / 8h	4h 24m	$4.0M	$3.7M	50x
Short	Reya AAVERUSDPERP	142.85	0.0044	get 0.0006% / 1h	24m 52s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Phemex. 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 PhemexbpFee ReyabpOrdersPrice spread, now +0.056%Rate

Funding earned: −$11.73
Price spread: +0.056% → 0.000%: $5.6
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$24.13
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: 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 Phemex live order book, 4 min ago	1.75 bp	11.5 bp −$11	20.1 bp −$201	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
01 Exchange AAVEUSD	−0.0152%	1h	142.76	−0.007%	$10K	$2K	5x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.73	−0.031%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.92	+0.105%	$46K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.89	+0.084%	$219K	$401K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.87	+0.071%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0010%	1h	142.77	0.000%	$841K	$446K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.069%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	142.85	+0.056%	—	—	20x
Orderly PERP_AAVE_USDC	+0.0048%	8h	142.86	+0.063%	$18K	$10K	10x	as long as short
Phoenix AAVE	+0.0056%	1h	143.03	+0.182%	$4K	$102K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter AAVE	+0.0096%	1h	142.96	+0.130%	$4.5M	$2.0M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.66	−0.077%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.89	+0.084%	$76.9M	$35.5M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.81	+0.029%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.71	−0.043%	$327K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.90	+0.091%	$63.9M	$186.4M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.87	+0.070%	$61.1M	$67.1M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.88	+0.077%	$17.1M	$64.2M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.87	+0.070%	$64K	$205K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.50	−0.893%	$57K	$2K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.85	+0.056%	$8.1M	$15.9M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.90	+0.091%	$25.2M	$23.8M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.90	+0.091%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.76	−0.007%	$29.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.88	+0.077%	—	$43.8M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.91	+0.098%	$336K	$719K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.60	−0.120%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.62	−0.108%	$103K	$278K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.67	−0.071%	$459K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.71	−0.042%	$133K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.92	+0.105%	$125K	$386K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.82	+0.038%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.88	+0.077%	$5K	$292K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.95	+0.129%	$688K	$5.2M	75x	as long as short
Phemex AAVEUSDTlong	+0.0100%	8h	142.77	long leg	$4.0M	$3.7M	50x
Extended AAVE-USD	+0.0104%	1h	142.85	+0.054%	$896K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.90	+0.091%	$121K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.85	+0.058%	$178K	$242K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.80	+0.021%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.87	+0.072%	$112K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0324%	1h	142.98	+0.148%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.95	+0.126%	$793K	$2.8M	50x	as long as short