Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0056%/8h= +6.1% APRnext payment +$0.07 per $10,000 · paid last 24h —

Price spread now: Backpack against Reya+0.093%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 0.093% dearer against Reya than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya AAVERUSDPERP	144.25	0.0044	pay 0.0006% / 1h	54m 40s	—	—	20x
Short	Backpack AAVE_USDC_PERP	144.38	0.0100	get 0.0013% / 1h	54m 40s	$381K	$709K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.093%Rate

Funding earned: $11.73
Price spread: +0.093% → 0.000%: $9.34
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $5.07
Costs to cover: 0.160%
Break-even: 4.0 days

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 29 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 29 min ago	0.35 bp	6.6 bp −$7	84.5 bp −$845	doesn't fit	doesn't fit

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
ApeX Omni AAVEUSDT	−0.0330%	1h	143.45	−0.551%	$133K	$229K	50x	as long as short
01 Exchange AAVEUSD	−0.0200%	1h	144.15	−0.066%	$11K	$2K	5x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0166%	1h	144.23	−0.011%	$253K	$480K	50x	as long as short
SoDEX AAVE-USD	−0.0047%	1h	144.21	−0.024%	$5K	$298K	10x	as long as short
Phoenix AAVE	−0.0044%	1h	143.73	−0.357%	$5K	$100K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	144.25	+0.002%	$103K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	144.25	+0.003%	$67K	$1.5M	3.4x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	144.26	+0.009%	$70K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−5.051%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0038%	8h	144.23	−0.011%	$31.1M	$25.7M	200x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance AAVEUSDT	+0.0039%	8h	144.14	−0.076%	$65.4M	$185.5M	75x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	144.25	long leg	—	—	20x
Nado AAVE-PERP	+0.0045%	1h	144.26	+0.010%	$799K	$438K	10x	as long as short
RISEx AAVE/USDC	+0.0046%	1h	144.25	+0.002%	$179K	$246K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0048%	8h	144.18	−0.045%	$18K	$12K	10x	as long as short
Bulk AAVE-USD	+0.0049%	1h	143.56	−0.475%	$60K	$3K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0051%	8h	144.12	−0.087%	$17.4M	$66.2M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0054%	1h	144.36	+0.076%	$3.5M	$2.1M	50x	as long as short
Gate AAVE_USDT	+0.0060%	8h	144.22	−0.018%	$7.8M	$15.8M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0085%	8h	143.56	−0.477%	$450K	$3.9M	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	144.21	−0.027%	$122K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	144.41	+0.114%	$4.6M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	144.22	−0.018%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	144.32	+0.052%	$79.2M	$33.8M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	144.25	+0.006%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	144.24	−0.006%	$329K	$505K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	144.16	−0.059%	$61.2M	$65.6M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	144.22	−0.018%	$50K	$273K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	144.21	−0.024%	$9.9M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	144.21	−0.024%	$30.0M	$18.3M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	144.21	−0.024%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERPshort	+0.0100%	1h	144.38	+0.093%	$381K	$709K	10x
Variational Omni AAVE	+0.0100%	8h	143.96	−0.196%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.62	−0.437%	$101K	$313K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	144.30	+0.038%	$126K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	144.21	−0.027%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	144.35	+0.075%	$718K	$4.9M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	144.20	−0.031%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	144.20	−0.034%	$924K	$1.8M	50x	as long as short
BloFin AAVE-USDT	+0.0156%	8h	144.28	+0.024%	$3.4M	$5.3M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	144.26	+0.007%	$124K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0272%	1h	143.80	−0.309%	$772K	$3.0M	50x	as long as short