Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0056%/8h= +6.1% APRnext payment +$0.07 per $10,000 · paid last 24h —

Price spread now: Bulk against Reya−0.175%7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bulk

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

Funding pays, the price is against you. Bulk is 0.175% cheaper against Reya than usual: you would sell low and buy high (spread −0.175% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 10 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya AAVERUSDPERP	146.04	0.0044	pay 0.0006% / 1h	17m 23s	—	—	20x
Short	Bulk AAVE-USD	145.79	0.0100	get 0.0013% / 1h	17m 23s	$59K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.175%Rate

Funding earned: $11.73
Price spread: −0.175% → 0.000%: −$17.54
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$18.81
Costs to cover: 0.130%
Break-even: 18.2 days

Slippage unknown: Reya: no order-book sample; Bulk: 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 Reya no order-book sample	—	—	—	—	—
Sell Bulk no order-book sample	—	—	—	—	—

Reya and Bulk: 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
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.27	+0.153%	$3.5M	$2.0M	50x	as long as short
01 Exchange AAVEUSD	−0.0160%	1h	146.11	+0.046%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0096%	1h	146.09	+0.032%	$5K	$305K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.19	+0.100%	$104K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.07	+0.019%	$77K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.33	+0.197%	$5K	$102K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	146.13	+0.060%	$255K	$369K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.12	+0.052%	$71K	—	150x	as long as short
MEXC AAVE_USDT	+0.0021%	8h	146.14	+0.067%	$28.9M	$25.8M	200x	as long as short
Binance AAVEUSDT	+0.0022%	8h	146.16	+0.082%	$66.2M	$183.5M	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	−6.219%	$422	$51K	12x	as long as short
Gate AAVE_USDT	+0.0036%	8h	146.18	+0.094%	$7.9M	$15.3M	75x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	146.04	long leg	—	—	20x
Orderly PERP_AAVE_USDC	+0.0045%	8h	146.07	+0.019%	$18K	$10K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0063%	8h	146.16	+0.080%	$17.9M	$66.3M	50x	as long as short
Phemex AAVEUSDT	+0.0065%	8h	146.24	+0.135%	$4.2M	$3.8M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0074%	1h	146.56	+0.354%	$136K	$231K	50x	as long as short
BloFin AAVE-USDT	+0.0085%	8h	146.04	−0.002%	$3.5M	$3.5M	100x	as long as short
Bybit AAVEUSDT	+0.0086%	8h	146.16	+0.080%	$62.6M	$65.0M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.15	+0.072%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.35	+0.212%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.12	+0.054%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.19	+0.104%	$799K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.28	+0.161%	$79.7M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.19	+0.098%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.18	+0.094%	$334K	$503K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.19	+0.101%	$46K	$278K	10x	as long as short
Bulk AAVE-USDshort	+0.0100%	1h	145.79	−0.175%	$59K	$2K	10x
KuCoin AAVEUSDTM	+0.0100%	8h	146.20	+0.108%	$11.1M	$9.0M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.07	+0.019%	$30.3M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.09	+0.032%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.28	+0.162%	$334K	$735K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.44	+0.273%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.46	+0.288%	$106K	$317K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	146.48	+0.299%	$464K	$3.7M	10x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.22	+0.121%	$127K	$416K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.78	−0.176%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.39	+0.238%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.10	+0.042%	$939K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.21	+0.117%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0364%	1h	146.04	−0.005%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.41	+0.251%	$785K	$2.9M	50x	as long as short