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: Phemex against Reya−0.068%46s7-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 Phemex

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. Phemex is 0.068% cheaper against Reya than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.0 days of funding at the current rate (+$2 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya AAVERUSDPERP	142.00	0.0044	pay 0.0006% / 1h	46m 15s	—	—	20x
Short	Phemex AAVEUSDT	141.90	0.0100	get 0.0100% / 8h	4h 46m	$4.0M	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.068%Rate

Funding earned: $11.73
Price spread: −0.068% → 0.000%: −$6.78
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.05
Costs to cover: 0.180%
Break-even: 14.8 days

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	4.23 bp	28.3 bp −$28	36.7 bp −$367	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
01 Exchange AAVEUSD	−0.0176%	1h	141.96	−0.026%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0037%	1h	142.19	+0.136%	$5K	$298K	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	142.14	+0.104%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.88	−0.082%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.12	+0.087%	$220K	$399K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.09	+0.069%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.547%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	142.00	long leg	—	—	20x
Orderly PERP_AAVE_USDC	+0.0046%	8h	142.11	+0.080%	$18K	$10K	10x	as long as short
Nado AAVE-PERP	+0.0049%	1h	142.13	+0.091%	$842K	$447K	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0056%	1h	142.03	+0.024%	$4K	$102K	10x	as long as short
Lighter AAVE	+0.0096%	1h	142.06	+0.044%	$4.5M	$1.9M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.12	+0.089%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.17	+0.122%	$76.7M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.11	+0.078%	$1.2M	$1.3M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.07	+0.053%	$323K	$433K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.04	+0.033%	$63.6M	$185.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.07	+0.052%	$60.8M	$66.5M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.09	+0.066%	$17.0M	$63.7M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.15	+0.108%	$63K	$204K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.07	+0.052%	$8.0M	$15.6M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.08	+0.059%	$25.1M	$23.6M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.04	+0.031%	$10.5M	$9.2M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.00	+0.003%	$28.9M	$18.2M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.02	+0.017%	—	$44.0M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	142.05	+0.038%	$337K	$715K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	142.06	+0.045%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.89	−0.074%	$102K	$279K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.90	−0.070%	$448K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	141.88	−0.082%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.09	+0.066%	$122K	$384K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.05	+0.038%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.92	−0.056%	$683K	$5.2M	75x	as long as short
Phemex AAVEUSDTshort	+0.0100%	8h	141.90	−0.068%	$4.0M	$3.7M	50x
Bulk AAVE-USD	+0.0100%	1h	142.68	+0.479%	$58K	$2K	10x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.11	+0.078%	$895K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.17	+0.119%	$120K	$146	10x	as long as short
RISEx AAVE/USDC	+0.0136%	1h	142.12	+0.085%	$177K	$241K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.91	−0.061%	$3.3M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.08	+0.061%	$111K	—	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0325%	1h	142.27	+0.191%	$3.4M	$2.1M	50x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0336%	1h	142.12	+0.087%	$775K	$2.8M	50x	as long as short