Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0074%/8h= +8.1% APRnext payment +$0.09 per $10,000 · paid last 24h —

Price spread now: Phoenix against Reya−0.033%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 Phoenix

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. Phoenix is 0.033% cheaper against Reya than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 36 hours 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	142.06	0.0044	pay 0.0006% / 1h	22m 48s	—	—	20x
Short	Phoenix AAVE	142.01	0.0118	get 0.0015% / 1h	22m 48s	$4K	$106K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.033%Rate

Funding earned: $15.45
Price spread: −0.033% → 0.000%: −$3.3
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.85
Costs to cover: 0.130%
Break-even: 7.4 days

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 17 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 Phoenix live order book, 17 min ago	0.70 bp	14.0 bp −$14	46.6 bp −$466	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
dYdX AAVE-USD	0.0000%	1h	142.34	+0.202%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.16	+0.073%	$49K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.20	+0.101%	$216K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.19	+0.094%	$79K	—	150x	as long as short
Nado AAVE-PERP	+0.0031%	1h	142.10	+0.034%	$832K	$403K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.588%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	142.06	long leg	—	—	20x
Orderly PERP_AAVE_USDC	+0.0069%	8h	142.22	+0.115%	$18K	$10K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	142.17	+0.078%	$13K	$4K	20x	as long as short
Hyperliquid AAVE	+0.0100%	1h	142.39	+0.234%	$77.8M	$37.1M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster AAVEUSDT	+0.0100%	8h	142.30	+0.169%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.22	+0.112%	$325K	$447K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.39	+0.233%	$63.9M	$191.0M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.46	+0.284%	$61.1M	$68.3M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.46	+0.284%	$17.0M	$64.5M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.23	+0.122%	$63K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.34	+0.198%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.33	+0.192%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.32	+0.185%	$25.1M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.31	+0.178%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.27	+0.150%	$29.1M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	142.34	+0.199%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.03	−0.018%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.94	−0.082%	$105K	$280K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.34	+0.199%	$454K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.04	−0.012%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.16	+0.073%	$140K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.12	+0.044%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.22	+0.115%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.49	+0.303%	$679K	$5.2M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.23	+0.122%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.29	+0.162%	$901K	$1.7M	50x	as long as short
01 Exchange AAVEUSD	+0.0104%	1h	142.18	+0.087%	$10K	$2K	5x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.22	+0.113%	$120K	$146	10x	as long as short
Phoenix AAVEshort	+0.0118%	1h	142.01	−0.033%	$4K	$106K	10x
Backpack AAVE_USDC_PERP	+0.0139%	1h	142.33	+0.192%	$337K	$730K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	142.19	+0.094%	$190K	$253K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.17	+0.080%	$3.3M	$3.5M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0238%	1h	142.30	+0.174%	$3.4M	$2.1M	50x	as long as short
Lighter AAVE	+0.0248%	1h	142.50	+0.310%	$4.5M	$2.4M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.16	+0.071%	$111K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	142.17	+0.080%	$758K	$2.8M	50x	as long as short