Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Variational Omni against Reya−0.406%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 Variational Omni

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 · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.406% cheaper against Reya than usual: you would sell low and buy high (spread −0.406% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$41 on $10k: about 24 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	146.14	0.0044	pay 0.0006% / 1h	57m 02s	—	—	20x
Short	Variational Omni AAVE	145.55	0.0100	get 0.0100% / 8h	57m 02s	$3.8M	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.406%Rate

Funding earned: $11.73
Price spread: −0.406% → 0.000%: −$40.61
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.88
Costs to cover: 0.060%
Break-even: 27.8 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	3.09 bp	doesn't fit	11.0 bp −$110	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
Phoenix AAVE	−0.0045%	1h	146.30	+0.110%	$5K	$99K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	−0.0024%	1h	146.19	+0.035%	$256K	$417K	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	146.29	+0.100%	$104K	$5K	10x	as long as short
01 Exchange AAVEUSD	0.0000%	1h	146.19	+0.035%	$11K	$2K	5x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.21	+0.049%	$74K	$1.5M	3.4x	as long as short
SoDEX AAVE-USD	+0.0002%	1h	146.17	+0.021%	$5K	$298K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0002%	1h	146.28	+0.095%	$3.5M	$2.1M	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.22	+0.052%	$71K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.281%	$422	$51K	12x	as long as short
MEXC AAVE_USDT	+0.0042%	8h	146.18	+0.028%	$30.6M	$25.5M	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	+0.0043%	8h	146.17	+0.024%	$66.6M	$185.1M	75x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	146.14	long leg	—	—	20x
Orderly PERP_AAVE_USDC	+0.0050%	8h	146.15	+0.008%	$18K	$12K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0065%	8h	146.21	+0.049%	$17.9M	$67.5M	50x	as long as short
Gate AAVE_USDT	+0.0074%	8h	146.19	+0.035%	$7.9M	$15.8M	75x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.19	+0.038%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.38	+0.162%	$4.7M	$1.6M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.18	+0.026%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.13	−0.009%	$809K	$437K	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.20	+0.044%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.20	+0.039%	$334K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	146.22	+0.056%	$62.4M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.16	+0.015%	$51K	$273K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.79	−0.239%	$61K	$3K	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.16	+0.015%	$10.0M	$8.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.19	+0.035%	$30.6M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.17	+0.021%	—	$6.5M	—	as long as short
Variational Omni AAVEshort	+0.0100%	8h	145.55	−0.406%	$3.8M	$1.4M	—
edgeX AAVEUSDC	+0.0100%	4h	145.73	−0.278%	$105K	$315K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	145.61	−0.363%	$460K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	145.79	−0.239%	$136K	$229K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.22	+0.056%	$128K	$466K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.16	+0.016%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.35	+0.143%	$701K	$5.0M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	146.11	−0.020%	$4.1M	$3.8M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.15	+0.005%	$936K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0106%	1h	146.20	+0.045%	$186K	$246K	10x	as long as short
BloFin AAVE-USDT	+0.0163%	8h	146.17	+0.021%	$3.5M	$4.0M	100x	as long as short
Hyperliquid AAVE	+0.0216%	1h	146.35	+0.145%	$80.8M	$34.2M	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0219%	1h	146.27	+0.090%	$353K	$733K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0267% / S −0.0438%	1h	146.22	+0.054%	$126K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0280%	1h	146.43	+0.199%	$795K	$3.1M	50x	as long as short