Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0045%/8h= −4.9% APRnext payment −$0.06 per $10,000 · paid last 24h —

Price spread now: Reya against Phoenix−0.182%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Reya

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 against this trade now: funding costs −$1 a day on $10k at the current rate, and Reya is 0.182% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix AAVE	142.11	0.0089	pay 0.0011% / 1h	0m 43s	$4K	$108K	10x
Short	Reya AAVERUSDPERP	141.85	0.0044	get 0.0006% / 1h	0m 43s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Phoenix. 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 PhoenixbpFee ReyabpOrdersPrice spread, now −0.182%Rate

Funding earned: −$9.44
Price spread: −0.182% → 0.000%: −$18.16
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$40.59
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 34 min ago; Reya: 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 Phoenix live order book, 34 min ago	0.70 bp	14.0 bp −$14	54.0 bp −$540	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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	141.76	−0.247%	$101K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.92	−0.134%	$51K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.95	−0.113%	$215K	$398K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.93	−0.127%	$79K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.624%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	141.85	−0.182%	—	—	20x
Nado AAVE-PERP	+0.0070%	1h	141.90	−0.148%	$826K	$396K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0080%	8h	141.91	−0.141%	$18K	$7K	10x	as long as short
Phoenix AAVElong	+0.0089%	1h	142.11	long leg	$4K	$108K	10x
Lighter AAVE	+0.0096%	1h	141.93	−0.126%	$4.5M	$2.5M	10x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex AAVE-USD-PERP	+0.0100%	8h	141.80	−0.220%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.82	−0.206%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.79	−0.224%	$324K	$384K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.76	−0.246%	$63.7M	$188.8M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.80	−0.218%	$61.3M	$67.4M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.84	−0.190%	$16.9M	$63.9M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.95	−0.113%	$63K	$197K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.77	−0.243%	$160K	$103K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.87	−0.169%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.80	−0.218%	$24.2M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.77	−0.239%	$10.2M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.78	−0.232%	$29.0M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	141.81	−0.211%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	141.84	−0.190%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	141.99	−0.083%	$107K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.03	−0.056%	$443K	$3.7M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.08	−0.021%	$132K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.95	−0.113%	$141K	$470K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.89	−0.152%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	141.95	−0.113%	$5K	$285K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.09	−0.011%	$673K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	141.93	−0.127%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.82	−0.207%	$901K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.97	−0.095%	$120K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0112%	1h	141.93	−0.127%	$10K	$2K	5x	as long as short
Hyperliquid AAVE	+0.0152%	1h	141.89	−0.154%	$77.6M	$36.9M	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0167%	1h	142.00	−0.077%	$390K	$727K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.95	−0.113%	$3.3M	$3.5M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	141.91	−0.137%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	141.93	−0.124%	$188K	$273K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.29	+0.127%	$755K	$2.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0317%	1h	142.02	−0.062%	$3.4M	$2.1M	50x	as long as short