Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0052%/8h= +5.7% APRnext payment +$0.06 per $10,000 · paid last 24h —

Price spread now: Lighter against Reya+0.207%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Lighter

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 · Lighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.207% dearer against Reya than usual: you sell high and buy low: +$21 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya AAVERUSDPERP	142.52	0.0044	pay 0.0006% / 1h	23m 11s	—	—	20x
Short	Lighter AAVE	142.82	0.0096	get 0.0012% / 1h	23m 11s	$4.5M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.207%Rate

Funding earned: $10.89
Price spread: +0.207% → 0.000%: $20.66
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $25.55
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Lighter: live order book, 5 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 Lighter live order book, 5 min ago	1.65 bp	2.8 bp −$3	18.3 bp −$183	55.7 bp −$5,573	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	142.69	+0.120%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	142.74	+0.153%	$50K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	142.70	+0.125%	$216K	$398K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	142.66	+0.098%	$80K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.903%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	142.52	long leg	—	—	20x
Nado AAVE-PERP	+0.0050%	1h	142.59	+0.044%	$828K	$395K	10x	as long as short
Orderly PERP_AAVE_USDC	+0.0079%	8h	142.67	+0.103%	$18K	$7K	10x	as long as short
Phoenix AAVE	+0.0089%	1h	142.81	+0.202%	$4K	$108K	10x	as long as short
Lighter AAVEshort	+0.0096%	1h	142.82	+0.207%	$4.5M	$2.5M	10x

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	142.65	+0.089%	$13K	$4K	20x	as long as short
Aster AAVEUSDT	+0.0100%	8h	142.70	+0.124%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	142.70	+0.126%	$326K	$385K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	142.60	+0.054%	$64.1M	$189.1M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	142.59	+0.047%	$61.5M	$67.5M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	142.61	+0.061%	$17.0M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	142.67	+0.103%	$64K	$197K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.07	−0.314%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	142.64	+0.082%	$8.0M	$16.0M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	142.61	+0.061%	$24.6M	$24.1M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	142.67	+0.103%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	142.68	+0.110%	$29.2M	$18.0M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	142.69	+0.117%	—	$6.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	142.76	+0.167%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	142.26	−0.187%	$107K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	142.35	−0.121%	$448K	$3.8M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	142.36	−0.114%	$132K	$222K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	142.64	+0.082%	$141K	$472K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	142.56	+0.026%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	142.69	+0.117%	$5K	$285K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	142.64	+0.080%	$675K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	142.61	+0.061%	$4.0M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	142.63	+0.075%	$905K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	142.72	+0.139%	$121K	$146	10x	as long as short
01 Exchange AAVEUSD	+0.0120%	1h	142.63	+0.075%	$10K	$2K	5x	as long as short
Backpack AAVE_USDC_PERP	+0.0130%	1h	142.82	+0.209%	$396K	$726K	10x	as long as short
Hyperliquid AAVE	+0.0189%	1h	142.80	+0.195%	$78.1M	$37.0M	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	142.70	+0.125%	$3.3M	$3.6M	100x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	142.67	+0.101%	$111K	—	100x	as long as short
RISEx AAVE/USDC	+0.0256%	1h	142.63	+0.074%	$192K	$274K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	142.23	−0.205%	$754K	$2.8M	50x	as long as short
Kraken Futures PF_AAVEUSD	+0.0316%	1h	142.79	+0.188%	$3.4M	$2.1M	50x	as long as short