Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0012%/8h= +1.4% APRpaid last 24h —

Price spread now: Phemex against Reya−0.136%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 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 0.136% cheaper against Reya than usual: you would sell low and buy high (spread −0.136% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 36 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya AAVERUSDPERP	145.86	0.0044	pay 0.0006% / 1h	52m 11s	—	—	20x
Short	Phemex AAVEUSDT	145.66	0.0057	get 0.0057% / 8h	7h 52m	$4.1M	$3.8M	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

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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 −0.136%Rate

Funding earned: $2.61
Price spread: −0.136% → 0.000%: −$13.56
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.95
Costs to cover: 0.180%
Break-even: 84.6 days

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 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 Phemex live order book, 2 min ago	3.09 bp	11.6 bp −$12	18.9 bp −$189	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
ApeX Omni AAVEUSDT	−0.0529%	1h	145.50	−0.245%	$135K	$229K	50x	as long as short
Kraken Futures PF_AAVEUSD	−0.0185%	1h	145.70	−0.106%	$3.5M	$2.1M	50x	as long as short
01 Exchange AAVEUSD	−0.0128%	1h	145.96	+0.070%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0092%	1h	145.56	−0.204%	$5K	$305K	10x	as long as short
Gate AAVE_USDT	−0.0035%	8h	145.57	−0.197%	$7.8M	$15.2M	75x	as long as short
GRVT AAVE_USDT_Perp	−0.0027%	8h	145.42	−0.299%	$456K	$3.9M	10x	as long as short
dYdX AAVE-USD	0.0000%	1h	145.63	−0.159%	$104K	$5K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	145.59	−0.184%	$77K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	145.79	−0.046%	$5K	$102K	10x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	145.85	−0.005%	$255K	$391K	50x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	145.98	+0.085%	$71K	—	150x	as long as short
Binance AAVEUSDT	+0.0024%	8h	145.52	−0.232%	$66.0M	$187.6M	75x	as long as short
MEXC AAVE_USDT	+0.0024%	8h	145.57	−0.197%	$29.1M	$25.6M	200x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.100%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPlong	+0.0044%	1h	145.86	long leg	—	—	20x
Orderly PERP_AAVE_USDC	+0.0051%	8h	145.72	−0.094%	$18K	$12K	10x	as long as short
Phemex AAVEUSDTshort	+0.0057%	8h	145.66	−0.136%	$4.1M	$3.8M	50x
OKX AAVE-USDT-SWAP	+0.0063%	8h	145.45	−0.280%	$17.8M	$67.1M	50x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	145.69	−0.115%	$123K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	145.73	−0.085%	$4.7M	$1.5M	10x	as long as short
BloFin AAVE-USDT	+0.0099%	8h	145.63	−0.156%	$3.5M	$4.1M	100x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	145.61	−0.170%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	145.92	+0.043%	$798K	$449K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	145.63	−0.156%	$79.5M	$35.4M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	145.69	−0.115%	$1.3M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	145.63	−0.156%	$332K	$504K	10x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	145.48	−0.259%	$62.1M	$66.0M	75x	as long as short
Arcus AAVE-USD	+0.0100%	1h	145.93	+0.050%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	145.52	−0.228%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	145.69	−0.115%	$10.0M	$8.8M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	145.52	−0.232%	$30.2M	$18.3M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	145.55	−0.211%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	145.62	−0.163%	$348K	$742K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	145.84	−0.015%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	145.42	−0.300%	$105K	$316K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	145.96	+0.070%	$128K	$454K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	145.93	+0.046%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.30	+0.305%	$689K	$5.1M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	145.60	−0.174%	$934K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	145.97	+0.075%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0269% / S −0.0449%	1h	145.98	+0.087%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.08	+0.152%	$784K	$3.1M	50x	as long as short