Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0068%/8h= −7.4% APRnext payment −$0.08 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−0.203%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Reya is 0.203% cheaper against Hyperliquid than usual: you would sell low and buy high (−$20 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	Hyperliquid AAVE	143.79	0.0112	pay 0.0014% / 1h	14m 42s	$78.5M	$37.2M	10x
Short	Reya AAVERUSDPERP	143.50	0.0044	get 0.0006% / 1h	14m 42s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hyperliquid. 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 HyperliquidbpFee ReyabpOrdersPrice spread, now −0.203%Rate

Funding earned: −$14.25
Price spread: −0.203% → 0.000%: −$20.35
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$49.59
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	1.05 bp	6.6 bp −$7	doesn't fit	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	143.58	−0.144%	$103K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	143.49	−0.209%	$47K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	143.54	−0.174%	$218K	$394K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	143.52	−0.186%	$80K	—	150x	as long as short
Nado AAVE-PERP	+0.0024%	1h	143.50	−0.205%	$837K	$400K	10x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−4.750%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	143.50	−0.203%	—	—	20x
Orderly PERP_AAVE_USDC	+0.0071%	8h	143.52	−0.188%	$18K	$10K	10x	as long as short
Phemex AAVEUSDT	+0.0094%	8h	143.51	−0.195%	$4.0M	$3.6M	50x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	143.61	−0.122%	$13K	$4K	20x	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	143.63	−0.110%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	143.63	−0.110%	$328K	$448K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	143.63	−0.111%	$64.6M	$191.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	143.63	−0.111%	$61.7M	$68.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	143.62	−0.118%	$17.2M	$65.1M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	143.75	−0.028%	$64K	$198K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	142.28	−1.050%	$57K	−$0	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	143.60	−0.132%	$8.0M	$16.2M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	143.64	−0.104%	$25.2M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	143.66	−0.090%	$10.3M	$9.5M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	143.64	−0.104%	$29.4M	$18.4M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	143.64	−0.104%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	143.41	−0.263%	$3.7M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	143.49	−0.206%	$106K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	143.47	−0.223%	$457K	$3.9M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	143.59	−0.139%	$133K	$221K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	143.60	−0.132%	$142K	$468K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	143.60	−0.134%	$2K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	143.54	−0.174%	$5K	$313K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	143.69	−0.073%	$682K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	143.53	−0.178%	$911K	$1.7M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	143.55	−0.167%	$121K	$146	10x	as long as short
Hyperliquid AAVElong	+0.0112%	1h	143.79	long leg	$78.5M	$37.2M	10x
01 Exchange AAVEUSD	+0.0112%	1h	143.58	−0.146%	$10K	$2K	5x	as long as short
Phoenix AAVE	+0.0118%	1h	143.58	−0.146%	$4K	$106K	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0159%	1h	143.71	−0.056%	$341K	$729K	10x	as long as short
RISEx AAVE/USDC	+0.0207%	1h	143.60	−0.135%	$194K	$257K	10x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	143.58	−0.146%	$3.3M	$3.6M	100x	as long as short
Kraken Futures PF_AAVEUSD	+0.0236%	1h	143.64	−0.104%	$3.4M	$2.1M	50x	as long as short
Lighter AAVE	+0.0240%	1h	143.82	+0.022%	$4.6M	$2.5M	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0362%	1h	143.51	−0.192%	$112K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0376%	1h	143.44	−0.243%	$765K	$2.9M	50x	as long as short