Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h —

Price spread now: Reya against Orderly+0.049%7-day average — · you sell dearer than you buy

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

Long on Orderly 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

The price spread pays, funding is against you. Reya is 0.049% dearer against Orderly than usual: you sell high and buy low (spread +0.049% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_AAVE_USDC	141.33	0.0090	pay 0.0090% / 8h	7h 24m	$17K	$8K	10x
Short	Reya AAVERUSDPERP	141.40	0.0044	get 0.0006% / 1h	24m 16s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now +0.049%Rate

Funding earned: −$9.68
Price spread: +0.049% → 0.000%: $4.87
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: −$16.81
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and 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
Phemex AAVEUSDT	−0.0012%	8h	141.38	+0.035%	$3.9M	$3.6M	50x	as long as short
dYdX AAVE-USD	0.0000%	1h	141.13	−0.143%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	141.29	−0.028%	$53K	$1.4M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	141.45	+0.085%	$211K	$390K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	141.00	−0.233%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−3.092%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	141.40	+0.049%	—	—	20x
01 Exchange AAVEUSD	+0.0072%	1h	141.31	−0.014%	$10K	$2K	5x	as long as short
SoDEX AAVE-USD	+0.0080%	1h	141.43	+0.071%	$5K	$300K	10x	as long as short
Orderly PERP_AAVE_USDClong	+0.0090%	8h	141.33	long leg	$17K	$8K	10x

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix AAVE	+0.0096%	1h	140.86	−0.333%	$4K	$99K	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	141.15	−0.129%	$13K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	141.25	−0.053%	$836K	$406K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	141.42	+0.064%	$77.2M	$36.6M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	141.34	+0.005%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	141.14	−0.134%	$344K	$409K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	141.36	+0.021%	$63.4M	$191.5M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	141.32	−0.007%	$60.9M	$69.0M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	141.33	0.000%	$16.4M	$64.6M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	141.37	+0.028%	$94K	$228K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	140.61	−0.509%	$162K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	141.33	0.000%	$8.2M	$16.3M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	141.29	−0.028%	$22.5M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	141.30	−0.021%	$10.2M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	141.41	+0.057%	$28.7M	$17.8M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	141.31	−0.014%	—	$43.6M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.61	−0.511%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.73	−0.423%	$108K	$282K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	140.74	−0.417%	$443K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.79	−0.382%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	141.36	+0.021%	$134K	$472K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	141.28	−0.032%	$2K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	141.55	+0.158%	$665K	$5.3M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	141.38	+0.035%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	141.45	+0.082%	$119K	$146	10x	as long as short
Lighter AAVE	+0.0136%	1h	141.62	+0.202%	$4.5M	$2.5M	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0171%	1h	141.12	−0.149%	$384K	$737K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	141.51	+0.127%	$755K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	141.00	−0.233%	$3.3M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	141.32	−0.005%	$171K	$297K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0249%	1h	141.51	+0.124%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	141.36	+0.020%	$110K	—	100x	as long as short