Funding arb · Price arb /

AAVE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.06 per $10,000 · paid last 24h —

Price spread now: Reya against Phoenix−0.048%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 −$2 a day on $10k at the current rate, and Reya is 0.048% cheaper against Phoenix than usual: you would sell low and buy high (−$5 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	140.68	0.0096	pay 0.0012% / 1h	30m 39s	$4K	$99K	10x
Short	Reya AAVERUSDPERP	140.61	0.0044	get 0.0006% / 1h	30m 39s	—	—	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 −0.048%Rate

Funding earned: −$10.89
Price spread: −0.048% → 0.000%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.67
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: 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 Phoenix no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Phoenix 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
dYdX AAVE-USD	0.0000%	1h	140.56	−0.082%	$102K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	140.68	0.000%	$56K	$1.5M	3.4x	as long as short
Deribit AAVE_USDC-PERPETUAL	0.0000%	1h	140.66	−0.014%	$212K	$392K	50x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	140.67	−0.004%	$78K	—	150x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−2.644%	$422	$51K	12x	as long as short
Reya AAVERUSDPERPshort	+0.0044%	1h	140.61	−0.048%	—	—	20x
01 Exchange AAVEUSD	+0.0088%	1h	140.62	−0.043%	$10K	$2K	5x	as long as short
Orderly PERP_AAVE_USDC	+0.0089%	8h	140.64	−0.028%	$17K	$8K	10x	as long as short
Phoenix AAVElong	+0.0096%	1h	140.68	long leg	$4K	$99K	10x
Paradex AAVE-USD-PERP	+0.0100%	8h	140.55	−0.094%	$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
Nado AAVE-PERP	+0.0100%	1h	140.65	−0.021%	$835K	$408K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	140.71	+0.021%	$76.8M	$37.1M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	140.67	−0.007%	$1.2M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	140.57	−0.077%	$327K	$391K	10x	as long as short
Binance AAVEUSDT	+0.0100%	8h	140.63	−0.036%	$63.2M	$191.9M	75x	as long as short
Bybit AAVEUSDT	+0.0100%	8h	140.65	−0.021%	$60.6M	$69.2M	75x	as long as short
OKX AAVE-USDT-SWAP	+0.0100%	8h	140.65	−0.021%	$16.5M	$64.4M	50x	as long as short
Arcus AAVE-USD	+0.0100%	1h	140.71	+0.021%	$94K	$228K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	141.17	+0.346%	$163K	$106K	10x	as long as short
Gate AAVE_USDT	+0.0100%	8h	140.61	−0.050%	$8.1M	$16.1M	75x	as long as short
MEXC AAVE_USDT	+0.0100%	8h	140.54	−0.100%	$22.4M	$24.2M	200x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	140.60	−0.057%	$10.1M	$9.6M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	140.54	−0.100%	$28.6M	$17.9M	75x	as long as short
BingX AAVE-USDT	+0.0100%	8h	140.56	−0.085%	—	$43.5M	—	as long as short
Variational Omni AAVE	+0.0100%	8h	140.62	−0.041%	$3.7M	$1.2M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	140.75	+0.050%	$108K	$284K	20x	as long as short
GRVT AAVE_USDT_Perp	+0.0100%	8h	141.16	+0.341%	$451K	$3.5M	10x	as long as short
ApeX Omni AAVEUSDT	+0.0100%	1h	140.78	+0.071%	$131K	$220K	50x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	140.72	+0.028%	$133K	$474K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	140.63	−0.038%	$1K	$1.3M	20x	as long as short
SoDEX AAVE-USD	+0.0100%	1h	140.62	−0.043%	$5K	$299K	10x	as long as short
HTX AAVE-USDT	+0.0100%	8h	140.77	+0.063%	$662K	$5.3M	75x	as long as short
Phemex AAVEUSDT	+0.0100%	8h	140.66	−0.014%	$3.9M	$3.6M	50x	as long as short
Extended AAVE-USD	+0.0104%	1h	140.52	−0.115%	$906K	$1.8M	50x	as long as short
Aevo AAVE-PERP	+0.0104%	1h	140.68	+0.003%	$119K	$146	10x	as long as short
Lighter AAVE	+0.0160%	1h	140.78	+0.070%	$4.5M	$2.5M	10x	as long as short
Backpack AAVE_USDC_PERP	+0.0168%	1h	140.78	+0.071%	$386K	$737K	10x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0216%	1h	140.75	+0.050%	$749K	$2.7M	50x	as long as short
BloFin AAVE-USDT	+0.0220%	8h	140.62	−0.043%	$3.2M	$3.5M	100x	as long as short
RISEx AAVE/USDC	+0.0223%	1h	140.63	−0.036%	$171K	$300K	10x	as long as short
Kraken Futures PF_AAVEUSD	+0.0250%	1h	140.69	+0.010%	$3.4M	$2.1M	50x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0252% / S −0.0360%	1h	140.67	−0.007%	$110K	—	100x	as long as short