We are putting in an arena on our little farm. The size is approximately 75x150 and is already cleared and graded with a nice 2% slope along the length of the arena. The area drains very well: the soils are a relatively firm mix of sandy clay with minimal organic content. For reference, we get 60" of rain annually and I anticipate trying to ride through the winter - but am okay with taking a few days off if the arena needs to dry out.
Our original plan was to simply add some angular sand to the top and hope to be relatively happy with our arena (given that its total cost would be around 3K).
I have ridden the horses on the current flat area to see how it is and they slip a little in the higher clay areas when it is wet. So now we are rethinking that and are strongly considering using reclaimed asphalt grindings to make a base and then add sand to the top once the asphalt is compacted. This is a readily available material in our area and is substantially cheaper than gravel (almost half the cost).
Any experience with this? I know of folks around here who have used it as a base in indoors, and we use reclaimed asphalt grindings for our gravel road very successfully, but I have no experience with an outdoor arena base made out of it.