What does the cryptic crossword clue "Airy, last to believe what actually exists? (8)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Airy, last to believe what actually exists? (8)

Guardian Cryptic #26703 | 3 Down | 2015-10-15

Generating...

I haven't cracked this one yet — but the brilliant team at Fifteensquared have:

[believ]E + THE REAL (what exists)

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