I've posted this elsewhere on the Forum before, including recently, but level rewards seem to match the possible rewards of the Arena from the accompanying land. As an example, the possible Orc Land levels rewards are the same as those of the Orc Arena.
Here's my rewards from all the Arctic Challenge (AC) levels. Ironclad have no Arena of their own (at least not yet, maybe one is in the works) with which to support this theory. Of course, I guess the theory could change at any time depending on if changes are made in game mechanics with one of the updates. Again we don't yet know what possible rewards Ironclad Arena will hold (if there will in fact be one), so I will follow this post with a listing of Orc Land and Serpent Land level rewards I earned (at least from when I started keeping track). I may be able to follow with Minotaur Land, Undead Land, and Avian Land (although it will be from an old game on a secondary device).
AC #1 Salamander's Sting, Poison Tower, Freeze
AC #2 Fangblade, Gems, Healing Spring
AC #3 Heroic Halberd, Oni, Fangblade
AC #4 Meteor Strike, Clarion Call, Fangblade
AC #5 Flare, Spider Mine, Salamander's Sting
AC #6 Snowball Tower, Mana Tower, Snowball Tower
AC #7 Oni, Snowball Tower, Healing Spring
AC #8 Blink, Freeze, Blink
AC #9 Holly, Blink, Blink
AC #10 Gems, Freeze, Mana Tower
AC #11 Steel Sword, Bear Trap, Salamander's Sting
AC #12 Spider Mine, Holly, Fangblade
AC #13 Javelin Tower, Snowball Tower, Fangblade
AC #14 Wolfric, Fangblade, Fangblade
AC #15 Gems, Slowdown Tower, Boots of the March
AC #16 Blink, Ring of Regeneration, Javelin Tower
AC #17 Salamander's Sting, Gems, Salamander's Sting
AC #18 Glyph of Fatigue, Salamander's Sting, Cobra
AC #19 Glyph of Fatigue, Volcano Tower, Rally
AC #20 Heroic Halberd, Volcano Tower, Crimson Talwar
AC #21 Totem of Might, Blink, Fangblade
AC #22 Gems, Snowball Tower, Snowball Tower
AC #23 Holly, Healing Spring, Dart Tower
AC #24 Tesla Tower, Lightning Goose, Armageddon