Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h —

Price spread now: Reya against Bitget−0.119%49s7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Funding pays, the price is against you. Reya is 0.119% cheaper against Bitget than usual: you would sell low and buy high (spread −0.119% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 47 hours of funding at the current rate (+$6 a day). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PYTHUSDT	0.06347	0.0100	pay 0.0050% / 4h	54m 30s	$2.7M	$2.2M	75x
Short	Reya PYTHRUSDPERP	0.06339	0.0302	get 0.0038% / 1h	54m 30s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpFee ReyabpOrdersPrice spread, now −0.119%Rate

Funding earned: $42.51
Price spread: −0.119% → 0.000%: −$11.89
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $12.63
Costs to cover: 0.180%
Break-even: 4.9 days

Slippage unknown: Bitget: live order book, 3 min ago; 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 Bitget live order book, 3 min ago	3.95 bp	24.7 bp −$25	49.7 bp −$497	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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.

PYTH on 23 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
Backpack PYTH_USDC_PERP	−0.0272%	1h	0.06358	+0.172%	$38K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0180%	4h	0.06342	−0.079%	$1.0M	$503K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06350	+0.046%	$189K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0018%	4h	0.06345	−0.032%	$10.1M	$2.5M	125x	as long as short
Aster PYTHUSDT	+0.0021%	4h	0.06344	−0.053%	$20K	$43K	10x	as long as short
Binance PYTHUSDT	+0.0025%	4h	0.06344	−0.047%	$9.1M	$17.9M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.371%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0077%	4h	0.06339	−0.126%	$429K	$84K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06350	+0.044%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06356	+0.142%	$191K	$206K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06348	+0.013%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06356	+0.143%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06346	−0.016%	$7.5M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06349	+0.032%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06350	+0.047%	$1.5M	$343K	50x	as long as short
Bitget PYTHUSDTlong	+0.0100%	4h	0.06347	long leg	$2.7M	$2.2M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06346	−0.016%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06349	+0.031%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06350	+0.044%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06385	+0.599%	$40K	$18K	25x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06339	−0.119%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0412%	1h	0.06354	+0.105%	$387K	$294K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1010%	1h	0.06359	+0.189%	$10K	$10K	10x	as long as short