Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h —

Price spread now: Reya against Bybit−0.052%7-day average — · you buy dearer than you sell

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

Long on Bybit 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 0.052% cheaper against Bybit than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 21 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06345	0.0100	pay 0.0050% / 4h	2h 07m	$7.5M	$4.8M	50x
Short	Reya PYTHRUSDPERP	0.06342	0.0302	get 0.0038% / 1h	7m 04s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bybit. 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 BybitbpFee ReyabpOrdersPrice spread, now −0.052%Rate

Funding earned: $42.51
Price spread: −0.052% → 0.000%: −$5.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: $20.32
Costs to cover: 0.170%
Break-even: 3.7 days

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	2.36 bp	35.8 bp −$36	139.3 bp −$1,393	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 22 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
Gate PYTH_USDT	−0.0070%	4h	0.06335	−0.158%	$1.0M	$501K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.378%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0062%	4h	0.06342	−0.047%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0062%	4h	0.06341	−0.063%	$9.6M	$2.4M	125x	as long as short
Aster PYTHUSDT	−0.0013%	4h	0.06349	+0.059%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06354	+0.138%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.340%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06345	0.000%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06353	+0.126%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06344	−0.022%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06348	+0.055%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDTlong	+0.0100%	4h	0.06345	long leg	$7.5M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06345	0.000%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06348	+0.047%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06342	−0.047%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06342	−0.047%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06351	+0.088%	$39K	$92K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06357	+0.187%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06346	+0.009%	$3K	$2K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0222%	1h	0.06354	+0.142%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06342	−0.052%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0377%	1h	0.06351	+0.097%	$388K	$292K	25x	as long as short