Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0366%/8h= +40.1% APRnext payment +$0.46 per $10,000 · paid last 24h —

Price spread now: Reya against Coinbase International−0.109%7-day average — · you buy dearer than you sell

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

Long on Coinbase International 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 0.109% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.109% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 24 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06368	−0.0064	get 0.0008% / 1h	41m 56s	$40K	$18K	25x
Short	Reya PYTHRUSDPERP	0.06361	0.0302	get 0.0038% / 1h	41m 56s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 Coinbase InternationalbpFee ReyabpOrdersPrice spread, now −0.109%Rate

Funding earned: $76.95
Price spread: −0.109% → 0.000%: −$10.95
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $50.01
Costs to cover: 0.160%
Break-even: 2.5 days

Slippage unknown: Coinbase International: no order-book sample; 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Coinbase International and 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
MEXC PYTH_USDT	−0.0178%	4h	0.06359	−0.141%	$9.7M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0176%	4h	0.06357	−0.173%	$9.2M	$17.6M	75x	as long as short
BloFin PYTH-USDT	−0.0156%	4h	0.06354	−0.220%	$426K	$113K	75x	as long as short
Kraken Futures PF_PYTHUSD	−0.0136%	1h	0.06369	+0.011%	$390K	$289K	25x	as long as short
Coinbase International PYTH-PERP-INTXlong	−0.0064%	1h	0.06368	long leg	$40K	$18K	25x
Aster PYTHUSDT	−0.0014%	4h	0.06359	−0.135%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06360	−0.127%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.696%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0040%	1h	0.06361	−0.107%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06370	+0.031%	$201K	$198K	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	0.06363	−0.078%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06368	0.000%	$1.9M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06363	−0.079%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06355	−0.204%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06358	−0.157%	$1.1M	$468K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06364	−0.063%	$1.5M	$325K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06358	−0.157%	$2.6M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06362	−0.094%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	−0.157%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06359	−0.133%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06361	−0.109%	—	—	20x
Backpack PYTH_USDC_PERP	+0.0890%	1h	0.06369	+0.017%	$35K	$92K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1477%	1h	0.06382	+0.220%	$10K	$10K	10x	as long as short