Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.014%

Price spread now: Lighter against Gate+0.221%7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$870.873% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.221%, 7d avg +0.115%

Together, before fees−0.005%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.106% dearer against Gate than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PYTH_USDT	0.06349	−0.0040	get 0.0020% / 4h	2h 11m	$1.0M	$499K	75x
Short	Lighter PYTH	0.06363	0.0096	get 0.0012% / 1h	11m 34s	$191K	$206K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.221%Rate

Funding earned: $28.56
Price spread: +0.221% → +0.115%: $10.57
Slippage, 4 orders: −$72.35
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$48.22
Costs to cover: 0.873%
Break-even: 18.8 days

Slippage from Gate: live order book, 1 min ago; Lighter: live order book, 39 min ago.

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 Gate live order book, 1 min ago	3.15 bp	32.1 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 39 min ago	3.90 bp	7.4 bp −$7	89.6 bp −$896	doesn't fit	doesn't fit

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
Binance PYTHUSDT	−0.0066%	4h	0.06353	+0.062%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0066%	4h	0.06355	+0.095%	$9.6M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.315%	$39K	$18K	25x	as long as short
Gate PYTH_USDTlong	−0.0040%	4h	0.06349	long leg	$1.0M	$499K	75x
Aster PYTHUSDT	−0.0004%	4h	0.06357	+0.129%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06360	+0.171%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.402%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06361	+0.191%	$23K	—	3x	as long as short
Lighter PYTHshort	+0.0096%	1h	0.06363	+0.221%	$191K	$206K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06352	+0.054%	$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	0.06366	+0.263%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06357	+0.126%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06357	+0.126%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06362	+0.205%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06354	+0.079%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06357	+0.126%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06367	+0.284%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06347	−0.026%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06361	+0.195%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06354	+0.074%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0376%	1h	0.06367	+0.283%	$389K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0378%	1h	0.06374	+0.394%	$10K	$10K	10x	as long as short