Funding arb · Price arb /

PYTH

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Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0202%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−0.086%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.086% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.086% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 34 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	Hyperliquid PYTH	0.06309	0.0100	pay 0.0013% / 1h	39m 24s	$1.7M	$1.5M	5x
Short	Reya PYTHRUSDPERP	0.06304	0.0302	get 0.0038% / 1h	39m 24s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hyperliquid. 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 HyperliquidbpFee ReyabpOrdersPrice spread, now −0.086%Rate

Funding earned: $42.51
Price spread: −0.086% → 0.000%: −$8.6
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $18.91
Costs to cover: 0.150%
Break-even: 3.9 days

Slippage unknown: Hyperliquid: 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 Hyperliquid live order book, 1 min ago	1.35 bp	17.6 bp −$18	doesn't fit	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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.785%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0207%	1h	0.06311	+0.022%	$383K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0028%	4h	0.06311	+0.024%	$7.4M	$5.1M	50x	as long as short
Gate PYTH_USDT	−0.0008%	4h	0.06307	−0.040%	$1.1M	$478K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06313	+0.056%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06312	+0.040%	$10K	$10K	10x	as long as short
Binance PYTHUSDT	+0.0017%	4h	0.06304	−0.083%	$9.1M	$17.0M	75x	as long as short
MEXC PYTH_USDT	+0.0020%	4h	0.06304	−0.087%	$9.2M	$2.3M	125x	as long as short
Backpack PYTH_USDC_PERP	+0.0053%	1h	0.06313	+0.048%	$38K	$88K	10x	as long as short
BloFin PYTH-USDT	+0.0057%	4h	0.06295	−0.230%	$420K	$115K	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+1.926%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06306	−0.059%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06316	+0.103%	$198K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06309	−0.007%	$3K	$56	10x	as long as short
Hyperliquid PYTHlong	+0.0100%	1h	0.06309	long leg	$1.7M	$1.5M	5x
Aster PYTHUSDT	+0.0100%	4h	0.06309	−0.007%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06305	−0.071%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06308	−0.024%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06308	−0.024%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06309	−0.008%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06304	−0.091%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06306	−0.062%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06304	−0.086%	—	—	20x