Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h —

Price spread now: Reya against KuCoin−0.104%7-day average — · you buy dearer than you sell

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

Long on KuCoin 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 0.104% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.104% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 41 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	KuCoin PYTHUSDTM	0.06292	0.0100	pay 0.0050% / 4h	1h 32m	$1.5M	$315K	50x
Short	Reya PYTHRUSDPERP	0.06285	0.0302	get 0.0038% / 1h	32m 51s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against KuCoin. 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 KuCoinbpFee ReyabpOrdersPrice spread, now −0.104%Rate

Funding earned: $42.51
Price spread: −0.104% → 0.000%: −$10.44
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $14.08
Costs to cover: 0.180%
Break-even: 4.7 days

Slippage unknown: KuCoin: 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 KuCoin live order book, 3 min ago	8.73 bp	127.3 bp −$127	742.6 bp −$7,426	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	−0.509%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06289	−0.054%	$382K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0051%	4h	0.06287	−0.079%	$7.4M	$5.1M	50x	as long as short
BloFin PYTH-USDT	−0.0038%	4h	0.06278	−0.223%	$420K	$114K	75x	as long as short
Gate PYTH_USDT	−0.0024%	4h	0.06282	−0.159%	$1.1M	$479K	75x	as long as short
Binance PYTHUSDT	−0.0017%	4h	0.06282	−0.159%	$9.1M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0012%	4h	0.06282	−0.159%	$9.1M	$2.3M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06299	+0.114%	$187K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06286	−0.094%	$22K	—	3x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.209%	$40K	$6K	25x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06294	+0.032%	$197K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06291	−0.013%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06292	−0.005%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06283	−0.139%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06284	−0.127%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06292	long leg	$1.5M	$315K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06285	−0.111%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06285	−0.111%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06294	+0.027%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06293	+0.012%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06286	−0.094%	$3K	$1K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0227%	1h	0.06294	+0.032%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06285	−0.104%	—	—	20x