Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.009%

Price spread now: Binance against Lighter−0.067%7-day average −0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)−0.059%−$6 · spread now −0.067%, 7d avg −0.132%

Together, before fees−0.141%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.066% dearer against Lighter than usual: you sell high and buy low (spread −0.067% now, against its 7-day average of −0.132%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06280	0.0096	pay 0.0012% / 1h	56m 29s	$197K	$208K	5x
Short	Binance PYTHUSDT	0.06276	0.0030	get 0.0015% / 4h	1h 56m	$9.0M	$16.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.067%Rate

Funding earned: −$13.82
Price spread: −0.067% → −0.132%: $6.55
Slippage, 4 orders: −$37.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$55.02
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from Lighter: live order book, 17 min ago; Binance: live order book, 14 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 Lighter live order book, 17 min ago	3.95 bp	11.6 bp −$12	98.4 bp −$984	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.80 bp	13.0 bp −$13	39.0 bp −$390	235.3 bp −$23.5K	doesn't fit

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	−0.318%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERP	−0.0329%	1h	0.06266	−0.218%	$38K	$88K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0209%	1h	0.06262	−0.284%	$380K	$253K	25x	as long as short
Gate PYTH_USDT	−0.0056%	4h	0.06260	−0.318%	$1.1M	$474K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06275	−0.073%	$186K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0026%	4h	0.06278	−0.032%	$9.2M	$2.3M	125x	as long as short
Binance PYTHUSDTshort	+0.0030%	4h	0.06276	−0.067%	$9.0M	$16.7M	75x
Bybit PYTHUSDT	+0.0056%	4h	0.06271	−0.143%	$7.4M	$5.1M	50x	as long as short
BloFin PYTH-USDT	+0.0068%	4h	0.06258	−0.350%	$420K	$115K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0069%	1h	0.06264	−0.255%	$10K	$10K	10x	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	+2.404%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06258	−0.358%	$22K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06280	long leg	$197K	$208K	5x
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06275	−0.076%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06278	−0.038%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06276	−0.066%	$19K	$30K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06274	−0.096%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06274	−0.096%	$1.5M	$313K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06279	−0.016%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06273	−0.111%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06249	−0.490%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06258	−0.357%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06260	−0.313%	—	—	20x	as long as short