Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0164%/8h= −17.9% APRpaid last 24h −0.015%

Price spread now: Bybit against Lighter−0.048%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$680.677% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.048%, 7d avg −0.094%

Together, before fees−0.072%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.047% dearer against Lighter than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.094%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.048% in total) that is about 6.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06295	0.0096	pay 0.0012% / 1h	15m 17s	$196K	$210K	5x
Short	Bybit PYTHUSDT	0.06292	−0.0068	pay 0.0034% / 4h	1h 15m	$7.4M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$34.36
Price spread: −0.048% → −0.094%: $4.68
Slippage, 4 orders: −$56.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$97.37
Costs to cover: 0.677%
Break-even: never at this rate

Slippage from Lighter: live order book, 58 min ago; Bybit: live order book, 3 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, 58 min ago	3.95 bp	11.6 bp −$12	98.4 bp −$984	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.59 bp	25.8 bp −$26	108.3 bp −$1,083	doesn't fit	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	−0.556%	$553	$220K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0227%	1h	0.06288	−0.111%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06291	−0.061%	$382K	$248K	25x	as long as short
Binance PYTHUSDT	−0.0070%	4h	0.06287	−0.127%	$9.0M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0070%	4h	0.06282	−0.207%	$9.1M	$2.3M	125x	as long as short
Bybit PYTHUSDTshort	−0.0068%	4h	0.06292	−0.048%	$7.4M	$4.7M	50x
Gate PYTH_USDT	−0.0038%	4h	0.06276	−0.302%	$1.1M	$480K	75x	as long as short
BloFin PYTH-USDT	−0.0023%	4h	0.06280	−0.238%	$420K	$114K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06289	−0.093%	$187K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06286	−0.145%	$22K	—	3x	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	+2.160%	$40K	$6K	25x	as long as short
Aster PYTHUSDT	+0.0083%	4h	0.06281	−0.222%	$25K	$40K	10x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06295	long leg	$196K	$210K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06277	−0.287%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06288	−0.116%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06290	−0.079%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06286	−0.143%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06286	−0.143%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06283	−0.191%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06288	−0.105%	$38K	$87K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06279	−0.251%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06284	−0.167%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06286	−0.145%	—	—	20x	as long as short