Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0138%/8h= −15.1% APRpaid last 24h −0.014%

Price spread now: Gate against Lighter−0.314%7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on Lighter Short on Gate

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)+0.128%+$13 · spread now −0.314%, 7d avg −0.115%

Together, before fees+0.098%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.199% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.115%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06369	0.0096	pay 0.0012% / 1h	11m 53s	$191K	$206K	5x
Short	Gate PYTH_USDT	0.06349	−0.0042	pay 0.0021% / 4h	2h 11m	$1.0M	$499K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.314%Rate

Funding earned: −$28.98
Price spread: −0.314% → −0.115%: −$19.92
Slippage, 4 orders: −$69.32
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$133.22
Costs to cover: 0.843%
Break-even: never at this rate

Slippage from Lighter: live order book, 38 min ago; Gate: live order book, 5 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, 38 min ago	3.90 bp	20.2 bp −$20	99.8 bp −$998	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	3.95 bp	28.7 bp −$29	doesn't fit	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
MEXC PYTH_USDT	−0.0068%	4h	0.06357	−0.188%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0066%	4h	0.06357	−0.188%	$9.1M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	0.000%	$39K	$18K	25x	as long as short
Gate PYTH_USDTshort	−0.0042%	4h	0.06349	−0.314%	$1.0M	$499K	75x
Aster PYTHUSDT	−0.0008%	4h	0.06358	−0.169%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06359	−0.158%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.711%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06361	−0.124%	$23K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06369	long leg	$191K	$206K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06349	−0.313%	$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	0.06367	−0.035%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06360	−0.141%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06361	−0.126%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06362	−0.110%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06360	−0.141%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06358	−0.173%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06367	−0.031%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06347	−0.340%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06361	−0.119%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06354	−0.241%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0376%	1h	0.06367	−0.032%	$389K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0378%	1h	0.06374	+0.079%	$10K	$10K	10x	as long as short