Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Orderly against Lighter−0.209%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.209% cheaper against Lighter than usual: you would sell low and buy high, −$21 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06356	0.0096	pay 0.0012% / 1h	55m 03s	$190K	$204K	5x
Short	Orderly PERP_PYTH_USDC_mythos	0.06343	0.0100	get 0.0050% / 4h	2h 55m	$3K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.209%Rate

Funding earned: $0.84
Price spread: −0.209% → 0.000%: −$20.93
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$26.09
Costs to cover: 0.060%
Break-even: 224.4 days

Slippage unknown: Lighter: live order book, 60 min ago; Orderly: 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 Lighter live order book, 60 min ago	3.14 bp	8.6 bp −$9	76.9 bp −$769	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Binance PYTHUSDT	−0.0121%	4h	0.06343	−0.205%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0120%	4h	0.06349	−0.110%	$9.6M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0081%	4h	0.06339	−0.267%	$428K	$112K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06505	+2.344%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0019%	4h	0.06352	−0.058%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06345	−0.174%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.510%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0048%	1h	0.06348	−0.124%	$23K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06356	long leg	$190K	$204K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06347	−0.148%	$3K	—	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06353	−0.047%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06350	−0.094%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06346	−0.157%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06345	−0.173%	$1.1M	$488K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06344	−0.189%	$1.5M	$331K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06352	−0.063%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06344	−0.189%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	−0.228%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06343	−0.209%	$3K	$2K	10x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06342	−0.220%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0377%	1h	0.06355	−0.010%	$390K	$291K	25x	as long as short
Backpack PYTH_USDC_PERP	+0.0523%	1h	0.06356	−0.006%	$38K	$93K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1325%	1h	0.06361	+0.079%	$10K	$10K	10x	as long as short