Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0206%/8h= +22.6% APRnext payment +$0.26 per $10,000 · paid last 24h —

Price spread now: Reya against Lighter−0.087%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 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 airdropLighter: Season 3 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.087% cheaper against Lighter than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 34 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	Lighter PYTH	0.06273	0.0096	pay 0.0012% / 1h	52m 39s	$196K	$208K	5x
Short	Reya PYTHRUSDPERP	0.06268	0.0302	get 0.0038% / 1h	52m 39s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.087%Rate

Funding earned: $43.35
Price spread: −0.087% → 0.000%: −$8.7
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $28.66
Costs to cover: 0.060%
Break-even: 2.4 days

Slippage unknown: Lighter: live order book, 21 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 Lighter live order book, 21 min ago	3.95 bp	11.6 bp −$12	98.4 bp −$984	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	−0.207%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0209%	1h	0.06266	−0.105%	$381K	$253K	25x	as long as short
Gate PYTH_USDT	−0.0036%	4h	0.06267	−0.096%	$1.1M	$477K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06276	+0.054%	$186K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06272	−0.016%	$10K	$10K	10x	as long as short
MEXC PYTH_USDT	+0.0034%	4h	0.06263	−0.159%	$9.1M	$2.3M	125x	as long as short
Binance PYTHUSDT	+0.0036%	4h	0.06261	−0.191%	$9.0M	$16.9M	75x	as long as short
Bybit PYTHUSDT	+0.0056%	4h	0.06265	−0.128%	$7.4M	$5.1M	50x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.519%	$40K	$6K	25x	as long as short
BloFin PYTH-USDT	+0.0082%	4h	0.06287	+0.223%	$419K	$115K	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0088%	1h	0.06265	−0.128%	$22K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06273	long leg	$196K	$208K	5x
Backpack PYTH_USDC_PERP	+0.0099%	1h	0.06270	−0.053%	$38K	$88K	10x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06270	−0.046%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06267	−0.091%	$1.6M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06274	+0.012%	$19K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06265	−0.128%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06277	+0.064%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06266	−0.112%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06270	−0.048%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06271	−0.024%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06273	+0.005%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06268	−0.087%	—	—	20x