Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0298%/8h= +32.7% APRpaid last 24h —

Price spread now: Reya against MEXC−0.370%48s7-day average — · you buy dearer than you sell

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

Long on MEXC 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 airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.370% cheaper against MEXC than usual: you would sell low and buy high (spread −0.370% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$37 on $10k: about 4.1 days of funding at the current rate (+$9 a day). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PYTH_USDT	0.06280	0.0004	pay 0.0002% / 4h	2h 21m	$10.5M	$2.7M	125x
Short	Reya PYTHRUSDPERP	0.06257	0.0302	get 0.0038% / 1h	21m 36s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against MEXC. 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 MEXCbpFee ReyabpOrdersPrice spread, now −0.370%Rate

Funding earned: $62.67
Price spread: −0.370% → 0.000%: −$37
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $19.68
Costs to cover: 0.060%
Break-even: 4.8 days

Slippage unknown: MEXC: live order book, 2 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 MEXC live order book, 2 min ago	0.80 bp	6.0 bp −$6	14.1 bp −$141	93.9 bp −$9,395	209.8 bp −$104.9K
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
Backpack PYTH_USDC_PERP	−0.0428%	1h	0.06281	+0.013%	$38K	$63K	10x	as long as short
Gate PYTH_USDT	−0.0120%	4h	0.06274	−0.096%	$1.0M	$530K	75x	as long as short
BloFin PYTH-USDT	−0.0020%	4h	0.06240	−0.637%	$420K	$75K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06283	+0.046%	$187K	$19	5x	as long as short
MEXC PYTH_USDTlong	+0.0004%	4h	0.06280	long leg	$10.5M	$2.7M	125x
Binance PYTHUSDT	+0.0009%	4h	0.06281	+0.016%	$8.9M	$18.8M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.318%	$553	$220K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0069%	1h	0.06273	−0.111%	$10K	$10K	10x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06265	−0.245%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06284	+0.064%	$193K	$210K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06283	+0.048%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06282	+0.033%	$2.1M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06275	−0.083%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06285	+0.080%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06285	+0.080%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06279	−0.016%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06281	+0.016%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06282	+0.032%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06231	−0.781%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06262	−0.287%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0237%	1h	0.06276	−0.066%	$383K	$302K	25x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06257	−0.370%	—	—	20x
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.392%	$40K	$19K	25x	as long as short