Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0683%/8h= −74.7% APRnext payment −$0.85 per $10,000 · paid last 24h —

Price spread now: Backpack against Reya+0.088%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

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

The price spread pays, funding is against you. Backpack is 0.088% dearer against Reya than usual: you sell high and buy low (spread +0.088% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06371	0.0302	pay 0.0038% / 1h	20m 56s	—	—	20x
Short	Backpack PYTH_USDC_PERP	0.06376	−0.0380	pay 0.0048% / 1h	20m 56s	$39K	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$143.33
Price spread: +0.088% → 0.000%: $8.82
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$150.52
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Backpack: 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Reya and Backpack: 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_PERPshort	−0.0380%	1h	0.06376	+0.088%	$39K	$50K	10x
Gate PYTH_USDT	−0.0198%	4h	0.06367	−0.058%	$1.0M	$503K	75x	as long as short
BloFin PYTH-USDT	−0.0013%	4h	0.06371	+0.005%	$353K	$87K	75x	as long as short
MEXC PYTH_USDT	−0.0010%	4h	0.06372	+0.021%	$9.5M	$2.5M	125x	as long as short
Binance PYTHUSDT	−0.0005%	4h	0.06371	+0.005%	$9.1M	$17.8M	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06373	+0.032%	$189K	$19	5x	as long as short
Aster PYTHUSDT	+0.0014%	4h	0.06377	+0.101%	$20K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.737%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06371	+0.010%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06380	+0.146%	$192K	$204K	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	0.06372	+0.028%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06378	+0.109%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06373	+0.036%	$7.6M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06372	+0.021%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06377	+0.099%	$1.5M	$342K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06372	+0.021%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06375	+0.068%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06367	−0.061%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06374	+0.046%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06385	+0.225%	$40K	$18K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0221%	1h	0.06374	+0.052%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0300%	1h	0.06375	+0.071%	$389K	$291K	25x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06371	long leg	—	—	20x