Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h —

Price spread now: Bybit against Reya+0.094%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 Bybit

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. Bybit is 0.094% dearer against Reya than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06320	0.0302	pay 0.0038% / 1h	10m 23s	—	—	20x
Short	Bybit PYTHUSDT	0.06326	0.0018	get 0.0009% / 4h	10m 23s	$7.5M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$59.71
Price spread: +0.094% → 0.000%: $9.36
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.35
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 3 min ago. 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 Bybit live order book, 3 min ago	3.17 bp	26.0 bp −$26	79.9 bp −$799	doesn't fit	doesn't fit

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
Kraken Futures PF_PYTHUSD	−0.0399%	1h	0.06317	−0.043%	$376K	$264K	25x	as long as short
Binance PYTHUSDT	−0.0188%	4h	0.06322	+0.030%	$9.0M	$17.2M	75x	as long as short
MEXC PYTH_USDT	−0.0188%	4h	0.06324	+0.062%	$9.4M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0159%	4h	0.06313	−0.112%	$420K	$114K	75x	as long as short
Aster PYTHUSDT	−0.0022%	4h	0.06327	+0.116%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06325	+0.077%	$188K	$19	5x	as long as short
Bybit PYTHUSDTshort	+0.0018%	4h	0.06326	+0.094%	$7.5M	$4.8M	50x
Aevo PYTH-PERP	+0.0032%	1h	0.06319	−0.019%	$23K	—	3x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.951%	$553	$220K	5.5x	as long as short
Gate PYTH_USDT	+0.0046%	4h	0.06317	−0.049%	$1.1M	$477K	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06328	+0.125%	$201K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06319	−0.014%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06330	+0.149%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06325	+0.078%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06324	+0.062%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06322	+0.030%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06322	+0.030%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06316	−0.071%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06316	−0.060%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06324	+0.062%	$39K	$6K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0225%	1h	0.06324	+0.062%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06320	long leg	—	—	20x
Backpack PYTH_USDC_PERP	+0.0526%	1h	0.06321	+0.010%	$36K	$89K	10x	as long as short