Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0202%/8h= −22.2% APRnext payment −$0.25 per $10,000 · paid last 24h —

Price spread now: Hyperliquid against Reya+0.086%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 Hyperliquid

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 · Hyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. Hyperliquid is 0.086% dearer against Reya than usual: you sell high and buy low (spread +0.086% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06304	0.0302	pay 0.0038% / 1h	39m 29s	—	—	20x
Short	Hyperliquid PYTH	0.06309	0.0100	get 0.0013% / 1h	39m 29s	$1.7M	$1.5M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$42.51
Price spread: +0.086% → 0.000%: $8.61
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$48.9
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Hyperliquid: live order book, 1 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 Hyperliquid live order book, 1 min ago	1.35 bp	19.3 bp −$19	doesn't fit	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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.699%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0207%	1h	0.06311	+0.108%	$383K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0028%	4h	0.06311	+0.110%	$7.4M	$5.1M	50x	as long as short
Gate PYTH_USDT	−0.0008%	4h	0.06307	+0.046%	$1.1M	$478K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06313	+0.142%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06312	+0.126%	$10K	$10K	10x	as long as short
Binance PYTHUSDT	+0.0017%	4h	0.06304	+0.003%	$9.1M	$17.0M	75x	as long as short
MEXC PYTH_USDT	+0.0020%	4h	0.06304	−0.001%	$9.2M	$2.3M	125x	as long as short
Backpack PYTH_USDC_PERP	+0.0053%	1h	0.06313	+0.134%	$38K	$88K	10x	as long as short
BloFin PYTH-USDT	+0.0057%	4h	0.06295	−0.144%	$420K	$115K	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.013%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06306	+0.027%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06316	+0.189%	$198K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06309	+0.079%	$3K	$56	10x	as long as short
Hyperliquid PYTHshort	+0.0100%	1h	0.06309	+0.086%	$1.7M	$1.5M	5x
Aster PYTHUSDT	+0.0100%	4h	0.06309	+0.079%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06305	+0.015%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06308	+0.062%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06308	+0.062%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06309	+0.078%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06304	−0.005%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06306	+0.024%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06304	long leg	—	—	20x