Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Lighter against Reya+0.038%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 Lighter

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 · Lighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.038% dearer against Reya than usual: you sell high and buy low (spread +0.038% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06345	0.0302	pay 0.0038% / 1h	57m 19s	—	—	20x
Short	Lighter PYTH	0.06347	0.0096	get 0.0012% / 1h	57m 19s	$201K	$217K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$43.35
Price spread: +0.038% → 0.000%: $3.81
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$45.54
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Lighter: 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 Lighter live order book, 3 min ago	3.95 bp	12.0 bp −$12	91.1 bp −$911	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	−0.0397%	1h	0.06347	+0.031%	$378K	$264K	25x	as long as short
BloFin PYTH-USDT	−0.0098%	4h	0.06340	−0.072%	$422K	$116K	75x	as long as short
MEXC PYTH_USDT	−0.0092%	4h	0.06344	−0.009%	$9.5M	$2.3M	125x	as long as short
Binance PYTHUSDT	−0.0092%	4h	0.06338	−0.103%	$9.1M	$17.2M	75x	as long as short
Gate PYTH_USDT	−0.0008%	4h	0.06342	−0.041%	$1.1M	$474K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06347	+0.039%	$188K	$19	5x	as long as short
Bybit PYTHUSDT	+0.0012%	4h	0.06341	−0.056%	$7.5M	$4.8M	50x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.333%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06349	+0.070%	$23K	—	3x	as long as short
Aster PYTHUSDT	+0.0065%	4h	0.06342	−0.042%	$25K	$44K	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTHshort	+0.0096%	1h	0.06347	+0.038%	$201K	$217K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06347	+0.032%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06352	+0.109%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06344	−0.009%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06349	+0.070%	$1.5M	$316K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06343	−0.025%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06344	−0.009%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06310	−0.543%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06341	−0.061%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	−0.261%	$39K	$6K	25x	as long as short
Backpack PYTH_USDC_PERP	+0.0283%	1h	0.06353	+0.134%	$36K	$89K	10x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06345	long leg	—	—	20x
Deribit PYTH_USDC-PERPETUAL	+0.1010%	1h	0.06359	+0.227%	$10K	$10K	10x	as long as short