Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h —

Price spread now: Reya against Backpack−0.142%7-day average — · you buy dearer than you sell

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

Long on Backpack 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 0.142% cheaper against Backpack than usual: you would sell low and buy high (spread −0.142% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 47 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06324	0.0062	pay 0.0008% / 1h	56m 45s	$35K	$61K	10x
Short	Reya PYTHRUSDPERP	0.06315	0.0302	get 0.0038% / 1h	56m 45s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Backpack. 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 BackpackbpFee ReyabpOrdersPrice spread, now −0.142%Rate

Funding earned: $50.48
Price spread: −0.142% → 0.000%: −$14.15
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $20.33
Costs to cover: 0.160%
Break-even: 4.2 days

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

Backpack and 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
dYdX PYTH-USD	0.0000%	1h	0.06316	−0.123%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06320	−0.060%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.009%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0062%	1h	0.06324	long leg	$35K	$61K	10x
Lighter PYTH	+0.0096%	1h	0.06316	−0.123%	$195K	$214K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06308	−0.247%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06316	−0.128%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06310	−0.218%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06306	−0.286%	$9.1M	$19.9M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06308	−0.250%	$7.5M	$5.0M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06305	−0.297%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06311	−0.202%	$1.0M	$508K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06307	−0.266%	$10.5M	$2.7M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06315	−0.139%	$1.5M	$371K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06311	−0.202%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06310	−0.218%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06304	−0.311%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06315	−0.145%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06319	−0.076%	$23K	—	3x	as long as short
BloFin PYTH-USDT	+0.0160%	4h	0.06317	−0.108%	$429K	$72K	75x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06315	−0.142%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0466%	1h	0.06320	−0.066%	$383K	$304K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.632%	$40K	$19K	25x	as long as short