Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0314%/8h= −34.3% APRnext payment −$0.39 per $10,000 · paid last 24h —

Price spread now: Reya against Coinbase International−1.465%7-day average — · you buy dearer than you sell

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

Long on Coinbase International 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

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Reya is 1.465% cheaper against Coinbase International than usual: you would sell low and buy high (−$147 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06427	0.0616	pay 0.0077% / 1h	58m 33s	$40K	$19K	25x
Short	Reya PYTHRUSDPERP	0.06333	0.0302	get 0.0038% / 1h	58m 33s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Coinbase International. 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 Coinbase InternationalbpFee ReyabpOrdersPrice spread, now −1.465%Rate

Funding earned: −$65.85
Price spread: −1.465% → 0.000%: −$146.52
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$228.37
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Coinbase International 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	0.06301	−1.956%	$187K	$13	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06331	−1.494%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.598%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0042%	4h	0.06349	−1.214%	$430K	$73K	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06311	−1.805%	$194K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06298	−2.014%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06305	−1.906%	$2.1M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06314	−1.763%	$19K	$48K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06298	−2.007%	$9.0M	$19.6M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06305	−1.898%	$7.5M	$4.7M	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	−1.898%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06294	−2.069%	$1.0M	$488K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06301	−1.960%	$11.3M	$2.8M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06300	−1.976%	$1.5M	$366K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06300	−1.976%	$2.6M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06304	−1.914%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06338	−1.380%	$35K	$53K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	−1.325%	$40K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06331	−1.489%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06331	−1.489%	$23K	—	3x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06333	−1.465%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0458%	1h	0.06335	−1.432%	$384K	$277K	25x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0616%	1h	0.06427	long leg	$40K	$19K	25x