Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0202%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−0.124%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.124% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 2.0 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PYTH	0.06370	0.0100	pay 0.0013% / 1h	24m 26s	$2.0M	$1.7M	5x
Short	Reya PYTHRUSDPERP	0.06362	0.0302	get 0.0038% / 1h	24m 26s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hyperliquid. 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 HyperliquidbpFee ReyabpOrdersPrice spread, now −0.124%Rate

Funding earned: $42.51
Price spread: −0.124% → 0.000%: −$12.38
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $15.14
Costs to cover: 0.150%
Break-even: 4.5 days

Slippage unknown: Hyperliquid: live order book, 6 min ago; 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 Hyperliquid live order book, 6 min ago	1.72 bp	20.2 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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 22 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
MEXC PYTH_USDT	−0.0086%	4h	0.06363	−0.104%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0086%	4h	0.06360	−0.153%	$9.1M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.760%	$40K	$18K	25x	as long as short
Gate PYTH_USDT	−0.0040%	4h	0.06360	−0.151%	$1.0M	$499K	75x	as long as short
Aster PYTHUSDT	−0.0017%	4h	0.06367	−0.043%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06386	+0.253%	$190K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06391	+0.336%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.721%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06360	−0.151%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06384	+0.226%	$191K	$206K	5x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06364	−0.083%	$3K	—	10x	as long as short
Hyperliquid PYTHlong	+0.0100%	1h	0.06370	long leg	$2.0M	$1.7M	5x
Bybit PYTHUSDT	+0.0100%	4h	0.06362	−0.119%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06359	−0.166%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06375	+0.085%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06361	−0.135%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06362	−0.119%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06385	+0.235%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06387	+0.272%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06362	−0.127%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06362	−0.124%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0375%	1h	0.06387	+0.278%	$391K	$291K	25x	as long as short