Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h −0.012%

Price spread now: BloFin against Lighter−0.240%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$650.648% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.080%−$8 · spread now −0.240%, 7d avg −0.165%

Together, before fees−0.159%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BloFin is 0.075% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.165%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06261	0.0096	pay 0.0012% / 1h	33m 06s	$191K	$208K	5x
Short	BloFin PYTH-USDT	0.06246	0.0027	get 0.0014% / 4h	2h 33m	$421K	$75K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$14.47
Price spread: −0.240% → −0.165%: −$7.5
Slippage, 4 orders: −$52.78
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$86.75
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from Lighter: live order book, 62 min ago; BloFin: live order book, 58 min ago.

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 Lighter live order book, 62 min ago	3.13 bp	25.0 bp −$25	113.5 bp −$1,135	doesn't fit	doesn't fit
Sell BloFin live order book, 58 min ago	4.69 bp	12.1 bp −$12	32.7 bp −$327	109.9 bp −$11.0K	doesn't fit

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
Backpack PYTH_USDC_PERP	−0.0436%	1h	0.06266	+0.072%	$38K	$63K	10x	as long as short
Gate PYTH_USDT	−0.0100%	4h	0.06247	−0.224%	$1.0M	$528K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0069%	1h	0.06259	−0.032%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06261	0.000%	$186K	$19	5x	as long as short
BloFin PYTH-USDTshort	+0.0027%	4h	0.06246	−0.240%	$421K	$75K	75x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.016%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0040%	4h	0.06252	−0.144%	$8.9M	$18.8M	75x	as long as short
MEXC PYTH_USDT	+0.0042%	4h	0.06251	−0.160%	$10.5M	$2.7M	125x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06255	−0.096%	$22K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06261	long leg	$191K	$208K	5x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06245	−0.250%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06258	−0.042%	$2.1M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06254	−0.117%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06261	0.000%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06260	−0.016%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06256	−0.080%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06254	−0.112%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06259	−0.032%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06277	+0.256%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06258	−0.042%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0238%	1h	0.06260	−0.020%	$382K	$302K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06253	−0.131%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.705%	$40K	$19K	25x	as long as short