Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Paradex against Lighter−0.161%57s7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.161% cheaper against Lighter than usual: you would sell low and buy high, −$16 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06282	0.0096	pay 0.0012% / 1h	30m 42s	$194K	$214K	5x
Short	Paradex PYTH-USD-PERP	0.06272	0.0100	get 0.0100% / 8h	7h 30m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.161%Rate

Funding earned: $0.83
Price spread: −0.161% → 0.000%: −$16.11
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$19.28
Costs to cover: 0.040%
Break-even: 169.0 days

Slippage unknown: Lighter: live order book, 49 min ago; Paradex: 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 Lighter live order book, 49 min ago	3.96 bp	23.2 bp −$23	101.3 bp −$1,013	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Deribit PYTH_USDC-PERPETUAL	−0.0068%	1h	0.06279	−0.048%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0004%	1h	0.06287	+0.083%	$35K	$60K	10x	as long as short
dYdX PYTH-USD	+0.0006%	1h	0.06290	+0.123%	$187K	$10	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.350%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0081%	4h	0.06269	−0.202%	$9.0M	$19.7M	75x	as long as short
BloFin PYTH-USDT	+0.0092%	4h	0.06279	−0.048%	$430K	$72K	75x	as long as short
MEXC PYTH_USDT	+0.0094%	4h	0.06270	−0.191%	$10.6M	$2.8M	125x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06282	long leg	$194K	$214K	5x
Paradex PYTH-USD-PERPshort	+0.0100%	8h	0.06272	−0.161%	$3K	—	10x
Hyperliquid PYTH	+0.0100%	1h	0.06281	−0.014%	$2.2M	$1.9M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0100%	4h	0.06285	+0.051%	$21K	$47K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06277	−0.080%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06272	−0.159%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06268	−0.223%	$1.0M	$509K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06281	−0.016%	$1.5M	$370K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06270	−0.191%	$2.6M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06273	−0.143%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06280	−0.024%	$40K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06278	−0.059%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06283	+0.014%	$22K	—	3x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06276	−0.091%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0469%	1h	0.06280	−0.026%	$381K	$299K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+2.308%	$40K	$19K	25x	as long as short