Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h —

Price spread now: Reya against Orderly−0.055%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 0.055% cheaper against Orderly than usual: you would sell low and buy high (spread −0.055% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 22 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06266	0.0100	pay 0.0050% / 4h	1h 57m	$2K	$2K	10x
Short	Reya PYTHRUSDPERP	0.06263	0.0302	get 0.0038% / 1h	57m 00s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now −0.055%Rate

Funding earned: $42.51
Price spread: −0.055% → 0.000%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $25.01
Costs to cover: 0.120%
Break-even: 2.9 days

Slippage unknown: Orderly: 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly 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 exchanges

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	−0.0228%	1h	0.06268	+0.026%	$10K	—	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06277	+0.171%	$186K	$13	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.102%	$553	$220K	5.5x	as long as short
Lighter PYTH	+0.0096%	1h	0.06274	+0.121%	$194K	$185K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06262	−0.078%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06272	+0.094%	$2.1M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06270	+0.057%	$19K	$46K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06261	−0.086%	$8.9M	$18.7M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06267	+0.010%	$7.5M	$4.4M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06264	−0.038%	$2.1M	$3.4M	50x	as long as short

Show all 23 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PYTH_USDT	+0.0100%	4h	0.06266	−0.006%	$1.0M	$447K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06263	−0.054%	$11.2M	$2.8M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06273	+0.105%	$1.5M	$354K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06265	−0.022%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06266	−0.006%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06276	+0.146%	$39K	$24K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06266	long leg	$2K	$2K	10x
Aevo PYTH-PERP	+0.0104%	1h	0.06265	−0.022%	$22K	—	3x	as long as short
BloFin PYTH-USDT	+0.0145%	4h	0.06266	−0.006%	$426K	$72K	75x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06263	−0.055%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0381%	1h	0.06274	+0.114%	$380K	$246K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0640%	1h	0.06330	+1.015%	$39K	$20K	25x	as long as short
Backpack PYTH_USDC_PERP	+0.0701%	1h	0.06272	+0.094%	$35K	$53K	10x	as long as short