Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0202%/8h= −22.2% APRnext payment −$0.25 per $10,000 · paid last 24h —

Price spread now: Backpack against Reya+0.210%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

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

The price spread pays, funding is against you. Backpack is 0.210% dearer against Reya than usual: you sell high and buy low (spread +0.210% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06349	0.0302	pay 0.0038% / 1h	13m 01s	—	—	20x
Short	Backpack PYTH_USDC_PERP	0.06363	0.0100	get 0.0013% / 1h	13m 01s	$35K	$53K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.210%Rate

Funding earned: −$42.51
Price spread: +0.210% → 0.000%: $21.02
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$37.49
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Backpack: 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Reya and Backpack: 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	−0.0065%	1h	0.06349	−0.007%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	+0.0008%	1h	0.06359	+0.146%	$189K	$13	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.409%	$553	$220K	5.5x	as long as short
Lighter PYTH	+0.0096%	1h	0.06361	+0.182%	$196K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06349	−0.006%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06359	+0.154%	$2.1M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06351	+0.032%	$19K	$49K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06352	+0.040%	$9.1M	$19.5M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06356	+0.103%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06355	+0.087%	$2.1M	$3.6M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PYTH_USDT	+0.0100%	4h	0.06347	−0.039%	$1.0M	$512K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06352	+0.040%	$11.4M	$3.0M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06357	+0.119%	$1.5M	$369K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06351	+0.024%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06354	+0.072%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERPshort	+0.0100%	1h	0.06363	+0.210%	$35K	$53K	10x
Variational Omni PYTH	+0.0100%	4h	0.06348	−0.022%	$40K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06353	+0.064%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06352	+0.040%	$23K	—	3x	as long as short
BloFin PYTH-USDT	+0.0119%	4h	0.06350	+0.009%	$428K	$72K	75x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06349	long leg	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0464%	1h	0.06358	+0.132%	$385K	$292K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.221%	$40K	$19K	25x	as long as short