Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0202%/8h= −22.2% APRpaid last 24h —

Price spread now: Orderly against Reya+0.077%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 Orderly

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. Orderly is 0.077% dearer against Reya than usual: you sell high and buy low (spread +0.077% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06347	0.0302	pay 0.0038% / 1h	8m 30s	—	—	20x
Short	Orderly PERP_PYTH_USDC_mythos	0.06352	0.0100	get 0.0050% / 4h	1h 08m	$3K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.077%Rate

Funding earned: −$42.51
Price spread: +0.077% → 0.000%: $7.72
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$46.79
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and Orderly: 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
Backpack PYTH_USDC_PERP	−0.0316%	1h	0.06363	+0.251%	$39K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0196%	4h	0.06345	−0.033%	$1.0M	$504K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06354	+0.105%	$189K	$19	5x	as long as short
Binance PYTHUSDT	+0.0005%	4h	0.06351	+0.061%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	+0.0012%	4h	0.06346	−0.017%	$9.4M	$2.5M	125x	as long as short
BloFin PYTH-USDT	+0.0016%	4h	0.06390	+0.676%	$428K	$87K	75x	as long as short
Aster PYTHUSDT	+0.0021%	4h	0.06353	+0.090%	$20K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.372%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06338	−0.143%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06363	+0.251%	$191K	$205K	5x	as long as short

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	0.06347	−0.009%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06356	+0.134%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06345	−0.033%	$7.5M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06347	−0.002%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06357	+0.156%	$1.5M	$342K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06344	−0.049%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06352	+0.077%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06370	+0.357%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06352	+0.077%	$3K	$2K	10x
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06385	+0.597%	$40K	$18K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0301%	1h	0.06361	+0.216%	$388K	$294K	25x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06347	long leg	—	—	20x
Deribit PYTH_USDC-PERPETUAL	+0.0850%	1h	0.06368	+0.329%	$10K	$10K	10x	as long as short