Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0070%/8hnext payment +$0.09 per $10,000 · paid last 24h —

Price spread now: Reya against Coinbase International−0.528%7-day average — · you buy dearer than you sell

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

Long on Coinbase International 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 0.528% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.528% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$53 on $10k: about 25 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06369	0.0232	pay 0.0029% / 1h	6m 06s	$39K	$9K	25x
Short	Reya PYTHRUSDPERP	0.06335	0.0302	get 0.0038% / 1h	6m 06s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee ReyabpOrdersPrice spread, now −0.528%Rate

Funding earned: $14.79
Price spread: −0.528% → 0.000%: −$52.76
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$53.97
Costs to cover: 0.160%
Break-even: 32.5 days

Slippage unknown: Coinbase International: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Coinbase International 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 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
Injective PYTH/USDC PERP	−0.0507%	1h	0.06367	−0.031%	$563	$143K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0250%	1h	0.06342	−0.428%	$381K	$224K	25x	as long as short
Bybit PYTHUSDT	−0.0186%	4h	0.06335	−0.534%	$7.4M	$4.9M	50x	as long as short
Gate PYTH_USDT	−0.0174%	4h	0.06332	−0.581%	$1.1M	$523K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06348	−0.330%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06342	−0.424%	$10K	$10K	10x	as long as short
Binance PYTHUSDT	+0.0032%	4h	0.06336	−0.517%	$9.0M	$15.8M	75x	as long as short
MEXC PYTH_USDT	+0.0038%	4h	0.06336	−0.518%	$9.5M	$2.5M	125x	as long as short
BloFin PYTH-USDT	+0.0083%	4h	0.06344	−0.393%	$427K	$126K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06343	−0.404%	$23K	—	3x	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	+0.0095%	8h	0.06335	−0.538%	$3K	$56	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06344	−0.393%	$196K	$202K	5x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06337	−0.509%	$1.6M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06344	−0.387%	$21K	$34K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06333	−0.565%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06347	−0.345%	$1.5M	$336K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06330	−0.612%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06334	−0.550%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06340	−0.449%	$38K	$90K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06356	−0.205%	$44K	$17K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06340	−0.462%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0232%	1h	0.06369	long leg	$39K	$9K	25x
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06335	−0.528%	—	—	20x