Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0236%/8h= +25.8% APRnext payment +$0.30 per $10,000 · paid last 24h —

Price spread now: Reya against Deribit−0.103%7-day average — · you buy dearer than you sell

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

Long on Deribit 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 0.103% cheaper against Deribit than usual: you would sell low and buy high (spread −0.103% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 35 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06323	0.0066	pay 0.0008% / 1h	47m 42s	$10K	$10K	10x
Short	Reya PYTHRUSDPERP	0.06317	0.0302	get 0.0038% / 1h	47m 42s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Deribit. 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 DeribitbpFee ReyabpOrdersPrice spread, now −0.103%Rate

Funding earned: $49.57
Price spread: −0.103% → 0.000%: −$10.27
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: $26.3
Costs to cover: 0.130%
Break-even: 3.3 days

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

Deribit 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
dYdX PYTH-USD	+0.0002%	1h	0.06321	−0.033%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.996%	$553	$220K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUALlong	+0.0066%	1h	0.06323	long leg	$10K	$10K	10x
BloFin PYTH-USDT	+0.0092%	4h	0.06297	−0.411%	$429K	$72K	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06325	+0.032%	$195K	$214K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06316	−0.114%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06323	+0.008%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06314	−0.146%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06315	−0.120%	$9.1M	$19.9M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06319	−0.063%	$7.5M	$5.0M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06319	−0.063%	$2.1M	$3.6M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06311	−0.190%	$1.0M	$508K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06316	−0.111%	$10.5M	$2.7M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06322	−0.016%	$1.5M	$371K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06319	−0.063%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06317	−0.095%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06325	+0.025%	$35K	$60K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06308	−0.230%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06317	−0.100%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06320	−0.047%	$23K	—	3x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06317	−0.103%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0466%	1h	0.06322	−0.014%	$383K	$301K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.645%	$40K	$19K	25x	as long as short