Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0269%/8h= +29.5% APRnext payment +$0.34 per $10,000 · paid last 24h —

Price spread now: Reya against Injective+0.431%7-day average — · you sell dearer than you buy

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

Long on Injective 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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Reya is 0.431% dearer against Injective than usual: you sell high and buy low: +$43 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PYTH/USDC PERP	0.06260	0.0033	pay 0.0004% / 1h	31m 19s	$553	$220K	5.5x
Short	Reya PYTHRUSDPERP	0.06287	0.0302	get 0.0038% / 1h	31m 19s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Injective. 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 InjectivebpFee ReyabpOrdersPrice spread, now +0.431%Rate

Funding earned: $56.51
Price spread: +0.431% → 0.000%: $43.15
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Reya: 3 bp × 2 orders: −$6
Net: $93.64
Costs to cover: 0.060%
Break-even: from the start

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

Injective 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
Backpack PYTH_USDC_PERP	−0.0104%	1h	0.06287	+0.430%	$35K	$67K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06292	+0.511%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	+0.0012%	1h	0.06288	+0.443%	$187K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0016%	4h	0.06287	+0.431%	$10.4M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0022%	4h	0.06286	+0.418%	$8.9M	$19.5M	75x	as long as short
Gate PYTH_USDT	+0.0024%	4h	0.06279	+0.304%	$1.0M	$535K	75x	as long as short
Injective PYTH/USDC PERPlong	+0.0033%	1h	0.06260	long leg	$553	$220K	5.5x
BloFin PYTH-USDT	+0.0040%	4h	0.06275	+0.240%	$424K	$76K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06286	+0.412%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06294	+0.543%	$193K	$218K	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	0.06279	+0.307%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06292	+0.516%	$2.2M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06286	+0.410%	$19K	$46K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06285	+0.399%	$7.4M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06289	+0.463%	$2.1M	$3.6M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06289	+0.463%	$1.5M	$361K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06291	+0.495%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06288	+0.447%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06303	+0.685%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06283	+0.374%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0132%	1h	0.06291	+0.492%	$381K	$315K	25x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06287	+0.431%	—	—	20x
Coinbase International PYTH-PERP-INTX	+0.0368%	1h	0.06427	+2.668%	$40K	$19K	25x	as long as short