Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h —

Price spread now: Reya against Kraken Futures−0.227%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Reya is 0.227% cheaper against Kraken Futures than usual: you would sell low and buy high, −$23 on $10k if it 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	Kraken Futures PF_PYTHUSD	0.06323	0.0303	pay 0.0038% / 1h	54m 04s	$386K	$291K	25x
Short	Reya PYTHRUSDPERP	0.06309	0.0302	get 0.0038% / 1h	54m 04s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Kraken Futures. 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 Kraken FuturesbpFee ReyabpOrdersPrice spread, now −0.227%Rate

Funding earned: −$0.07
Price spread: −0.227% → 0.000%: −$22.7
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$38.77
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 9 min ago; 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 Kraken Futures live order book, 9 min ago	11.02 bp	25.1 bp −$25	642.1 bp −$6,421	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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 22 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	−0.0526%	1h	0.06317	−0.099%	$38K	$91K	10x	as long as short
Gate PYTH_USDT	−0.0184%	4h	0.06302	−0.333%	$1.0M	$496K	75x	as long as short
Binance PYTHUSDT	−0.0054%	4h	0.06307	−0.253%	$9.0M	$17.7M	75x	as long as short
MEXC PYTH_USDT	−0.0054%	4h	0.06313	−0.159%	$9.5M	$2.3M	125x	as long as short
Aster PYTHUSDT	−0.0016%	4h	0.06313	−0.158%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06329	+0.090%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.997%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06318	−0.086%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06323	−0.001%	$190K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06307	−0.255%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06317	−0.100%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06308	−0.238%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06311	−0.190%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06316	−0.111%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06316	−0.111%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06312	−0.175%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06362	+0.623%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06313	−0.162%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06369	+0.727%	$39K	$18K	25x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06309	−0.227%	—	—	20x
Kraken Futures PF_PYTHUSDlong	+0.0303%	1h	0.06323	long leg	$386K	$291K	25x
Deribit PYTH_USDC-PERPETUAL	+0.0541%	1h	0.06326	+0.047%	$10K	$10K	10x	as long as short