Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0282%/8h= −30.9% APRpaid last 24h −0.009%

Price spread now: Binance against Lighter−0.179%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$650.653% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.179%, 7d avg −0.134%

Together, before fees−0.073%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.045% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.134%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.082% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06370	0.0096	pay 0.0012% / 1h	0m 56s	$202K	$218K	5x
Short	Binance PYTHUSDT	0.06359	−0.0186	pay 0.0093% / 4h	0m 56s	$9.1M	$17.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.179%Rate

Funding earned: −$59.32
Price spread: −0.179% → −0.134%: −$4.52
Slippage, 4 orders: −$55.32
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$129.16
Costs to cover: 0.653%
Break-even: never at this rate

Slippage from Lighter: live order book, 59 min ago; Binance: live order book, 10 min ago.

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 Lighter live order book, 59 min ago	3.95 bp	25.0 bp −$25	110.4 bp −$1,104	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.58 bp	13.2 bp −$13	35.2 bp −$352	319.1 bp −$31.9K	doesn't fit

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
Kraken Futures PF_PYTHUSD	−0.0396%	1h	0.06369	−0.015%	$389K	$277K	25x	as long as short
BloFin PYTH-USDT	−0.0195%	4h	0.06341	−0.455%	$421K	$114K	75x	as long as short
MEXC PYTH_USDT	−0.0190%	4h	0.06358	−0.188%	$9.5M	$2.4M	125x	as long as short
Binance PYTHUSDTshort	−0.0186%	4h	0.06359	−0.179%	$9.1M	$17.3M	75x
Deribit PYTH_USDC-PERPETUAL	−0.0064%	1h	0.06359	−0.173%	$10K	$10K	10x	as long as short
Aster PYTHUSDT	−0.0014%	4h	0.06360	−0.157%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06360	−0.155%	$189K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0032%	1h	0.06356	−0.223%	$23K	—	3x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.727%	$553	$220K	5.5x	as long as short
Bybit PYTHUSDT	+0.0048%	4h	0.06362	−0.126%	$7.6M	$4.8M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PYTH_USDT	+0.0058%	4h	0.06352	−0.283%	$1.1M	$480K	75x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06370	long leg	$202K	$218K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06347	−0.358%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06370	−0.006%	$1.9M	$1.6M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06361	−0.141%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06365	−0.078%	$1.5M	$323K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06362	−0.126%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06361	−0.141%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06350	−0.312%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06354	−0.257%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06336	−0.534%	$38K	$13K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06351	−0.293%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0532%	1h	0.06370	−0.006%	$35K	$90K	10x	as long as short