PYTH

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: dYdX against Lighter−0.057%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$278as in the Funding arb table

Net, price: spread back to 7d avg − costs−$263as in the Price arb table

costs, in and out, $10k−$2592.586% of the position

Long on Lighter Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now −0.057%, 7d avg −0.011%

Together, before fees−0.161%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.046% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06355	0.0096	pay 0.0012% / 1h	20m 27s	$190K	$206K	5x
Short	dYdX PYTH-USD	0.06351	0	get 0.0000% / 1h	20m 27s	$189K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$20.16
Price spread: −0.057% → −0.011%: −$4.6
Slippage, 4 orders: −$248.57
Fee Lighter: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$283.33
Costs to cover: 2.586%
Break-even: never at this rate

Slippage from Lighter: live order book, 30 min ago; dYdX: live order book, 49 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, 30 min ago	3.90 bp	20.2 bp −$20	99.8 bp −$998	doesn't fit	doesn't fit
Sell dYdX live order book, 49 min ago	45.53 bp	159.5 bp −$159	199.0 bp −$1,990	208.7 bp −$20.9K	914.8 bp −$457.4K

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
Gate PYTH_USDT	−0.0088%	4h	0.06338	−0.268%	$1.0M	$499K	75x	as long as short
Binance PYTHUSDT	−0.0084%	4h	0.06343	−0.189%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0080%	4h	0.06344	−0.173%	$9.6M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.991%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0012%	4h	0.06351	−0.062%	$20K	$46K	10x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06351	−0.057%	$189K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.495%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06356	+0.009%	$23K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06355	long leg	$190K	$206K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06337	−0.291%	$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	0.06353	−0.027%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06345	−0.157%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06349	−0.094%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06365	+0.157%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06346	−0.142%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06349	−0.094%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06362	+0.112%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	+0.052%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06364	+0.142%	$3K	$2K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0222%	1h	0.06364	+0.142%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06344	−0.174%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0377%	1h	0.06363	+0.119%	$389K	$291K	25x	as long as short