Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.025%

Price spread now: MEXC against Lighter−0.079%7-day average −0.132% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 4 days (all we have)−0.045%−$5 · spread now −0.079%, 7d avg −0.132%

Together, before fees−0.135%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.052% dearer against Lighter than usual: you sell high and buy low (spread −0.079% now, against its 7-day average of −0.132%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06298	0.0096	pay 0.0012% / 1h	35m 26s	$192K	$208K	5x
Short	MEXC PYTH_USDT	0.06293	0.0036	get 0.0018% / 4h	2h 35m	$10.5M	$2.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$12.6
Price spread: −0.079% → −0.132%: $5.23
Slippage, 4 orders: −$44.88
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$52.25
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from Lighter: live order book, 60 min ago; MEXC: live order book, 3 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, 60 min ago	3.13 bp	25.0 bp −$25	113.5 bp −$1,135	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.80 bp	2.8 bp −$3	18.4 bp −$184	96.7 bp −$9,674	195.7 bp −$97.8K

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	−0.0426%	1h	0.06292	−0.097%	$38K	$63K	10x	as long as short
Gate PYTH_USDT	−0.0054%	4h	0.06288	−0.159%	$1.0M	$527K	75x	as long as short
BloFin PYTH-USDT	−0.0023%	4h	0.06269	−0.460%	$425K	$75K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06298	0.000%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06280	−0.286%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.603%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDTshort	+0.0036%	4h	0.06293	−0.079%	$10.5M	$2.7M	125x
Binance PYTHUSDT	+0.0042%	4h	0.06294	−0.058%	$8.9M	$18.8M	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06278	−0.319%	$22K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06298	long leg	$192K	$208K	5x

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	0.06298	−0.004%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06298	+0.006%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06295	−0.045%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06295	−0.048%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06294	−0.064%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06296	−0.032%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06292	−0.095%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06294	−0.064%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06277	−0.333%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06279	−0.308%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0237%	1h	0.06288	−0.159%	$384K	$302K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06294	−0.071%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.096%	$40K	$19K	25x	as long as short