Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0206%/8h= +22.6% APRnext payment +$0.26 per $10,000 · paid last 24h —

Price spread now: Reya against Lighter−0.140%7-day average — · you buy dearer than you sell

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

Long on Lighter 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 airdropLighter: Season 3 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.140% cheaper against Lighter than usual: you would sell low and buy high (spread −0.140% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 2.3 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PYTH	0.06404	0.0096	pay 0.0012% / 1h	47m 11s	$191K	$205K	5x
Short	Reya PYTHRUSDPERP	0.06395	0.0302	get 0.0038% / 1h	47m 11s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now −0.140%Rate

Funding earned: $43.35
Price spread: −0.140% → 0.000%: −$14.04
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $23.31
Costs to cover: 0.060%
Break-even: 3.2 days

Slippage unknown: Lighter: live order book, 3 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 Lighter live order book, 3 min ago	3.90 bp	20.2 bp −$20	99.8 bp −$998	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 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
BloFin PYTH-USDT	−0.0143%	4h	0.06394	−0.156%	$428K	$113K	75x	as long as short
MEXC PYTH_USDT	−0.0104%	4h	0.06387	−0.265%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0104%	4h	0.06389	−0.234%	$9.2M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.219%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	0.0000%	4h	0.06401	−0.050%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06413	+0.140%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.249%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06388	−0.253%	$23K	—	3x	as long as short
Lighter PYTHlong	+0.0096%	1h	0.06404	long leg	$191K	$205K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06399	−0.082%	$3K	—	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06403	−0.011%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06392	−0.187%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06393	−0.172%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06396	−0.125%	$1.1M	$489K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06408	+0.062%	$1.5M	$334K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06393	−0.172%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06400	−0.062%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06383	−0.336%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06397	−0.111%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06395	−0.140%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0374%	1h	0.06402	−0.038%	$393K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0531%	1h	0.06406	+0.031%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0673%	1h	0.06412	+0.126%	$38K	$93K	10x	as long as short