Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0202%/8h= +22.2% APRpaid last 24h —

Price spread now: Reya against Orderly−0.048%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 pays, the price is against you. Reya is 0.048% cheaper against Orderly than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 19 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06348	0.0100	pay 0.0050% / 4h	3h 00m	$2K	$2K	10x
Short	Reya PYTHRUSDPERP	0.06345	0.0302	get 0.0038% / 1h	0m 32s	—	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now −0.048%Rate

Funding earned: $42.51
Price spread: −0.048% → 0.000%: −$4.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $25.67
Costs to cover: 0.120%
Break-even: 2.8 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and 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
dYdX PYTH-USD	+0.0006%	1h	0.06351	+0.046%	$189K	$13	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.385%	$553	$220K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0065%	1h	0.06353	+0.080%	$10K	$10K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06354	+0.096%	$195K	$222K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06339	−0.143%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06350	+0.030%	$2.1M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06350	+0.033%	$19K	$48K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06343	−0.073%	$9.1M	$19.3M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06347	−0.014%	$7.6M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06343	−0.077%	$2.1M	$3.5M	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	+0.0100%	4h	0.06347	−0.014%	$1.0M	$515K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06343	−0.077%	$11.4M	$3.1M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06349	+0.017%	$1.5M	$366K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06346	−0.030%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06345	−0.046%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06352	+0.063%	$35K	$53K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	−0.096%	$40K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06348	long leg	$2K	$2K	10x
Aevo PYTH-PERP	+0.0104%	1h	0.06350	+0.033%	$23K	—	3x	as long as short
BloFin PYTH-USDT	+0.0132%	4h	0.06351	+0.049%	$430K	$73K	75x	as long as short
Reya PYTHRUSDPERPshort	+0.0302%	1h	0.06345	−0.048%	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0464%	1h	0.06353	+0.079%	$385K	$277K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.246%	$40K	$19K	25x	as long as short