Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0399%/8h= −43.7% APRnext payment −$0.50 per $10,000 · paid last 24h —

Price spread now: Backpack against Reya+0.153%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

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

The price spread pays, funding is against you. Backpack is 0.153% dearer against Reya than usual: you sell high and buy low (spread +0.153% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06335	0.0302	pay 0.0038% / 1h	9m 57s	—	—	20x
Short	Backpack PYTH_USDC_PERP	0.06345	−0.0097	pay 0.0012% / 1h	9m 57s	$38K	$63K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$83.79
Price spread: +0.153% → 0.000%: $15.27
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$84.53
Costs to cover: 0.160%
Break-even: never at this rate

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

Reya and Backpack: 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
Deribit PYTH_USDC-PERPETUAL	−0.0381%	1h	0.06337	+0.026%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERPshort	−0.0097%	1h	0.06345	+0.153%	$38K	$63K	10x
Gate PYTH_USDT	−0.0010%	4h	0.06332	−0.053%	$1.0M	$518K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06350	+0.228%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.189%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0045%	4h	0.06338	+0.042%	$9.1M	$18.4M	75x	as long as short
MEXC PYTH_USDT	+0.0050%	4h	0.06338	+0.042%	$10.7M	$2.9M	125x	as long as short
BloFin PYTH-USDT	+0.0077%	4h	0.06355	+0.311%	$427K	$77K	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06347	+0.184%	$193K	$211K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06342	+0.102%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PYTHUSDT	+0.0097%	4h	0.06338	+0.042%	$7.5M	$4.8M	50x	as long as short
Aster PYTHUSDT	+0.0098%	4h	0.06348	+0.204%	$20K	$45K	10x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06334	−0.029%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06347	+0.187%	$2.3M	$1.8M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06340	+0.074%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06339	+0.058%	$1.5M	$346K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06346	+0.168%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06340	+0.074%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06350	+0.237%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06341	+0.094%	$2K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+2.489%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0300%	1h	0.06343	+0.118%	$388K	$301K	25x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06335	long leg	—	—	20x