Funding arb · Price arb /

PYTH

all PYTH markets

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: Lighter against Reya+0.199%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 Lighter

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 · Lighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.199% dearer against Reya than usual: you sell high and buy low (spread +0.199% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya PYTHRUSDPERP	0.06396	0.0302	pay 0.0038% / 1h	46m 10s	—	—	20x
Short	Lighter PYTH	0.06409	0.0096	get 0.0012% / 1h	46m 10s	$191K	$205K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.199%Rate

Funding earned: −$43.35
Price spread: +0.199% → 0.000%: $19.9
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.46
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Lighter: live order book, 4 min ago. 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 Lighter live order book, 4 min ago	3.90 bp	7.4 bp −$7	89.6 bp −$896	doesn't fit	doesn't fit

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	−0.036%	$428K	$113K	75x	as long as short
Binance PYTHUSDT	−0.0104%	4h	0.06397	+0.011%	$9.2M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0102%	4h	0.06396	−0.004%	$9.7M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.340%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0002%	4h	0.06395	−0.015%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06403	+0.106%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.131%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06397	+0.010%	$23K	—	3x	as long as short
Lighter PYTHshort	+0.0096%	1h	0.06409	+0.199%	$191K	$205K	5x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06394	−0.034%	$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	0.06402	+0.093%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06396	−0.004%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06399	+0.043%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06391	−0.082%	$1.1M	$493K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06400	+0.058%	$1.5M	$334K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06399	+0.043%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06396	−0.004%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06395	−0.020%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06399	+0.041%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERPlong	+0.0302%	1h	0.06396	long leg	—	—	20x
Kraken Futures PF_PYTHUSD	+0.0374%	1h	0.06407	+0.167%	$393K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0375%	1h	0.06405	+0.136%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0690%	1h	0.06406	+0.146%	$38K	$93K	10x	as long as short