PYTH arbitrage between HyperLiquid and Kraken: we compare the price of PYTH on HyperLiquid (futures) and Kraken (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Pyth Network

Pyth Network is a decentralised oracle network designed to provide real-time financial market data to decentralised applications (dApps) across multiple blockchains. It allows developer to secure smart contracts with reliable, low-latency market data from institutional sources, and build apps with high-fidelity oracle feeds designed for mission-critical systems.

Infrastructure, Decentralized Finance (DeFi), Oracle, Analytics

Open interest in PYTH right now — $21.7M: Binance $6.8M, Bybit $6.2M, KuCoin $2.5M, BingX $2.1M, HyperLiquid $1.8M. See OI PYTH.

News about PYTH

About PYTH arbitrage

How do I read the PYTH spread?

The spread is how many percent higher PYTH trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on HyperLiquid and Kraken. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get PYTH alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.