Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h −0.014%

Price spread now: Bybit against Aevo−0.064%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.064% cheaper against Aevo than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 6.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PYTH-PERP	0.06361	0.0064	pay 0.0008% / 1h	11m 48s	$23K	—	3x
Short	Bybit PYTHUSDT	0.06357	0.0100	get 0.0050% / 4h	2h 11m	$7.6M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now −0.064%Rate

Funding earned: $7.56
Price spread: −0.064% → 0.000%: −$6.45
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.89
Costs to cover: 0.270%
Break-even: 31.0 days

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 1 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.58 bp	33.6 bp −$34	94.0 bp −$940	doesn't fit	doesn't fit

Aevo: 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 22 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
MEXC PYTH_USDT	−0.0068%	4h	0.06357	−0.064%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0066%	4h	0.06353	−0.127%	$9.1M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.124%	$39K	$18K	25x	as long as short
Gate PYTH_USDT	−0.0042%	4h	0.06349	−0.190%	$1.0M	$499K	75x	as long as short
Aster PYTHUSDT	−0.0004%	4h	0.06359	−0.032%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06360	−0.020%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.589%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERPlong	+0.0064%	1h	0.06361	long leg	$23K	—	3x
Lighter PYTH	+0.0096%	1h	0.06363	+0.030%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06349	−0.189%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06366	+0.072%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06357	−0.064%	$7.6M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06357	−0.064%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06362	+0.014%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06359	−0.033%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06358	−0.049%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06367	+0.093%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06347	−0.217%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06361	+0.005%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06354	−0.117%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0376%	1h	0.06367	+0.092%	$389K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0378%	1h	0.06374	+0.203%	$10K	$10K	10x	as long as short