Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.012%

Price spread now: Backpack against Aster+0.109%7-day average — · you sell dearer than you buy

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

Long on Aster Short on Backpack

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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.109% dearer against Aster than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster PYTHUSDT	0.06344	0.0100	pay 0.0050% / 4h	2h 19m	$20K	$24K	10x
Short	Backpack PYTH_USDC_PERP	0.06351	0.0214	get 0.0027% / 1h	19m 50s	$38K	$87K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now +0.109%Rate

Funding earned: $23.89
Price spread: +0.109% → 0.000%: $10.95
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $16.84
Costs to cover: 0.180%
Break-even: 2.1 days

Slippage unknown: Aster: 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 Aster no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Aster 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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	+0.098%	$561	$180K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0380%	1h	0.06348	+0.067%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0216%	1h	0.06350	+0.095%	$384K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0036%	4h	0.06350	+0.098%	$1.1M	$466K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06351	+0.108%	$189K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0012%	4h	0.06343	−0.012%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDT	+0.0017%	4h	0.06345	+0.020%	$9.1M	$15.9M	75x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.375%	$40K	$6K	25x	as long as short
BloFin PYTH-USDT	+0.0062%	4h	0.06339	−0.075%	$423K	$117K	75x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06340	−0.054%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06352	+0.130%	$197K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06341	−0.041%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06352	+0.132%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDTlong	+0.0100%	4h	0.06344	long leg	$20K	$24K	10x
Bybit PYTHUSDT	+0.0100%	4h	0.06350	+0.098%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06347	+0.051%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06349	+0.083%	$1.5M	$304K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06347	+0.051%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06349	+0.083%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06348	+0.069%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06345	+0.018%	$3K	$1K	10x	as long as short
Backpack PYTH_USDC_PERPshort	+0.0214%	1h	0.06351	+0.109%	$38K	$87K	10x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06342	−0.029%	—	—	20x	as long as short