Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0536%/8h= +58.7% APRpaid last 24h −0.008%

Price spread now: Aster against Backpack−0.130%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 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

Funding pays, the price is against you. Aster is 0.130% cheaper against Backpack than usual: you would sell low and buy high (spread −0.130% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 19 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06266	−0.0436	get 0.0055% / 1h	32m 54s	$38K	$63K	10x
Short	Aster PYTHUSDT	0.06257	0.0100	get 0.0050% / 4h	2h 32m	$20K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.130%Rate

Funding earned: $112.58
Price spread: −0.130% → 0.000%: −$12.96
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: $81.63
Costs to cover: 0.180%
Break-even: 1.9 days

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

Backpack and Aster: 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
Backpack PYTH_USDC_PERPlong	−0.0436%	1h	0.06266	long leg	$38K	$63K	10x
Gate PYTH_USDT	−0.0100%	4h	0.06247	−0.295%	$1.0M	$528K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0069%	1h	0.06259	−0.104%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06261	−0.072%	$186K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0027%	4h	0.06246	−0.311%	$421K	$75K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.088%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0040%	4h	0.06255	−0.168%	$8.9M	$18.8M	75x	as long as short
MEXC PYTH_USDT	+0.0042%	4h	0.06257	−0.136%	$10.5M	$2.7M	125x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06255	−0.168%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06261	−0.072%	$191K	$208K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06245	−0.321%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06258	−0.113%	$2.1M	$1.9M	5x	as long as short
Aster PYTHUSDTshort	+0.0100%	4h	0.06257	−0.130%	$20K	$45K	10x
Bybit PYTHUSDT	+0.0100%	4h	0.06256	−0.152%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06258	−0.120%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06259	−0.104%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06257	−0.136%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06254	−0.184%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06277	+0.184%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06258	−0.113%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0238%	1h	0.06260	−0.092%	$382K	$302K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06253	−0.203%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.631%	$40K	$19K	25x	as long as short