PYTH

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0319%/8h= −34.9% APRnext payment −$0.40 per $10,000 · paid last 24h −0.029%

Price spread now: Coinbase International against Backpack+1.381%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Coinbase International

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

The price spread pays, funding is against you. Coinbase International is 1.381% dearer against Backpack than usual: you sell high and buy low (spread +1.381% now, against zero (this spread has no 7-day history yet)): +$138 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06343	0.0367	pay 0.0046% / 1h	42m 06s	$38K	$88K	10x
Short	Coinbase International PYTH-PERP-INTX	0.06431	0.0048	get 0.0006% / 1h	42m 06s	$40K	$6K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +1.381%Rate

Funding earned: −$66.9
Price spread: +1.381% → 0.000%: $138.1
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $51.19
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Coinbase International: 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 Coinbase International no order-book sample	—	—	—	—	—

Backpack and Coinbase International: 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	+0.104%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0216%	1h	0.06342	−0.022%	$384K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0112%	4h	0.06333	−0.164%	$1.1M	$464K	75x	as long as short
Bybit PYTHUSDT	−0.0079%	4h	0.06341	−0.038%	$7.4M	$5.0M	50x	as long as short
BloFin PYTH-USDT	−0.0067%	4h	0.06344	+0.009%	$427K	$121K	75x	as long as short
Binance PYTHUSDT	−0.0017%	4h	0.06331	−0.192%	$9.1M	$15.9M	75x	as long as short
MEXC PYTH_USDT	−0.0014%	4h	0.06336	−0.117%	$9.4M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06347	+0.057%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06341	−0.038%	$10K	$10K	10x	as long as short
Coinbase International PYTH-PERP-INTXshort	+0.0048%	1h	0.06431	+1.381%	$40K	$6K	25x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0080%	1h	0.06340	−0.054%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06347	+0.057%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06338	−0.080%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06341	−0.043%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06346	+0.047%	$20K	$26K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06332	−0.180%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06344	+0.009%	$1.5M	$311K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06345	+0.025%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06338	−0.085%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06345	+0.026%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06339	−0.066%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06336	−0.112%	—	—	20x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0367%	1h	0.06343	long leg	$38K	$88K	10x