Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0078%/8h= +8.6% APRpaid last 24h −0.021%

Price spread now: Gate against Backpack−0.211%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

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. Gate is 0.211% cheaper against Backpack than usual: you would sell low and buy high (spread −0.211% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 9.0 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.214%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06339	−0.0256	get 0.0032% / 1h	58m 44s	$38K	$50K	10x
Short	Gate PYTH_USDT	0.06326	−0.0178	pay 0.0089% / 4h	58m 44s	$1.0M	$503K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.211%Rate

Funding earned: $16.42
Price spread: −0.211% → 0.000%: −$21.14
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$29.72
Costs to cover: 0.250%
Break-even: 19.7 days

Slippage unknown: Backpack: no order-book sample; Gate: live order book, 3 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 Backpack no order-book sample	—	—	—	—	—
Sell Gate live order book, 3 min ago	5.54 bp	33.3 bp −$33	doesn't fit	doesn't fit	doesn't fit

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
Backpack PYTH_USDC_PERPlong	−0.0256%	1h	0.06339	long leg	$38K	$50K	10x
Gate PYTH_USDTshort	−0.0178%	4h	0.06326	−0.211%	$1.0M	$503K	75x
dYdX PYTH-USD	0.0000%	1h	0.06333	−0.105%	$188K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0002%	4h	0.06331	−0.133%	$428K	$86K	75x	as long as short
MEXC PYTH_USDT	+0.0008%	4h	0.06332	−0.117%	$10.1M	$2.5M	125x	as long as short
Binance PYTHUSDT	+0.0015%	4h	0.06329	−0.167%	$9.1M	$17.9M	75x	as long as short
Aster PYTHUSDT	+0.0018%	4h	0.06329	−0.168%	$20K	$43K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.252%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06335	−0.069%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06340	+0.009%	$191K	$206K	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	0.06330	−0.146%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06338	−0.028%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06330	−0.148%	$7.5M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06330	−0.148%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06337	−0.038%	$1.5M	$343K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06333	−0.101%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06331	−0.133%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06326	−0.208%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06330	−0.148%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06385	+0.719%	$40K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06320	−0.307%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0413%	1h	0.06338	−0.026%	$386K	$294K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0539%	1h	0.06346	+0.104%	$10K	$10K	10x	as long as short