Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h −0.002%

Price spread now: OKX against Backpack−0.057%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.163%−$16 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. OKX is 0.057% cheaper against Backpack than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.4 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.163%, 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	0.06311	0.0020	pay 0.0002% / 1h	40m 58s	$38K	$88K	10x
Short	OKX PYTH-USDT-SWAP	0.06307	0.0100	get 0.0050% / 4h	1h 40m	$2.1M	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $16.84
Price spread: −0.057% → 0.000%: −$5.7
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$8.86
Costs to cover: 0.200%
Break-even: 10.7 days

Slippage unknown: Backpack: no order-book sample; OKX: 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 Backpack no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	0.79 bp	18.9 bp −$19	93.8 bp −$938	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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.802%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06305	−0.094%	$383K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0031%	4h	0.06309	−0.025%	$7.4M	$5.1M	50x	as long as short
Gate PYTH_USDT	−0.0020%	4h	0.06302	−0.136%	$1.1M	$478K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06311	+0.011%	$187K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0018%	4h	0.06304	−0.105%	$9.2M	$2.3M	125x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0020%	1h	0.06311	long leg	$38K	$88K	10x
Binance PYTHUSDT	+0.0023%	4h	0.06305	−0.092%	$9.1M	$17.0M	75x	as long as short
BloFin PYTH-USDT	+0.0057%	4h	0.06295	−0.247%	$420K	$115K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0067%	1h	0.06313	+0.038%	$10K	$10K	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+1.908%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06300	−0.166%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06309	−0.025%	$197K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06303	−0.120%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06310	−0.010%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06305	−0.088%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06307	−0.057%	$2.1M	$3.4M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06308	−0.041%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06308	−0.041%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06306	−0.073%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06271	−0.629%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06301	−0.152%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06298	−0.193%	—	—	20x	as long as short