Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.015%

Price spread now: Coinbase International against BingX+0.095%7-day average — · you sell dearer than you buy

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

Long on BingX 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 0.095% dearer against BingX than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PYTH-USDT	0.06321	0.0100	pay 0.0050% / 4h	1h 01m	—	$2.8M	—
Short	Coinbase International PYTH-PERP-INTX	0.06327	0.0080	get 0.0010% / 1h	1m 47s	$39K	$6K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$4.2
Price spread: +0.095% → 0.000%: $9.49
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$14.71
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 12 min ago; 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 BingX live order book, 12 min ago	3.18 bp	15.0 bp −$15	33.5 bp −$335	223.4 bp −$22.3K	439.6 bp −$219.8K
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.0428%	1h	0.06260	−0.965%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0207%	1h	0.06326	+0.082%	$380K	$261K	25x	as long as short
BloFin PYTH-USDT	−0.0139%	4h	0.06294	−0.427%	$420K	$115K	75x	as long as short
Binance PYTHUSDT	−0.0101%	4h	0.06316	−0.084%	$9.1M	$17.1M	75x	as long as short
MEXC PYTH_USDT	−0.0100%	4h	0.06315	−0.095%	$9.5M	$2.4M	125x	as long as short
Gate PYTH_USDT	−0.0020%	4h	0.06316	−0.079%	$1.1M	$483K	75x	as long as short
Bybit PYTHUSDT	−0.0012%	4h	0.06319	−0.032%	$7.5M	$4.7M	50x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06326	+0.081%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06331	+0.158%	$10K	$10K	10x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06320	−0.016%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0059%	4h	0.06317	−0.060%	$25K	$40K	10x	as long as short
Coinbase International PYTH-PERP-INTXshort	+0.0080%	1h	0.06327	+0.095%	$39K	$6K	25x
Lighter PYTH	+0.0096%	1h	0.06325	+0.063%	$201K	$216K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06313	−0.123%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06321	+0.005%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06319	−0.032%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06324	+0.047%	$1.5M	$309K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06316	−0.079%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDTlong	+0.0100%	4h	0.06321	long leg	—	$2.8M	—
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06325	+0.060%	$36K	$89K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06290	−0.496%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06306	−0.240%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06306	−0.231%	—	—	20x	as long as short