Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0276%/8h= +30.3% APRpaid last 24h +0.026%

Price spread now: Kraken Futures against BingX+0.199%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1261.263% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.454%+$45 on $10k

Price spread, last 3 days (all we have)−0.098%−$10 · spread now +0.199%, 7d avg +0.144%

Together, before fees+0.356%+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.056% dearer against BingX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.144%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX PYTH-USDT	0.06354	0.0100	pay 0.0050% / 4h	2h 54m	—	$2.8M	—
Short	Kraken Futures PF_PYTHUSD	0.06367	0.0376	get 0.0047% / 1h	54m 11s	$391K	$291K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.199%Rate

Funding earned: $58.05
Price spread: +0.199% → +0.144%: $5.55
Slippage, 4 orders: −$106.33
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$62.73
Costs to cover: 1.263%
Break-even: 14.6 days

Slippage from BingX: live order book, 10 min ago; Kraken Futures: live order book, 14 min ago.

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, 10 min ago	3.10 bp	18.7 bp −$19	40.3 bp −$403	275.2 bp −$27.5K	464.3 bp −$232.2K
Sell Kraken Futures live order book, 14 min ago	20.08 bp	44.9 bp −$45	205.3 bp −$2,053	doesn't fit	doesn't fit

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
Binance PYTHUSDT	−0.0122%	4h	0.06355	+0.016%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0120%	4h	0.06353	−0.016%	$9.6M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0081%	4h	0.06339	−0.236%	$428K	$112K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06505	+2.376%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0020%	4h	0.06350	−0.063%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06354	0.000%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.479%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0048%	1h	0.06358	+0.069%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06364	+0.157%	$190K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06340	−0.219%	$3K	—	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06362	+0.127%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06356	+0.031%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06351	−0.047%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06345	−0.142%	$1.1M	$488K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06356	+0.031%	$1.5M	$331K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06355	+0.016%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDTlong	+0.0100%	4h	0.06354	long leg	—	$2.8M	—
Variational Omni PYTH	+0.0100%	4h	0.06342	−0.196%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06351	−0.050%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06339	−0.239%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSDshort	+0.0376%	1h	0.06367	+0.199%	$391K	$291K	25x
Backpack PYTH_USDC_PERP	+0.0531%	1h	0.06361	+0.110%	$38K	$93K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1165%	1h	0.06370	+0.252%	$10K	$10K	10x	as long as short