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 Bitget+2.242%7-day average — · you sell dearer than you buy

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

Long on Bitget 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 2.242% dearer against Bitget than usual: you sell high and buy low (spread +2.242% now, against zero (this spread has no 7-day history yet)): +$224 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PYTHUSDT	0.06290	0.0100	pay 0.0050% / 4h	1h 24m	$2.6M	$2.0M	75x
Short	Coinbase International PYTH-PERP-INTX	0.06431	0.0080	get 0.0010% / 1h	24m 31s	$40K	$6K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +2.242%Rate

Funding earned: −$4.2
Price spread: +2.242% → 0.000%: $224.17
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $197.97
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	2.39 bp	15.8 bp −$16	30.5 bp −$305	doesn't fit	doesn't fit
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	−0.477%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06288	−0.031%	$382K	$252K	25x	as long as short
BloFin PYTH-USDT	−0.0094%	4h	0.06276	−0.223%	$420K	$114K	75x	as long as short
Bybit PYTHUSDT	−0.0052%	4h	0.06289	−0.016%	$7.4M	$5.1M	50x	as long as short
Binance PYTHUSDT	−0.0047%	4h	0.06287	−0.041%	$9.1M	$17.1M	75x	as long as short
Gate PYTH_USDT	−0.0042%	4h	0.06281	−0.143%	$1.1M	$479K	75x	as long as short
MEXC PYTH_USDT	−0.0042%	4h	0.06289	−0.016%	$9.2M	$2.3M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06289	−0.015%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06292	+0.032%	$10K	$10K	10x	as long as short
Aevo PYTH-PERP	+0.0072%	1h	0.06285	−0.075%	$22K	—	3x	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-INTXshort	+0.0080%	1h	0.06431	+2.242%	$40K	$6K	25x
Lighter PYTH	+0.0096%	1h	0.06296	+0.095%	$196K	$210K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06286	−0.064%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06293	+0.048%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06282	−0.129%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06285	−0.079%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06287	−0.048%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDTlong	+0.0100%	4h	0.06290	long leg	$2.6M	$2.0M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06287	−0.048%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06292	+0.037%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06277	−0.211%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06287	−0.056%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06282	−0.128%	—	—	20x	as long as short