Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0744%/8h= +81.4% APRpaid last 24h +0.018%

Price spread now: Backpack against BloFin+0.069%7-day average — · you sell dearer than you buy

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

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Backpack is 0.069% dearer against BloFin than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.270% in total (about 14.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin PYTH-USDT	0.06388	−0.0118	get 0.0059% / 4h	2h 50m	$433K	$113K	75x
Short	Backpack PYTH_USDC_PERP	0.06392	0.0625	get 0.0078% / 1h	50m 58s	$38K	$93K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.069%Rate

Funding earned: $156.16
Price spread: +0.069% → 0.000%: $6.89
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $141.05
Costs to cover: 0.220%
Break-even: 0.7 days

Slippage unknown: BloFin: live order book, 15 min ago; Backpack: 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 BloFin live order book, 15 min ago	3.09 bp	16.7 bp −$17	30.9 bp −$309	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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
MEXC PYTH_USDT	−0.0120%	4h	0.06383	−0.078%	$9.7M	$2.4M	125x	as long as short
BloFin PYTH-USDTlong	−0.0118%	4h	0.06388	long leg	$433K	$113K	75x
Binance PYTHUSDT	−0.0114%	4h	0.06388	0.000%	$9.2M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06402	+0.219%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0008%	4h	0.06387	−0.009%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06392	+0.062%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.004%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06384	−0.064%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06396	+0.125%	$191K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06372	−0.248%	$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	0.06392	+0.059%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06390	+0.031%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06389	+0.016%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06379	−0.141%	$1.1M	$489K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06393	+0.078%	$1.5M	$333K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06393	+0.078%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06390	+0.031%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06383	−0.086%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06385	−0.044%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06378	−0.156%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0375%	1h	0.06394	+0.095%	$392K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0532%	1h	0.06396	+0.125%	$10K	$10K	10x	as long as short
Backpack PYTH_USDC_PERPshort	+0.0625%	1h	0.06392	+0.069%	$38K	$93K	10x