Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h +0.011%

Price spread now: Coinbase International against Bybit+0.126%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 0.126% dearer against Bybit than usual: you sell high and buy low (spread +0.126% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06360	0.0098	pay 0.0049% / 4h	3h 46m	$7.6M	$4.8M	50x
Short	Coinbase International PYTH-PERP-INTX	0.06368	−0.0064	pay 0.0008% / 1h	46m 46s	$40K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$33.99
Price spread: +0.126% → 0.000%: $12.58
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$42.42
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	1.57 bp	29.0 bp −$29	409.2 bp −$4,092	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
BloFin PYTH-USDT	−0.0196%	4h	0.06355	−0.079%	$424K	$113K	75x	as long as short
MEXC PYTH_USDT	−0.0182%	4h	0.06360	0.000%	$9.7M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0179%	4h	0.06358	−0.027%	$9.2M	$17.6M	75x	as long as short
Kraken Futures PF_PYTHUSD	−0.0136%	1h	0.06365	+0.074%	$390K	$289K	25x	as long as short
Coinbase International PYTH-PERP-INTXshort	−0.0064%	1h	0.06368	+0.126%	$40K	$18K	25x
Aster PYTHUSDT	−0.0012%	4h	0.06359	−0.014%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06367	+0.110%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.572%	$553	$220K	5.5x	as long as short
Gate PYTH_USDT	+0.0038%	4h	0.06358	−0.031%	$1.1M	$468K	75x	as long as short
Aevo PYTH-PERP	+0.0040%	1h	0.06360	0.000%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06368	+0.126%	$201K	$198K	5x	as long as short
Bybit PYTHUSDTlong	+0.0098%	4h	0.06360	long leg	$7.6M	$4.8M	50x
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06360	−0.005%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06366	+0.094%	$1.9M	$1.6M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06362	+0.031%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06363	+0.047%	$1.5M	$325K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06360	0.000%	$2.6M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06359	−0.016%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06370	+0.150%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06360	+0.005%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06357	−0.047%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0859%	1h	0.06369	+0.134%	$35K	$91K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1794%	1h	0.06374	+0.220%	$10K	$10K	10x	as long as short