Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.009%

Price spread now: Deribit against Bybit+0.063%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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. Deribit is 0.063% dearer against Bybit than usual: you sell high and buy low (spread +0.063% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06328	0.0014	pay 0.0007% / 4h	35m 20s	$7.5M	$4.8M	50x
Short	Deribit PYTH_USDC-PERPETUAL	0.06332	0	get 0.0000% / 1h	35m 20s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$3.01
Price spread: +0.063% → 0.000%: $6.32
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$14.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Deribit: 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, 3 min ago	1.58 bp	23.4 bp −$23	88.0 bp −$880	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_PYTHUSD	−0.0398%	1h	0.06330	+0.029%	$377K	$264K	25x	as long as short
BloFin PYTH-USDT	−0.0131%	4h	0.06326	−0.032%	$422K	$114K	75x	as long as short
Binance PYTHUSDT	−0.0126%	4h	0.06324	−0.060%	$9.0M	$17.1M	75x	as long as short
MEXC PYTH_USDT	−0.0118%	4h	0.06324	−0.063%	$9.5M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06335	+0.109%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	0.0000%	1h	0.06332	+0.063%	$10K	$10K	10x
Bybit PYTHUSDTlong	+0.0014%	4h	0.06328	long leg	$7.5M	$4.8M	50x
Gate PYTH_USDT	+0.0032%	4h	0.06322	−0.095%	$1.1M	$474K	75x	as long as short
Aster PYTHUSDT	+0.0033%	4h	0.06337	+0.145%	$22K	$44K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.075%	$553	$220K	5.5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0048%	1h	0.06327	−0.011%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06334	+0.095%	$200K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06321	−0.115%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06332	+0.070%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06330	+0.032%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06332	+0.063%	$1.5M	$313K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06324	−0.063%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06328	0.000%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06327	−0.011%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06328	−0.003%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	0.000%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06324	−0.055%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0510%	1h	0.06328	0.000%	$36K	$89K	10x	as long as short