Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.016%

Price spread now: OKX against Bybit−0.094%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$800.803% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 7 days+0.097%+$10 · spread now −0.094%, 7d avg −0.001%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.093% cheaper against Bybit than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06363	0.0100	pay 0.0050% / 4h	2h 58m	$7.4M	$5.0M	50x
Short	OKX PYTH-USDT-SWAP	0.06357	0.0100	get 0.0050% / 4h	2h 58m	$2.1M	$3.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.001%: −$9.32
Slippage, 4 orders: −$59.34
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$89.66
Costs to cover: 0.803%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; OKX: live order book, 4 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 Bybit live order book, 5 min ago	3.14 bp	21.6 bp −$22	138.9 bp −$1,389	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	2.36 bp	16.4 bp −$16	61.2 bp −$612	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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	−0.204%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06363	+0.002%	$385K	$230K	25x	as long as short
Gate PYTH_USDT	−0.0080%	4h	0.06358	−0.079%	$1.1M	$462K	75x	as long as short
Binance PYTHUSDT	−0.0018%	4h	0.06353	−0.157%	$9.0M	$15.9M	75x	as long as short
MEXC PYTH_USDT	−0.0018%	4h	0.06361	−0.031%	$9.4M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06368	+0.079%	$189K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06372	+0.141%	$10K	$10K	10x	as long as short
BloFin PYTH-USDT	0.0000%	4h	0.06363	0.000%	$420K	$123K	75x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.069%	$40K	$9K	25x	as long as short
Aevo PYTH-PERP	+0.0072%	1h	0.06362	−0.013%	$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	0.06365	+0.031%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	0.06360	−0.048%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06367	+0.069%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06371	+0.119%	$20K	$26K	10x	as long as short
Bybit PYTHUSDTlong	+0.0100%	4h	0.06363	long leg	$7.4M	$5.0M	50x
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06357	−0.094%	$2.1M	$3.3M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06371	+0.126%	$1.5M	$319K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06367	+0.063%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06363	0.000%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06369	+0.088%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06363	+0.006%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06358	−0.077%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0508%	1h	0.06371	+0.127%	$39K	$90K	10x	as long as short