Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h +0.015%

Price spread now: Paradex against Bybit−0.161%49s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.161% cheaper against Bybit than usual: you would sell low and buy high (spread −0.161% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 11 days of funding at the current rate (+$2 a day). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06351	0.0048	pay 0.0024% / 4h	2h 50m	$7.5M	$5.0M	50x
Short	Paradex PYTH-USD-PERP	0.06341	0.0098	get 0.0098% / 8h	2h 50m	$3K	$56	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.161%Rate

Funding earned: $10.65
Price spread: −0.161% → 0.000%: −$16.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$20.46
Costs to cover: 0.150%
Break-even: 20.4 days

Slippage unknown: Bybit: live order book, 2 min ago; Paradex: 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, 2 min ago	1.57 bp	18.5 bp −$19	147.2 bp −$1,472	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0586%	1h	0.06350	−0.016%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06354	+0.053%	$385K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0140%	4h	0.06350	−0.016%	$1.1M	$463K	75x	as long as short
MEXC PYTH_USDT	−0.0016%	4h	0.06350	−0.016%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0015%	4h	0.06350	−0.016%	$9.0M	$16.0M	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06354	+0.046%	$189K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06362	+0.173%	$10K	$10K	10x	as long as short
BloFin PYTH-USDT	+0.0043%	4h	0.06351	0.000%	$420K	$122K	75x	as long as short
Bybit PYTHUSDTlong	+0.0048%	4h	0.06351	long leg	$7.5M	$5.0M	50x
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.260%	$40K	$9K	25x	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	+0.0080%	1h	0.06358	+0.105%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06360	+0.142%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERPshort	+0.0098%	8h	0.06341	−0.161%	$3K	$56	10x
Hyperliquid PYTH	+0.0100%	1h	0.06357	+0.096%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06353	+0.026%	$20K	$26K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06347	−0.063%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06353	+0.031%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06352	+0.016%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06348	−0.047%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	+0.110%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06352	+0.022%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06351	+0.003%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0451%	1h	0.06359	+0.123%	$38K	$88K	10x	as long as short