Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h +0.001%

Price spread now: Gate against Coinbase International−2.084%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Gate

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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Gate is 2.084% cheaper against Coinbase International than usual: you would sell low and buy high (−$208 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06431	0.0080	pay 0.0010% / 1h	2m 52s	$40K	$6K	25x
Short	Gate PYTH_USDT	0.06297	−0.0026	pay 0.0013% / 4h	1h 02m	$1.1M	$480K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now −2.084%Rate

Funding earned: −$22.26
Price spread: −2.084% → 0.000%: −$208.37
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$255.63
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 4 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	3.18 bp	36.6 bp −$37	doesn't fit	doesn't fit	doesn't fit

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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−2.659%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06300	−2.033%	$383K	$248K	25x	as long as short
BloFin PYTH-USDT	−0.0139%	4h	0.06294	−2.130%	$420K	$115K	75x	as long as short
Binance PYTHUSDT	−0.0104%	4h	0.06297	−2.084%	$9.0M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0102%	4h	0.06296	−2.099%	$9.2M	$2.3M	125x	as long as short
Gate PYTH_USDTshort	−0.0026%	4h	0.06297	−2.084%	$1.1M	$480K	75x
Bybit PYTHUSDT	−0.0021%	4h	0.06304	−1.975%	$7.4M	$4.7M	50x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06307	−1.925%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06310	−1.882%	$10K	$10K	10x	as long as short
Aster PYTHUSDT	+0.0055%	4h	0.06297	−2.080%	$25K	$40K	10x	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	+0.0056%	1h	0.06300	−2.040%	$22K	—	3x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0080%	1h	0.06431	long leg	$40K	$6K	25x
Lighter PYTH	+0.0096%	1h	0.06314	−1.819%	$201K	$216K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06305	−1.963%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06306	−1.948%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06306	−1.944%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06306	−1.944%	$1.5M	$309K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06308	−1.913%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06301	−2.021%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06305	−1.951%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06290	−2.198%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06299	−2.057%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06300	−2.031%	—	—	20x	as long as short