Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.007%

Price spread now: OKX against Coinbase International−0.639%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 OKX

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

Funding pays, the price is against you. OKX is 0.639% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.639% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$64 on $10k: about 13 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06418	−0.0064	get 0.0008% / 1h	32m 21s	$40K	$18K	25x
Short	OKX PYTH-USDT-SWAP	0.06377	0.0100	get 0.0050% / 4h	2h 32m	$2.1M	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.639%Rate

Funding earned: $34.44
Price spread: −0.639% → 0.000%: −$63.88
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.44
Costs to cover: 0.200%
Break-even: 17.0 days

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	1.58 bp	19.6 bp −$20	218.7 bp −$2,187	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 22 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
Binance PYTHUSDT	−0.0094%	4h	0.06373	−0.702%	$9.1M	$17.9M	75x	as long as short
MEXC PYTH_USDT	−0.0092%	4h	0.06374	−0.686%	$9.6M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTXlong	−0.0064%	1h	0.06418	long leg	$40K	$18K	25x
Aster PYTHUSDT	−0.0019%	4h	0.06356	−0.966%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06358	−0.935%	$189K	$19	5x	as long as short
Gate PYTH_USDT	+0.0010%	4h	0.06367	−0.795%	$1.1M	$498K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.462%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06377	−0.640%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06374	−0.686%	$190K	$205K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06362	−0.871%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06381	−0.569%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06370	−0.748%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06377	−0.639%	$2.1M	$3.4M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06371	−0.732%	$1.5M	$338K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06376	−0.654%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06373	−0.701%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06367	−0.802%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06373	−0.693%	$3K	$2K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0229%	1h	0.06354	−0.997%	$39K	$93K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06372	−0.716%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0376%	1h	0.06380	−0.592%	$390K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1004%	1h	0.06389	−0.452%	$10K	$10K	10x	as long as short