Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h +0.009%

Price spread now: Bybit against Deribit+0.112%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bybit

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. Bybit is 0.112% dearer against Deribit than usual: you sell high and buy low (spread +0.112% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06264	0.0069	pay 0.0009% / 1h	57m 00s	$10K	$10K	10x
Short	Bybit PYTHUSDT	0.06271	0.0040	get 0.0020% / 4h	1h 57m	$7.4M	$5.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee BybitbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$6.13
Price spread: +0.112% → 0.000%: $11.17
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.96
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 1 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.80 bp	28.9 bp −$29	118.1 bp −$1,181	doesn't fit	doesn't fit

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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.064%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERP	−0.0329%	1h	0.06266	+0.037%	$38K	$88K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0209%	1h	0.06262	−0.029%	$380K	$253K	25x	as long as short
Gate PYTH_USDT	−0.0064%	4h	0.06255	−0.144%	$1.1M	$474K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06258	−0.090%	$186K	$19	5x	as long as short
Binance PYTHUSDT	+0.0026%	4h	0.06269	+0.076%	$9.0M	$16.7M	75x	as long as short
MEXC PYTH_USDT	+0.0028%	4h	0.06270	+0.096%	$9.2M	$2.3M	125x	as long as short
Bybit PYTHUSDTshort	+0.0040%	4h	0.06271	+0.112%	$7.4M	$5.1M	50x
BloFin PYTH-USDT	+0.0068%	4h	0.06258	−0.096%	$420K	$115K	75x	as long as short
Deribit PYTH_USDC-PERPETUALlong	+0.0069%	1h	0.06264	long leg	$10K	$10K	10x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.666%	$40K	$6K	25x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06258	−0.104%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06266	+0.032%	$196K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06250	−0.223%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06265	+0.018%	$1.6M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06260	−0.058%	$19K	$30K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06272	+0.128%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06259	−0.080%	$1.5M	$313K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06267	+0.048%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06269	+0.080%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06249	−0.236%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06258	−0.102%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06260	−0.059%	—	—	20x	as long as short