Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.011%

Price spread now: Gate against Deribit−0.111%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Gate

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

Funding pays, the price is against you. Gate is 0.111% cheaper against Deribit than usual: you would sell low and buy high (spread −0.111% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06330	0	get 0.0000% / 1h	36m 45s	$10K	$10K	10x
Short	Gate PYTH_USDT	0.06323	0.0032	get 0.0016% / 4h	36m 45s	$1.1M	$474K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Deribit. 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 DeribitbpFee GatebpOrdersPrice spread, now −0.111%Rate

Funding earned: $6.72
Price spread: −0.111% → 0.000%: −$11.06
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.34
Costs to cover: 0.220%
Break-even: 34.4 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, just now. 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 Gate live order book, just now	3.95 bp	37.6 bp −$38	doesn't fit	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
Kraken Futures PF_PYTHUSD	−0.0398%	1h	0.06332	+0.035%	$377K	$264K	25x	as long as short
Binance PYTHUSDT	−0.0120%	4h	0.06325	−0.079%	$9.0M	$17.1M	75x	as long as short
MEXC PYTH_USDT	−0.0116%	4h	0.06324	−0.095%	$9.5M	$2.3M	125x	as long as short
BloFin PYTH-USDT	−0.0114%	4h	0.06324	−0.095%	$422K	$115K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06335	+0.078%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALlong	0.0000%	1h	0.06330	long leg	$10K	$10K	10x
Bybit PYTHUSDT	+0.0014%	4h	0.06329	−0.016%	$7.5M	$4.8M	50x	as long as short
Gate PYTH_USDTshort	+0.0032%	4h	0.06323	−0.111%	$1.1M	$474K	75x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.106%	$553	$220K	5.5x	as long as short
Aster PYTHUSDT	+0.0036%	4h	0.06335	+0.083%	$22K	$44K	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	+0.0048%	1h	0.06330	−0.006%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06335	+0.079%	$200K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06322	−0.122%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06332	+0.038%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06328	−0.032%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06334	+0.063%	$1.5M	$313K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06323	−0.111%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06328	−0.032%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	+0.185%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06326	−0.058%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	−0.032%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06327	−0.048%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0540%	1h	0.06335	+0.074%	$36K	$89K	10x	as long as short