Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.011%

Price spread now: Bybit against dYdX−0.279%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$284as in the Funding arb table

Net, price: spread back to 7d avg − costs−$318as in the Price arb table

costs, in and out, $10k−$2992.989% of the position

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now −0.279%, 7d avg −0.085%

Together, before fees+0.311%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.194% cheaper against dYdX than usual: you would sell low and buy high (spread −0.279% now, against its 7-day average of −0.085%). If the spread goes back, that is −$19 on $10k: about 6.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PYTH-USD	0.06356	0	get 0.0000% / 1h	10m 11s	$189K	$19	5x
Short	Bybit PYTHUSDT	0.06338	0.0100	get 0.0050% / 4h	2h 10m	$7.5M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.279%Rate

Funding earned: $21
Price spread: −0.279% → −0.085%: −$19.37
Slippage, 4 orders: −$277.91
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$297.29
Costs to cover: 2.989%
Break-even: 106.1 days

Slippage from dYdX: live order book, 59 min ago; Bybit: live order book, 3 min ago.

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 dYdX live order book, 59 min ago	45.53 bp	71.4 bp −$71	172.5 bp −$1,725	196.0 bp −$19.6K	878.0 bp −$439.0K
Sell Bybit live order book, 3 min ago	1.58 bp	33.6 bp −$34	94.0 bp −$940	doesn't fit	doesn't fit

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
MEXC PYTH_USDT	−0.0066%	4h	0.06338	−0.279%	$9.6M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.209%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0061%	4h	0.06335	−0.330%	$9.1M	$17.8M	75x	as long as short
Gate PYTH_USDT	−0.0056%	4h	0.06335	−0.326%	$1.0M	$500K	75x	as long as short
Aster PYTHUSDT	0.0000%	4h	0.06350	−0.090%	$20K	$46K	10x	as long as short
dYdX PYTH-USDlong	0.0000%	1h	0.06356	long leg	$189K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.506%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06340	−0.243%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06348	−0.122%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06347	−0.131%	$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	0.06342	−0.210%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06338	−0.279%	$7.5M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06336	−0.310%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06344	−0.185%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06339	−0.263%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06336	−0.310%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06340	−0.241%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06357	+0.018%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06343	−0.194%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06343	−0.194%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0378%	1h	0.06347	−0.140%	$388K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0537%	1h	0.06356	+0.004%	$10K	$10K	10x	as long as short