Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Paradex against dYdX−0.333%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.333% cheaper against dYdX than usual: you would sell low and buy high (spread −0.333% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$33 on $10k: about 11 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	0.06386	0	get 0.0000% / 1h	29m 27s	$190K	$19	5x
Short	Paradex PYTH-USD-PERP	0.06365	0.0099	get 0.0099% / 8h	6h 29m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.333%Rate

Funding earned: $20.89
Price spread: −0.333% → 0.000%: −$33.34
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$26.46
Costs to cover: 0.140%
Break-even: 15.9 days

Slippage unknown: dYdX: live order book, 40 min ago; Paradex: no order-book sample. 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 dYdX live order book, 40 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 Paradex no order-book sample	—	—	—	—	—

Paradex: 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
MEXC PYTH_USDT	−0.0092%	4h	0.06364	−0.343%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0088%	4h	0.06363	−0.358%	$9.1M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.502%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0015%	4h	0.06372	−0.219%	$20K	$46K	10x	as long as short
Gate PYTH_USDT	−0.0014%	4h	0.06365	−0.328%	$1.1M	$498K	75x	as long as short
dYdX PYTH-USDlong	0.0000%	1h	0.06386	long leg	$190K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.972%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06385	−0.014%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06378	−0.124%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERPshort	+0.0099%	8h	0.06365	−0.333%	$3K	—	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06368	−0.281%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06367	−0.296%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06353	−0.515%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06379	−0.108%	$1.5M	$339K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06366	−0.312%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06370	−0.249%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06368	−0.288%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06371	−0.234%	$3K	$2K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0109%	1h	0.06394	+0.130%	$39K	$93K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06358	−0.441%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0375%	1h	0.06392	+0.101%	$391K	$290K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0690%	1h	0.06387	+0.017%	$10K	$10K	10x	as long as short