Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h −0.034%

Price spread now: Injective against Gate−0.949%7-day average −0.198% · you buy dearer than you sell

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.172%−$17 on $10k

Price spread, last 4 days (all we have)+0.816%+$82 · spread now −0.949%, 7d avg −0.198%

Together, before fees+0.645%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.751% cheaper against Gate than usual: you would sell low and buy high (spread −0.949% now, against its 7-day average of −0.198%). If the spread goes back, that is −$75 on $10k: about 11 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.172%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PYTH_USDT	0.06320	−0.0198	get 0.0099% / 4h	57m 03s	$1.0M	$503K	75x
Short	Injective PYTH/USDC PERP	0.06260	0.0033	get 0.0004% / 1h	57m 03s	$553	$220K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −0.949%Rate

Funding earned: $48.58
Price spread: −0.949% → −0.198%: −$75.12
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$41.56
Costs to cover: 0.150%
Break-even: 13.0 days

Slippage unknown: Gate: live order book, 5 min ago; Injective: 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 Gate live order book, 5 min ago	5.54 bp	30.0 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Backpack PYTH_USDC_PERP	−0.0421%	1h	0.06343	+0.364%	$38K	$50K	10x	as long as short
Gate PYTH_USDTlong	−0.0198%	4h	0.06320	long leg	$1.0M	$503K	75x
dYdX PYTH-USD	0.0000%	1h	0.06307	−0.207%	$187K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0014%	4h	0.06326	+0.095%	$10.0M	$2.5M	125x	as long as short
Aster PYTHUSDT	+0.0015%	4h	0.06327	+0.115%	$20K	$43K	10x	as long as short
Binance PYTHUSDT	+0.0015%	4h	0.06336	+0.260%	$9.1M	$17.9M	75x	as long as short
Injective PYTH/USDC PERPshort	+0.0033%	1h	0.06260	−0.949%	$553	$220K	5.5x
BloFin PYTH-USDT	+0.0060%	4h	0.06304	−0.253%	$426K	$86K	75x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06329	+0.144%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06336	+0.253%	$191K	$206K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06298	−0.341%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06343	+0.364%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06337	+0.269%	$7.5M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06335	+0.237%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06325	+0.079%	$1.5M	$343K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06339	+0.301%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06336	+0.253%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06326	+0.098%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06326	+0.101%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06385	+1.028%	$40K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06322	+0.028%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0413%	1h	0.06338	+0.289%	$386K	$294K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1330%	1h	0.06341	+0.332%	$10K	$10K	10x	as long as short