Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0445%/8h= −48.7% APRpaid last 24h +0.050%

Price spread now: Kraken Futures against Gate+0.126%7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1141.141% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.494%+$49 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.126%, 7d avg +0.152%

Together, before fees+0.511%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Kraken Futures is 0.025% cheaper against Gate than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.152%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.494%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate PYTH_USDT	0.06317	0.0046	pay 0.0023% / 4h	10m 18s	$1.1M	$477K	75x
Short	Kraken Futures PF_PYTHUSD	0.06325	−0.0399	pay 0.0050% / 1h	10m 18s	$376K	$264K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$93.4
Price spread: +0.126% → +0.152%: −$2.53
Slippage, 4 orders: −$89.15
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$210.07
Costs to cover: 1.141%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Gate live order book, 2 min ago	3.96 bp	30.1 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	7.12 bp	25.7 bp −$26	142.3 bp −$1,423	doesn't fit	doesn't fit

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_PYTHUSDshort	−0.0399%	1h	0.06325	+0.126%	$376K	$264K	25x
Binance PYTHUSDT	−0.0188%	4h	0.06321	+0.066%	$9.0M	$17.2M	75x	as long as short
MEXC PYTH_USDT	−0.0188%	4h	0.06324	+0.111%	$9.4M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0159%	4h	0.06313	−0.063%	$420K	$114K	75x	as long as short
Aster PYTHUSDT	−0.0022%	4h	0.06327	+0.166%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06325	+0.125%	$188K	$19	5x	as long as short
Bybit PYTHUSDT	+0.0018%	4h	0.06325	+0.127%	$7.5M	$4.8M	50x	as long as short
Aevo PYTH-PERP	+0.0032%	1h	0.06326	+0.141%	$23K	—	3x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.902%	$553	$220K	5.5x	as long as short
Gate PYTH_USDTlong	+0.0046%	4h	0.06317	long leg	$1.1M	$477K	75x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06328	+0.174%	$201K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06319	+0.035%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06330	+0.198%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06323	+0.095%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06324	+0.111%	$1.5M	$314K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06322	+0.079%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06322	+0.079%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06316	−0.022%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06321	+0.066%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06324	+0.111%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06320	+0.049%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0526%	1h	0.06321	+0.059%	$36K	$89K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0698%	1h	0.06337	+0.317%	$10K	$10K	10x	as long as short