Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.025%

Price spread now: Binance against Hyperliquid−0.225%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 7 days+0.130%+$13 · spread now −0.225%, 7d avg −0.092%

Together, before fees+0.030%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.133% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PYTH	0.06312	0.0100	pay 0.0013% / 1h	47m 27s	$2.0M	$1.7M	5x
Short	Binance PYTHUSDT	0.06298	−0.0046	pay 0.0023% / 4h	1h 47m	$9.0M	$17.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.225%Rate

Funding earned: −$30.71
Price spread: −0.225% → −0.092%: −$13.3
Slippage, 4 orders: −$49.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$112.74
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Binance: live order book, 8 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 Hyperliquid live order book, 3 min ago	0.95 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	1.58 bp	15.4 bp −$15	35.8 bp −$358	254.5 bp −$25.4K	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
Backpack PYTH_USDC_PERP	−0.0464%	1h	0.06321	+0.147%	$38K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0212%	4h	0.06296	−0.257%	$1.0M	$497K	75x	as long as short
MEXC PYTH_USDT	−0.0050%	4h	0.06301	−0.177%	$9.5M	$2.3M	125x	as long as short
Binance PYTHUSDTshort	−0.0046%	4h	0.06298	−0.225%	$9.0M	$17.7M	75x
Aster PYTHUSDT	−0.0012%	4h	0.06311	−0.012%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06315	+0.041%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.827%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0072%	1h	0.06320	+0.124%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06320	+0.124%	$190K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06304	−0.133%	$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 PYTHlong	+0.0100%	1h	0.06312	long leg	$2.0M	$1.7M	5x
Bybit PYTHUSDT	+0.0100%	4h	0.06303	−0.146%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06304	−0.130%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06310	−0.035%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06303	−0.146%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06310	−0.035%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	+0.468%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06317	+0.079%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06369	+0.900%	$39K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06299	−0.210%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0303%	1h	0.06327	+0.229%	$386K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0857%	1h	0.06328	+0.250%	$10K	$10K	10x	as long as short