Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.024%

Price spread now: Gate against Hyperliquid−0.182%7-day average −0.089% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1211.206% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.182%, 7d avg −0.089%

Together, before fees−0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Gate is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.089%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PYTH	0.06258	0.0100	pay 0.0013% / 1h	32m 55s	$2.1M	$1.9M	5x
Short	Gate PYTH_USDT	0.06247	−0.0100	pay 0.0050% / 4h	2h 32m	$1.0M	$528K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.182%Rate

Funding earned: −$42
Price spread: −0.182% → −0.089%: −$9.28
Slippage, 4 orders: −$96.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$171.83
Costs to cover: 1.206%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Gate: live order book, 4 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, 8 min ago	3.20 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	5.58 bp	34.7 bp −$35	doesn't fit	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
Backpack PYTH_USDC_PERP	−0.0436%	1h	0.06266	+0.113%	$38K	$63K	10x	as long as short
Gate PYTH_USDTshort	−0.0100%	4h	0.06247	−0.182%	$1.0M	$528K	75x
Deribit PYTH_USDC-PERPETUAL	−0.0069%	1h	0.06259	+0.010%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06261	+0.042%	$186K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0027%	4h	0.06246	−0.198%	$421K	$75K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	+0.026%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0040%	4h	0.06255	−0.055%	$8.9M	$18.8M	75x	as long as short
MEXC PYTH_USDT	+0.0042%	4h	0.06257	−0.022%	$10.5M	$2.7M	125x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06255	−0.054%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06261	+0.042%	$191K	$208K	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	0.06245	−0.208%	$3K	—	10x	as long as short
Hyperliquid PYTHlong	+0.0100%	1h	0.06258	long leg	$2.1M	$1.9M	5x
Aster PYTHUSDT	+0.0100%	4h	0.06257	−0.016%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06256	−0.038%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06258	−0.006%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06259	+0.010%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06257	−0.022%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06254	−0.070%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06277	+0.298%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06258	0.000%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0238%	1h	0.06260	+0.022%	$382K	$302K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06253	−0.090%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.749%	$40K	$19K	25x	as long as short