Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Hyperliquid−0.003%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$1981.976% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 7 days−0.035%−$3 · spread now −0.003%, 7d avg −0.026%

Together, before fees−0.035%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.023% dearer against Hyperliquid than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PYTH	0.06367	0.0100	pay 0.0013% / 1h	19m 58s	$2.0M	$1.7M	5x
Short	KuCoin PYTHUSDTM	0.06367	0.0100	get 0.0050% / 4h	1h 19m	$1.5M	$342K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.026%: $2.28
Slippage, 4 orders: −$176.57
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$195.29
Costs to cover: 1.976%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 1 min ago; KuCoin: live order book, 6 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, 1 min ago	0.86 bp	21.0 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	10.26 bp	57.3 bp −$57	665.9 bp −$6,659	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	−0.0378%	1h	0.06367	+0.002%	$39K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0212%	4h	0.06360	−0.113%	$1.0M	$503K	75x	as long as short
BloFin PYTH-USDT	−0.0013%	4h	0.06371	+0.060%	$353K	$87K	75x	as long as short
Binance PYTHUSDT	−0.0005%	4h	0.06360	−0.113%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0004%	4h	0.06360	−0.113%	$9.5M	$2.5M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06373	+0.087%	$189K	$19	5x	as long as short
Aster PYTHUSDT	+0.0014%	4h	0.06367	−0.002%	$20K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.684%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06365	−0.035%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06372	+0.075%	$191K	$204K	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	0.06357	−0.164%	$3K	—	10x	as long as short
Hyperliquid PYTHlong	+0.0100%	1h	0.06367	long leg	$2.0M	$1.7M	5x
Bybit PYTHUSDT	+0.0100%	4h	0.06364	−0.050%	$7.5M	$4.6M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06363	−0.066%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTMshort	+0.0100%	4h	0.06367	−0.003%	$1.5M	$342K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06361	−0.097%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06365	−0.035%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06367	−0.006%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06363	−0.068%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06385	+0.280%	$40K	$18K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0301%	1h	0.06368	+0.018%	$389K	$291K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06361	−0.101%	—	—	20x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0378%	1h	0.06375	+0.123%	$10K	$10K	10x	as long as short