Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.056%

Price spread now: Orderly against Injective+1.564%58s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 1.564% dearer against Injective than usual: you sell high and buy low: +$156 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective PYTH/USDC PERP	0.06260	0.0033	pay 0.0004% / 1h	46m 18s	$553	$220K	5.5x
Short	Orderly PERP_PYTH_USDC_mythos	0.06358	0.0100	get 0.0050% / 4h	3h 46m	$3K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now +1.564%Rate

Funding earned: $14
Price spread: +1.564% → 0.000%: $156.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $164.37
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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
BloFin PYTH-USDT	−0.0196%	4h	0.06355	+1.518%	$424K	$113K	75x	as long as short
Binance PYTHUSDT	−0.0179%	4h	0.06353	+1.484%	$9.2M	$17.6M	75x	as long as short
MEXC PYTH_USDT	−0.0178%	4h	0.06357	+1.550%	$9.7M	$2.4M	125x	as long as short
Kraken Futures PF_PYTHUSD	−0.0136%	1h	0.06365	+1.672%	$390K	$289K	25x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06368	+1.725%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0012%	4h	0.06360	+1.595%	$22K	$44K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06367	+1.709%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERPlong	+0.0033%	1h	0.06260	long leg	$553	$220K	5.5x
Aevo PYTH-PERP	+0.0040%	1h	0.06351	+1.452%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06368	+1.725%	$201K	$198K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PYTHUSDT	+0.0098%	4h	0.06359	+1.581%	$7.6M	$4.8M	50x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06355	+1.512%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06361	+1.612%	$1.9M	$1.6M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06350	+1.438%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06351	+1.454%	$1.1M	$468K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06363	+1.645%	$1.5M	$325K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06357	+1.550%	$2.6M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06357	+1.550%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	+1.566%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06358	+1.564%	$3K	$2K	10x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06349	+1.422%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0859%	1h	0.06369	+1.733%	$35K	$91K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1794%	1h	0.06374	+1.821%	$10K	$10K	10x	as long as short