Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h −0.075%

Price spread now: Binance against Kraken Futures−0.050%7-day average −0.172% · you buy dearer than you sell

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$820.819% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.538%−$54 on $10k

Price spread, last 3 days (all we have)+0.272%+$27 · spread now −0.050%, 7d avg −0.172%

Together, before fees−0.265%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Binance is 0.122% dearer against Kraken Futures than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.172%. Mind the row above: over the last 7 days funding on this pair cost −0.538%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06351	−0.0216	get 0.0027% / 1h	54m 24s	$384K	$240K	25x
Short	Binance PYTHUSDT	0.06348	−0.0019	pay 0.0009% / 4h	2h 54m	$9.0M	$16.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.050%Rate

Funding earned: $41.35
Price spread: −0.050% → −0.172%: $12.24
Slippage, 4 orders: −$61.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.31
Costs to cover: 0.819%
Break-even: 11.8 days

Slippage from Kraken Futures: live order book, 33 min ago; Binance: live order book, 16 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 Kraken Futures live order book, 33 min ago	16.41 bp	27.2 bp −$27	529.6 bp −$5,296	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.79 bp	15.2 bp −$15	41.4 bp −$414	198.5 bp −$19.9K	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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	−0.018%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSDlong	−0.0216%	1h	0.06351	long leg	$384K	$240K	25x
Gate PYTH_USDT	−0.0146%	4h	0.06332	−0.302%	$1.1M	$463K	75x	as long as short
BloFin PYTH-USDT	−0.0051%	4h	0.06363	+0.187%	$421K	$123K	75x	as long as short
MEXC PYTH_USDT	−0.0022%	4h	0.06342	−0.144%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDTshort	−0.0019%	4h	0.06348	−0.050%	$9.0M	$16.0M	75x
dYdX PYTH-USD	0.0000%	1h	0.06365	+0.218%	$189K	$19	5x	as long as short
Bybit PYTHUSDT	+0.0018%	4h	0.06342	−0.144%	$7.5M	$5.0M	50x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.257%	$40K	$9K	25x	as long as short
Aevo PYTH-PERP	+0.0072%	1h	0.06364	+0.201%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06370	+0.297%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	0.06334	−0.263%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06347	−0.062%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06347	−0.072%	$20K	$26K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06344	−0.113%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06346	−0.081%	$1.5M	$318K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06347	−0.065%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06343	−0.128%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	+0.107%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06348	−0.050%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06342	−0.150%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0343%	1h	0.06379	+0.438%	$39K	$88K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0852%	1h	0.06359	+0.124%	$10K	$10K	10x	as long as short