Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0302%/8h= −33.1% APRpaid last 24h −0.048%

Price spread now: Gate against Kraken Futures−0.357%7-day average −0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1131.128% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.517%−$52 on $10k

Price spread, last 4 days (all we have)+0.213%+$21 · spread now −0.357%, 7d avg −0.148%

Together, before fees−0.304%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Gate is 0.209% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.148%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06264	0.0238	pay 0.0030% / 1h	40m 39s	$382K	$302K	25x
Short	Gate PYTH_USDT	0.06242	−0.0064	pay 0.0032% / 4h	2h 40m	$1.0M	$525K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.357%Rate

Funding earned: −$63.4
Price spread: −0.357% → −0.148%: −$20.88
Slippage, 4 orders: −$87.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$197.11
Costs to cover: 1.128%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 7 min ago; Gate: live order book, 1 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, 7 min ago	6.32 bp	24.7 bp −$25	505.9 bp −$5,059	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	5.58 bp	38.3 bp −$38	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	−0.0453%	1h	0.06263	−0.024%	$38K	$63K	10x	as long as short
Gate PYTH_USDTshort	−0.0064%	4h	0.06242	−0.357%	$1.0M	$525K	75x
BloFin PYTH-USDT	−0.0007%	4h	0.06275	+0.170%	$425K	$75K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06257	−0.117%	$186K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06260	−0.070%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.070%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0034%	4h	0.06242	−0.357%	$8.9M	$18.7M	75x	as long as short
MEXC PYTH_USDT	+0.0034%	4h	0.06251	−0.214%	$10.5M	$2.6M	125x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06260	−0.070%	$22K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06257	−0.118%	$191K	$207K	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	0.06247	−0.282%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06260	−0.075%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06242	−0.357%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06240	−0.389%	$7.3M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06242	−0.357%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06241	−0.373%	$1.5M	$350K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06233	−0.501%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06241	−0.373%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06257	−0.118%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06266	+0.024%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSDlong	+0.0238%	1h	0.06264	long leg	$382K	$302K	25x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06265	+0.007%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.650%	$40K	$19K	25x	as long as short