Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h −0.046%

Price spread now: Orderly against Kraken Futures−0.001%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06287	−0.0208	get 0.0026% / 1h	12m 07s	$382K	$248K	25x
Short	Orderly PERP_PYTH_USDC_mythos	0.06287	0.0100	get 0.0050% / 4h	1h 12m	$3K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.001%Rate

Funding earned: $64.71
Price spread: −0.001% → 0.000%: −$0.14
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $48.57
Costs to cover: 0.160%
Break-even: 1.7 days

Slippage unknown: Kraken Futures: live order book, 6 min ago; 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 Kraken Futures live order book, 6 min ago	9.55 bp	25.3 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.437%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSDlong	−0.0208%	1h	0.06287	long leg	$382K	$248K	25x
BloFin PYTH-USDT	−0.0116%	4h	0.06283	−0.071%	$420K	$114K	75x	as long as short
Binance PYTHUSDT	−0.0081%	4h	0.06282	−0.087%	$9.0M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0076%	4h	0.06284	−0.055%	$9.2M	$2.3M	125x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0068%	1h	0.06289	+0.024%	$10K	$10K	10x	as long as short
Bybit PYTHUSDT	−0.0063%	4h	0.06285	−0.040%	$7.4M	$4.7M	50x	as long as short
Gate PYTH_USDT	−0.0026%	4h	0.06281	−0.103%	$1.1M	$480K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06303	+0.243%	$187K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06285	−0.033%	$22K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0075%	4h	0.06281	−0.097%	$25K	$40K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.283%	$40K	$6K	25x	as long as short
Lighter PYTH	+0.0096%	1h	0.06294	+0.104%	$201K	$215K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06287	−0.008%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06284	−0.049%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06283	−0.071%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06288	+0.008%	$1.5M	$310K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06281	−0.103%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06285	−0.040%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06288	+0.007%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06279	−0.132%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06287	−0.001%	$3K	$1K	10x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06290	+0.038%	—	—	20x	as long as short