Funding you earn now, next payment 00:00 UTC+0.0431%/8h= +47.2% APRpaid last 24h −0.005%
Price spread now: Backpack against KuCoin−0.054%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.162%+$16 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Funding pays, the price is against you. Backpack is 0.054% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.054% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 10 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.162% in total) that is about 2.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.162% in total (about 8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | KuCoin PYTHUSDTM | 0.06325 | 0.0100 | pay 0.0050% / 4h | 11m 46s | $1.5M | $314K | 50x |
| Short | Backpack PYTH_USDC_PERP | 0.06322 | 0.0531 | get 0.0066% / 1h | 11m 46s | $36K | $89K | 10x |
KuCoin PYTHUSDTM
Backpack PYTH_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against KuCoin. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $90.5
- Price spread: −0.054% → 0.000%
- −$5.38
- Slippage, 4 orders
- no order book: not counted
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $63.12
- Costs to cover
- 0.220%
- Break-even
- 2.1 days
Slippage unknown: KuCoin: live order book, 4 min ago; Backpack: 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 KuCoin live order book, 4 min ago | 10.29 bp | 94.8 bp −$95 | 867.4 bp −$8,674 | doesn't fit | doesn't fit |
| Sell Backpack no order-book sample | — | — | — | — | — |
Backpack: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PYTHUSD | −0.0399% | 1h | 0.06318 | −0.108% | $376K | $264K | 25x | as long as short |
| BloFin PYTH-USDT | −0.0224% | 4h | 0.06313 | −0.190% | $419K | $114K | 75x | as long as short |
| Binance PYTHUSDT | −0.0188% | 4h | 0.06318 | −0.110% | $9.0M | $17.2M | 75x | as long as short |
| MEXC PYTH_USDT | −0.0180% | 4h | 0.06318 | −0.111% | $9.4M | $2.4M | 125x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | −0.0066% | 1h | 0.06319 | −0.095% | $10K | $10K | 10x | as long as short |
| Aster PYTHUSDT | −0.0019% | 4h | 0.06328 | +0.046% | $22K | $44K | 10x | as long as short |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06325 | −0.001% | $188K | $19 | 5x | as long as short |
| Bybit PYTHUSDT | +0.0010% | 4h | 0.06319 | −0.095% | $7.5M | $4.8M | 50x | as long as short |
| Injective PYTH/USDC PERP | +0.0033% | 1h | 0.06260 | −1.028% | $553 | $220K | 5.5x | as long as short |
| Aevo PYTH-PERP | +0.0040% | 1h | 0.06319 | −0.098% | $23K | — | 3x | as long as short |
Kraken Futures PF_PYTHUSD
BloFin PYTH-USDT
Binance PYTHUSDT
MEXC PYTH_USDT
Deribit PYTH_USDC-PERPETUAL
Aster PYTHUSDT
dYdX PYTH-USD
Bybit PYTHUSDT
Injective PYTH/USDC PERP
Aevo PYTH-PERPShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate PYTH_USDT | +0.0044% | 4h | 0.06322 | −0.047% | $1.1M | $477K | 75x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06325 | 0.000% | $200K | $217K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0099% | 8h | 0.06311 | −0.221% | $3K | $56 | 10x | as long as short |
| Hyperliquid PYTH | +0.0100% | 1h | 0.06324 | −0.013% | $1.7M | $1.5M | 5x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06320 | −0.079% | $2.1M | $3.4M | 50x | as long as short |
| KuCoin PYTHUSDTMlong | +0.0100% | 4h | 0.06325 | long leg | $1.5M | $314K | 50x | |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06319 | −0.095% | $2.6M | $2.0M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06317 | −0.126% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06327 | +0.025% | $44K | $22K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06315 | −0.166% | $3K | $1K | 10x | as long as short |
| Coinbase International PYTH-PERP-INTX | +0.0176% | 1h | 0.06328 | +0.047% | $39K | $6K | 25x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06314 | −0.168% | — | — | 20x | as long as short |
| Backpack PYTH_USDC_PERPshort | +0.0531% | 1h | 0.06322 | −0.054% | $36K | $89K | 10x |
Gate PYTH_USDT
Lighter PYTH
Paradex PYTH-USD-PERP
Hyperliquid PYTH
OKX PYTH-USDT-SWAP
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Coinbase International PYTH-PERP-INTX
Reya PYTHRUSDPERP