Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Bybit against KuCoin+0.158%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$303as in the Funding arb table

Net, price: spread back to 7d avg − costs−$280as in the Price arb table

costs, in and out, $10k−$2972.975% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 7 days−0.185%−$19 · spread now +0.158%, 7d avg −0.022%

Together, before fees−0.244%−$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.180% dearer against KuCoin than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PYTHUSDTM	0.06335	0.0100	pay 0.0050% / 4h	2h 08m	$1.5M	$341K	50x
Short	Bybit PYTHUSDT	0.06345	0.0100	get 0.0050% / 4h	2h 08m	$7.5M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now +0.158%Rate

Funding earned: $0
Price spread: +0.158% → −0.022%: $17.97
Slippage, 4 orders: −$274.48
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$279.52
Costs to cover: 2.975%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Bybit: live order book, 5 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 KuCoin live order book, 2 min ago	8.66 bp	141.9 bp −$142	826.6 bp −$8,266	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.58 bp	33.6 bp −$34	94.0 bp −$940	doesn't fit	doesn't fit

PYTH on 22 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
Gate PYTH_USDT	−0.0080%	4h	0.06332	−0.047%	$1.0M	$501K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.537%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0063%	4h	0.06342	+0.110%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0062%	4h	0.06341	+0.095%	$9.6M	$2.4M	125x	as long as short
Aster PYTHUSDT	−0.0011%	4h	0.06335	+0.005%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06329	−0.097%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.184%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06350	+0.237%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06337	+0.032%	$190K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06323	−0.188%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06343	+0.131%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06345	+0.158%	$7.5M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06347	+0.189%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06335	long leg	$1.5M	$341K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06345	+0.158%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06340	+0.079%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06329	−0.098%	$38K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06357	+0.346%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06345	+0.156%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06339	+0.066%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0378%	1h	0.06333	−0.039%	$387K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0852%	1h	0.06358	+0.363%	$10K	$10K	10x	as long as short