Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.018%

Price spread now: Deribit against KuCoin+0.095%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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 pays, funding is against you. Deribit is 0.095% dearer against KuCoin than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PYTHUSDTM	0.06284	0.0100	pay 0.0050% / 4h	1h 10m	$1.5M	$310K	50x
Short	Deribit PYTH_USDC-PERPETUAL	0.06290	0	get 0.0000% / 1h	10m 59s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$21
Price spread: +0.095% → 0.000%: $9.55
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$30.45
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; Deribit: 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, 5 min ago	9.54 bp	142.5 bp −$142	858.4 bp −$8,584	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.382%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06283	−0.023%	$382K	$248K	25x	as long as short
Binance PYTHUSDT	−0.0081%	4h	0.06277	−0.111%	$9.0M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0080%	4h	0.06278	−0.095%	$9.1M	$2.3M	125x	as long as short
BloFin PYTH-USDT	−0.0059%	4h	0.06283	−0.016%	$419K	$114K	75x	as long as short
Bybit PYTHUSDT	−0.0058%	4h	0.06281	−0.048%	$7.4M	$4.7M	50x	as long as short
Gate PYTH_USDT	−0.0026%	4h	0.06280	−0.064%	$1.1M	$480K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06288	+0.066%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	0.0000%	1h	0.06290	+0.095%	$10K	$10K	10x
Aevo PYTH-PERP	+0.0064%	1h	0.06279	−0.078%	$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	+0.0072%	4h	0.06281	−0.048%	$25K	$40K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.339%	$40K	$6K	25x	as long as short
Lighter PYTH	+0.0096%	1h	0.06288	+0.064%	$201K	$215K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06282	−0.030%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06284	+0.005%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06284	0.000%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06284	long leg	$1.5M	$310K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06278	−0.095%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06283	−0.016%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06287	+0.046%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06279	−0.076%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06285	+0.022%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06281	−0.041%	—	—	20x	as long as short