Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.029%

Price spread now: dYdX against KuCoin−0.031%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$435as in the Funding arb table

Net, price: spread back to 7d avg − costs−$422as in the Price arb table

costs, in and out, $10k−$4154.151% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.204%−$20 on $10k

Price spread, last 4 days (all we have)+0.088%+$9 · spread now −0.031%, 7d avg +0.040%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.070% cheaper against KuCoin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PYTHUSDTM	0.06407	0.0100	pay 0.0050% / 4h	2h 48m	$1.5M	$334K	50x
Short	dYdX PYTH-USD	0.06405	0	get 0.0000% / 1h	48m 36s	$190K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$21
Price spread: −0.031% → +0.040%: −$7.03
Slippage, 4 orders: −$393.09
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$443.12
Costs to cover: 4.151%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; dYdX: live order book, 20 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	9.38 bp	130.7 bp −$131	681.0 bp −$6,810	doesn't fit	doesn't fit
Sell dYdX live order book, 20 min ago	45.53 bp	159.5 bp −$159	199.0 bp −$1,990	208.7 bp −$20.9K	914.8 bp −$457.4K

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
BloFin PYTH-USDT	−0.0143%	4h	0.06394	−0.203%	$428K	$113K	75x	as long as short
MEXC PYTH_USDT	−0.0110%	4h	0.06404	−0.047%	$9.7M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0106%	4h	0.06397	−0.158%	$9.2M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06402	−0.078%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0002%	4h	0.06404	−0.046%	$20K	$46K	10x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06405	−0.031%	$190K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.294%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06395	−0.187%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06410	+0.047%	$191K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06392	−0.230%	$3K	—	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06398	−0.148%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06399	−0.125%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06392	−0.234%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06397	−0.156%	$1.1M	$489K	75x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06407	long leg	$1.5M	$334K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06392	−0.234%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06401	−0.094%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06383	−0.382%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06392	−0.228%	$3K	$2K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0219%	1h	0.06404	−0.047%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06388	−0.296%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0374%	1h	0.06403	−0.064%	$393K	$291K	25x	as long as short
Backpack PYTH_USDC_PERP	+0.0661%	1h	0.06407	+0.003%	$38K	$93K	10x	as long as short