Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0528%/8h= −57.8% APRpaid last 24h −0.050%

Price spread now: Injective against KuCoin−0.445%70s7-day average −0.191% · you buy dearer than you sell

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

Long on KuCoin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

Price spread, last 3 days (all we have)−0.095%−$9 · spread now −0.445%, 7d avg −0.191%

Together, before fees−0.305%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Injective is 0.254% cheaper against KuCoin than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.191%). Swap the legs. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.211% in total (about -11.0% 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	0.06288	0.0100	pay 0.0050% / 4h	1h 11m	$1.5M	$310K	50x
Short	Injective PYTH/USDC PERP	0.06260	−0.0428	pay 0.0053% / 1h	11m 59s	$553	$220K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.445%Rate

Funding earned: −$110.82
Price spread: −0.445% → −0.191%: −$25.39
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$148.22
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 4 min ago; Injective: 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	9.54 bp	142.5 bp −$142	858.4 bp −$8,584	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.0428%	1h	0.06260	−0.445%	$553	$220K	5.5x
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06287	−0.008%	$382K	$248K	25x	as long as short
BloFin PYTH-USDT	−0.0116%	4h	0.06283	−0.080%	$420K	$114K	75x	as long as short
Binance PYTHUSDT	−0.0081%	4h	0.06282	−0.095%	$9.0M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0076%	4h	0.06284	−0.064%	$9.2M	$2.3M	125x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0068%	1h	0.06289	+0.016%	$10K	$10K	10x	as long as short
Bybit PYTHUSDT	−0.0063%	4h	0.06285	−0.048%	$7.4M	$4.7M	50x	as long as short
Gate PYTH_USDT	−0.0026%	4h	0.06281	−0.111%	$1.1M	$480K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06303	+0.234%	$187K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06285	−0.041%	$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	−0.105%	$25K	$40K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.274%	$40K	$6K	25x	as long as short
Lighter PYTH	+0.0096%	1h	0.06294	+0.095%	$201K	$215K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06287	−0.016%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06284	−0.057%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06283	−0.080%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06288	long leg	$1.5M	$310K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06281	−0.111%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06285	−0.048%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06288	−0.002%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06279	−0.140%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06287	−0.010%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06290	+0.030%	—	—	20x	as long as short