Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.004%

Price spread now: dYdX against MEXC+0.138%7-day average +0.119% · you sell dearer than you buy

Net, funding: paid 7d − costs−$252as in the Funding arb table

Net, price: spread back to 7d avg − costs−$239as in the Price arb table

costs, in and out, $10k−$2412.411% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$11 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.138%, 7d avg +0.119%

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

The price spread sits at its 7-day average of +0.119%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.105%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PYTH_USDT	0.06338	−0.0056	get 0.0028% / 4h	2h 05m	$9.6M	$2.4M	125x
Short	dYdX PYTH-USD	0.06347	0	get 0.0000% / 1h	5m 14s	$188K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against MEXC. 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 MEXCbpFee dYdXbpOrdersPrice spread, now +0.138%Rate

Funding earned: $11.76
Price spread: +0.138% → +0.119%: $1.91
Slippage, 4 orders: −$231.14
Fee MEXC: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$227.47
Costs to cover: 2.411%
Break-even: 142.4 days

Slippage from MEXC: live order book, 3 min ago; dYdX: live order book, 64 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 MEXC live order book, 3 min ago	0.79 bp	4.6 bp −$5	9.7 bp −$97	90.7 bp −$9,071	179.9 bp −$90.0K
Sell dYdX live order book, 64 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 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	−0.0092%	4h	0.06333	−0.079%	$1.0M	$501K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.489%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0056%	4h	0.06339	+0.016%	$9.1M	$17.7M	75x	as long as short
MEXC PYTH_USDTlong	−0.0056%	4h	0.06338	long leg	$9.6M	$2.4M	125x
Aster PYTHUSDT	−0.0003%	4h	0.06348	+0.152%	$20K	$46K	10x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06347	+0.138%	$188K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.231%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06341	+0.039%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06350	+0.189%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06332	−0.092%	$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	0.06346	+0.133%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06339	+0.016%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06342	+0.063%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06346	+0.126%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06339	+0.016%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06341	+0.047%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06347	+0.140%	$39K	$92K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06340	+0.038%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06340	+0.032%	$3K	$2K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0223%	1h	0.06344	+0.095%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06340	+0.026%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0378%	1h	0.06347	+0.143%	$388K	$292K	25x	as long as short