Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.056%

Price spread now: Injective against OKX−0.996%7-day average −0.192% · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 3 days (all we have)+0.885%+$88 · spread now −0.996%, 7d avg −0.192%

Together, before fees+0.669%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.805% cheaper against OKX than usual: you would sell low and buy high (−$80 if the spread goes back to its 7-day average of −0.192%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PYTH-USDT-SWAP	0.06323	0.0100	pay 0.0050% / 4h	2h 09m	$2.1M	$3.4M	50x
Short	Injective PYTH/USDC PERP	0.06260	0.0033	get 0.0004% / 1h	9m 09s	$553	$220K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −0.996%Rate

Funding earned: −$14
Price spread: −0.996% → −0.192%: −$80.45
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$104.47
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 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 OKX live order book, 3 min ago	2.36 bp	14.9 bp −$15	doesn't fit	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 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	−0.0082%	4h	0.06316	−0.111%	$1.0M	$500K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.728%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0063%	4h	0.06325	+0.032%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0060%	4h	0.06323	0.000%	$9.5M	$2.4M	125x	as long as short
Aster PYTHUSDT	−0.0011%	4h	0.06332	+0.144%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06339	+0.249%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERPshort	+0.0033%	1h	0.06260	−0.996%	$553	$220K	5.5x
Aevo PYTH-PERP	+0.0064%	1h	0.06325	+0.032%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06333	+0.158%	$190K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06324	+0.019%	$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	0.06329	+0.089%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06321	−0.032%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAPlong	+0.0100%	4h	0.06323	long leg	$2.1M	$3.4M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06330	+0.111%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06329	+0.095%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06324	+0.016%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06329	+0.092%	$38K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06357	+0.536%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06327	+0.060%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06325	+0.034%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0378%	1h	0.06333	+0.150%	$387K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0540%	1h	0.06336	+0.206%	$10K	$10K	10x	as long as short