Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.003%

Price spread now: Aevo against Orderly+0.069%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 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. Aevo is 0.069% dearer against Orderly than usual: you sell high and buy low (spread +0.069% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06396	0.0100	pay 0.0050% / 4h	3h 20m	$3K	$2K	10x
Short	Aevo PYTH-PERP	0.06400	0.0048	get 0.0006% / 1h	20m 23s	$23K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now +0.069%Rate

Funding earned: −$10.92
Price spread: +0.069% → 0.000%: $6.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$26.04
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aevo: 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo no order-book sample	—	—	—	—	—

Orderly and Aevo: 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
BloFin PYTH-USDT	−0.0169%	4h	0.06381	−0.228%	$425K	$110K	75x	as long as short
Binance PYTHUSDT	−0.0142%	4h	0.06394	−0.025%	$9.2M	$17.5M	75x	as long as short
MEXC PYTH_USDT	−0.0136%	4h	0.06393	−0.041%	$9.7M	$2.4M	125x	as long as short
Kraken Futures PF_PYTHUSD	−0.0135%	1h	0.06405	+0.149%	$393K	$291K	25x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06415	+0.303%	$40K	$18K	25x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06400	+0.067%	$190K	$19	5x	as long as short
Aster PYTHUSDT	+0.0011%	4h	0.06395	−0.017%	$22K	$44K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.120%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERPshort	+0.0048%	1h	0.06400	+0.069%	$23K	—	3x
Lighter PYTH	+0.0096%	1h	0.06408	+0.194%	$201K	$199K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06389	−0.106%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06401	+0.091%	$1.9M	$1.5M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06398	+0.038%	$7.7M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06398	+0.038%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06391	−0.072%	$1.1M	$472K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06401	+0.084%	$1.5M	$325K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06397	+0.022%	$2.6M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06396	+0.006%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06388	−0.120%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06396	long leg	$3K	$2K	10x
Deribit PYTH_USDC-PERPETUAL	+0.0219%	1h	0.06404	+0.131%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06394	−0.029%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0926%	1h	0.06393	−0.036%	$35K	$91K	10x	as long as short