Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Bybit against Orderly+0.042%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 Bybit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.042% dearer against Orderly than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06362	0.0100	pay 0.0050% / 4h	2h 11m	$3K	$2K	10x
Short	Bybit PYTHUSDT	0.06365	0.0100	get 0.0050% / 4h	2h 11m	$7.6M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.042%Rate

Funding earned: $0
Price spread: +0.042% → 0.000%: $4.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 2 min ago. 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 Bybit live order book, 2 min ago	1.58 bp	33.6 bp −$34	94.0 bp −$940	doesn't fit	doesn't fit

Orderly: 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
Binance PYTHUSDT	−0.0066%	4h	0.06365	+0.042%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0066%	4h	0.06362	−0.005%	$9.6M	$2.4M	125x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.105%	$39K	$18K	25x	as long as short
Gate PYTH_USDT	−0.0040%	4h	0.06349	−0.209%	$1.0M	$500K	75x	as long as short
Aster PYTHUSDT	−0.0004%	4h	0.06354	−0.127%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06360	−0.038%	$189K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.608%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06361	−0.027%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06375	+0.200%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06352	−0.155%	$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	0.06363	+0.019%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06365	+0.042%	$7.6M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06365	+0.042%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06365	+0.042%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06364	+0.027%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06356	−0.099%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06367	+0.074%	$39K	$93K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06347	−0.235%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06362	long leg	$3K	$2K	10x
Deribit PYTH_USDC-PERPETUAL	+0.0221%	1h	0.06374	+0.184%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06354	−0.124%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0376%	1h	0.06375	+0.193%	$389K	$292K	25x	as long as short