Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.003%

Price spread now: Coinbase International against Orderly+0.174%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 Coinbase International

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.174% dearer against Orderly than usual: you sell high and buy low: +$17 more if the spread 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	0.06374	0.0100	pay 0.0050% / 4h	1h 18m	$3K	$2K	10x
Short	Coinbase International PYTH-PERP-INTX	0.06385	0.0176	get 0.0022% / 1h	18m 53s	$40K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.174%Rate

Funding earned: $15.96
Price spread: +0.174% → 0.000%: $17.41
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $17.37
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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
Backpack PYTH_USDC_PERP	−0.0374%	1h	0.06386	+0.184%	$39K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0210%	4h	0.06371	−0.045%	$1.0M	$503K	75x	as long as short
BloFin PYTH-USDT	−0.0024%	4h	0.06371	−0.045%	$353K	$87K	75x	as long as short
MEXC PYTH_USDT	−0.0004%	4h	0.06378	+0.064%	$9.5M	$2.5M	125x	as long as short
Binance PYTHUSDT	−0.0001%	4h	0.06377	+0.049%	$9.1M	$17.8M	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06373	−0.018%	$189K	$19	5x	as long as short
Aster PYTHUSDT	+0.0017%	4h	0.06380	+0.093%	$20K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.787%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06375	+0.017%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06387	+0.206%	$192K	$204K	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	0.06368	−0.090%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06386	+0.195%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06378	+0.064%	$7.6M	$4.6M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06380	+0.096%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06383	+0.143%	$1.5M	$342K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06379	+0.080%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06380	+0.096%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06367	−0.111%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06374	long leg	$3K	$2K	10x
Coinbase International PYTH-PERP-INTXshort	+0.0176%	1h	0.06385	+0.174%	$40K	$18K	25x
Kraken Futures PF_PYTHUSD	+0.0300%	1h	0.06385	+0.170%	$390K	$291K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06376	+0.025%	—	—	20x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0534%	1h	0.06386	+0.190%	$10K	$10K	10x	as long as short