Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0632%/8h= −69.2% APRpaid last 24h +0.013%

Price spread now: Deribit against Orderly+0.064%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 Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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. Deribit is 0.064% dearer against Orderly than usual: you sell high and buy low (spread +0.064% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06382	0.0100	pay 0.0050% / 4h	3h 32m	$2K	$2K	10x
Short	Deribit PYTH_USDC-PERPETUAL	0.06386	−0.0532	pay 0.0067% / 1h	32m 50s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$132.79
Price spread: +0.064% → 0.000%: $6.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$139.37
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: 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 Deribit no order-book sample	—	—	—	—	—

Orderly and Deribit: 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
Deribit PYTH_USDC-PERPETUALshort	−0.0532%	1h	0.06386	+0.064%	$10K	$10K	10x
dYdX PYTH-USD	0.0000%	1h	0.06388	+0.094%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.910%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0075%	4h	0.06382	+0.002%	$428K	$78K	75x	as long as short
MEXC PYTH_USDT	+0.0078%	4h	0.06381	−0.014%	$10.4M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0078%	4h	0.06381	−0.014%	$9.1M	$18.3M	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06391	+0.143%	$192K	$208K	5x	as long as short
Aster PYTHUSDT	+0.0098%	4h	0.06390	+0.126%	$20K	$45K	10x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06376	−0.091%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06392	+0.158%	$2.3M	$1.8M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PYTHUSDT	+0.0100%	4h	0.06382	+0.002%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06379	−0.045%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06376	−0.092%	$1.0M	$518K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06382	+0.002%	$1.5M	$346K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06383	+0.017%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06382	+0.002%	—	$2.7M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06391	+0.147%	$38K	$63K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06383	+0.023%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06382	long leg	$2K	$2K	10x
Aevo PYTH-PERP	+0.0104%	1h	0.06388	+0.100%	$23K	—	3x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+1.741%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0297%	1h	0.06388	+0.096%	$394K	$297K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06380	−0.036%	—	—	20x	as long as short