Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0454%/8h= −49.7% APRpaid last 24h +0.001%

Price spread now: Backpack against Paradex+0.183%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Backpack is 0.183% dearer against Paradex than usual: you sell high and buy low (spread +0.183% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PYTH-USD-PERP	0.06383	0.0100	pay 0.0100% / 8h	4h 31m	$3K	—	10x
Short	Backpack PYTH_USDC_PERP	0.06395	−0.0354	pay 0.0044% / 1h	31m 52s	$38K	$59K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.183%Rate

Funding earned: −$95.39
Price spread: +0.183% → 0.000%: $18.26
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$91.12
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Backpack: 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 Paradex no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Paradex and Backpack: 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_PERPshort	−0.0354%	1h	0.06395	+0.183%	$38K	$59K	10x
Gate PYTH_USDT	−0.0144%	4h	0.06378	−0.079%	$1.1M	$507K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0063%	1h	0.06389	+0.093%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06389	+0.090%	$190K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0025%	4h	0.06372	−0.173%	$426K	$80K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.928%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0054%	4h	0.06387	+0.062%	$9.1M	$18.0M	75x	as long as short
MEXC PYTH_USDT	+0.0054%	4h	0.06387	+0.062%	$10.5M	$2.6M	125x	as long as short
Aster PYTHUSDT	+0.0054%	4h	0.06383	−0.002%	$21K	$44K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06390	+0.109%	$193K	$207K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0096%	1h	0.06380	−0.048%	$23K	—	3x	as long as short
Paradex PYTH-USD-PERPlong	+0.0100%	8h	0.06383	long leg	$3K	—	10x
Hyperliquid PYTH	+0.0100%	1h	0.06395	+0.181%	$2.1M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06388	+0.078%	$7.6M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06392	+0.140%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06389	+0.093%	$1.5M	$346K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06389	+0.093%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06389	+0.093%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06318	−1.021%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06379	−0.060%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06324	−0.925%	$39K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06377	−0.100%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0410%	1h	0.06393	+0.150%	$390K	$288K	25x	as long as short