PYTH

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.061%

Price spread now: Injective against Backpack−1.640%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.394%−$39 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 1.640% cheaper against Backpack than usual: you would sell low and buy high (−$164 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06364	0.0100	pay 0.0013% / 1h	29m 04s	$39K	$93K	10x
Short	Injective PYTH/USDC PERP	0.06260	0.0033	get 0.0004% / 1h	29m 04s	$553	$220K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. 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 BackpackbpFee InjectivebpOrdersPrice spread, now −1.640%Rate

Funding earned: −$14
Price spread: −1.640% → 0.000%: −$164.04
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$188.06
Costs to cover: 0.100%
Break-even: never at this rate

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

Backpack and Injective: 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
MEXC PYTH_USDT	−0.0092%	4h	0.06356	−0.132%	$9.6M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0088%	4h	0.06364	−0.006%	$9.1M	$17.9M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06418	+0.842%	$40K	$18K	25x	as long as short
Aster PYTHUSDT	−0.0015%	4h	0.06358	−0.096%	$20K	$46K	10x	as long as short
Gate PYTH_USDT	−0.0014%	4h	0.06354	−0.163%	$1.0M	$498K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06386	+0.338%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERPshort	+0.0033%	1h	0.06260	−1.640%	$553	$220K	5.5x
Aevo PYTH-PERP	+0.0056%	1h	0.06355	−0.148%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06366	+0.025%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06365	+0.003%	$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	0.06368	+0.061%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06365	+0.009%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06364	−0.006%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06368	+0.057%	$1.5M	$339K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06359	−0.085%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06358	−0.101%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERPlong	+0.0100%	1h	0.06364	long leg	$39K	$93K	10x
Variational Omni PYTH	+0.0100%	4h	0.06368	+0.049%	$38K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06371	+0.104%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06358	−0.105%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0377%	1h	0.06355	−0.144%	$389K	$291K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.1008%	1h	0.06369	+0.072%	$10K	$10K	10x	as long as short