Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h +0.003%

Price spread now: KuCoin against Backpack−0.071%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.071% cheaper against Backpack than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 9.3 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.202%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06305	0.0074	pay 0.0009% / 1h	51m 53s	$35K	$61K	10x
Short	KuCoin PYTHUSDTM	0.06301	0.0100	get 0.0050% / 4h	3h 51m	$1.5M	$371K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.071%Rate

Funding earned: $5.36
Price spread: −0.071% → 0.000%: −$7.14
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$23.78
Costs to cover: 0.220%
Break-even: 38.1 days

Slippage unknown: Backpack: no order-book sample; KuCoin: live order book, 4 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 Backpack no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	7.95 bp	304.9 bp −$305	681.7 bp −$6,817	doesn't fit	doesn't fit

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
Gate PYTH_USDT	−0.0004%	4h	0.06291	−0.230%	$1.0M	$508K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06301	−0.071%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	+0.0003%	1h	0.06299	−0.106%	$187K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.722%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0074%	1h	0.06305	long leg	$35K	$61K	10x
Lighter PYTH	+0.0096%	1h	0.06304	−0.024%	$194K	$214K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06288	−0.270%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06305	−0.013%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06295	−0.163%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06295	−0.167%	$9.0M	$19.9M	75x	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	0.06297	−0.135%	$7.5M	$5.0M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06300	−0.087%	$2.1M	$3.5M	50x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06295	−0.167%	$10.5M	$2.7M	125x	as long as short
KuCoin PYTHUSDTMshort	+0.0100%	4h	0.06301	−0.071%	$1.5M	$371K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06295	−0.167%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06298	−0.119%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06302	−0.056%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06297	−0.130%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06295	−0.167%	$22K	—	3x	as long as short
BloFin PYTH-USDT	+0.0150%	4h	0.06303	−0.040%	$429K	$72K	75x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06298	−0.127%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0468%	1h	0.06301	−0.071%	$382K	$303K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.927%	$40K	$19K	25x	as long as short