Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.019%

Price spread now: MEXC against Backpack−0.122%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.295%−$29 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. MEXC is 0.122% cheaper against Backpack than usual: you would sell low and buy high (spread −0.122% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 10 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.295%, 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	0.06309	0.0060	pay 0.0008% / 1h	57m 57s	$35K	$61K	10x
Short	MEXC PYTH_USDT	0.06301	0.0100	get 0.0050% / 4h	3h 57m	$10.5M	$2.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.122%Rate

Funding earned: $8.38
Price spread: −0.122% → 0.000%: −$12.21
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$13.83
Costs to cover: 0.100%
Break-even: 18.6 days

Slippage unknown: Backpack: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	1.59 bp	4.1 bp −$4	15.0 bp −$150	92.1 bp −$9,213	179.7 bp −$89.8K

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
dYdX PYTH-USD	0.0000%	1h	0.06316	+0.117%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06312	+0.052%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.772%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0045%	4h	0.06304	−0.075%	$428K	$72K	75x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0060%	1h	0.06309	long leg	$35K	$61K	10x
Lighter PYTH	+0.0096%	1h	0.06310	+0.021%	$194K	$214K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06306	−0.045%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06309	−0.002%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06300	−0.137%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06297	−0.185%	$9.1M	$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	0.06303	−0.090%	$7.5M	$5.0M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06303	−0.090%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06308	−0.011%	$1.0M	$508K	75x	as long as short
MEXC PYTH_USDTshort	+0.0100%	4h	0.06301	−0.122%	$10.5M	$2.7M	125x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06310	+0.021%	$1.5M	$371K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06307	−0.027%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06307	−0.027%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06304	−0.072%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06306	−0.043%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06305	−0.059%	$23K	—	3x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06303	−0.085%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0467%	1h	0.06311	+0.039%	$383K	$304K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.875%	$40K	$19K	25x	as long as short