Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0364%/8h= −39.9% APRpaid last 24h −0.008%

Price spread now: Deribit against Binance+0.114%7-day average — · you sell dearer than you buy

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

Long on Binance 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 0.114% dearer against Binance than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PYTHUSDT	0.06271	−0.0023	get 0.0011% / 4h	1h 31m	$9.0M	$17.1M	75x
Short	Deribit PYTH_USDC-PERPETUAL	0.06278	−0.0387	pay 0.0048% / 1h	31m 13s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$76.44
Price spread: +0.114% → 0.000%: $11.37
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$82.07
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; 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 Binance live order book, 10 min ago	1.59 bp	11.2 bp −$11	30.3 bp −$303	412.1 bp −$41.2K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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
Injective PYTH/USDC PERP	−0.0428%	1h	0.06260	−0.173%	$553	$220K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	−0.0387%	1h	0.06278	+0.114%	$10K	$10K	10x
Kraken Futures PF_PYTHUSD	−0.0209%	1h	0.06274	+0.050%	$381K	$252K	25x	as long as short
BloFin PYTH-USDT	−0.0050%	4h	0.06279	+0.130%	$421K	$114K	75x	as long as short
Bybit PYTHUSDT	−0.0041%	4h	0.06277	+0.098%	$7.4M	$5.1M	50x	as long as short
Gate PYTH_USDT	−0.0030%	4h	0.06277	+0.098%	$1.1M	$479K	75x	as long as short
Binance PYTHUSDTlong	−0.0023%	4h	0.06271	long leg	$9.0M	$17.1M	75x
MEXC PYTH_USDT	−0.0016%	4h	0.06278	+0.114%	$9.1M	$2.3M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06286	+0.244%	$187K	$19	5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06275	+0.066%	$22K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.554%	$40K	$6K	25x	as long as short
Lighter PYTH	+0.0096%	1h	0.06280	+0.146%	$197K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06277	+0.096%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06285	+0.227%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06281	+0.162%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06270	−0.014%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06283	+0.193%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06279	+0.130%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06280	+0.146%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06286	+0.238%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06293	+0.349%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06279	+0.131%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06278	+0.113%	—	—	20x	as long as short