Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.029%

Price spread now: Deribit against Bybit+0.031%7-day average — · you sell dearer than you buy

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

Long on Bybit 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 0.031% dearer against Bybit than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 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	Bybit PYTHUSDT	0.06428	0.0100	pay 0.0050% / 4h	3h 54m	$7.6M	$4.8M	50x
Short	Deribit PYTH_USDC-PERPETUAL	0.06430	0	get 0.0000% / 1h	54m 10s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$21
Price spread: +0.031% → 0.000%: $3.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$35.89
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.88 bp	34.6 bp −$35	91.9 bp −$919	doesn't fit	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
dYdX PYTH-USD	0.0000%	1h	0.06443	+0.231%	$191K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	0.0000%	1h	0.06430	+0.031%	$10K	$10K	10x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.614%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0044%	4h	0.06416	−0.187%	$430K	$80K	75x	as long as short
Binance PYTHUSDT	+0.0057%	4h	0.06426	−0.031%	$9.2M	$18.4M	75x	as long as short
MEXC PYTH_USDT	+0.0058%	4h	0.06424	−0.062%	$10.5M	$2.7M	125x	as long as short
Gate PYTH_USDT	+0.0064%	4h	0.06424	−0.062%	$1.1M	$517K	75x	as long as short
Aster PYTHUSDT	+0.0071%	4h	0.06439	+0.174%	$20K	$45K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06429	+0.016%	$192K	$207K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06420	−0.120%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06436	+0.119%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06432	+0.068%	$2.3M	$1.8M	5x	as long as short
Bybit PYTHUSDTlong	+0.0100%	4h	0.06428	long leg	$7.6M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06419	−0.140%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06438	+0.156%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06425	−0.047%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06429	+0.016%	—	$2.7M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06431	+0.044%	$36K	$61K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06422	−0.087%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06429	+0.009%	$2K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+1.011%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0296%	1h	0.06428	+0.003%	$396K	$296K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06424	−0.055%	—	—	20x	as long as short