Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0436%/8h= −47.7% APRpaid last 24h −0.007%

Price spread now: BingX against Coinbase International−2.007%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BingX is 2.007% cheaper against Coinbase International than usual: you would sell low and buy high (−$201 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	Coinbase International PYTH-PERP-INTX	0.06427	0.0536	pay 0.0067% / 1h	56m 09s	$40K	$19K	25x
Short	BingX PYTH-USDT	0.06298	0.0100	get 0.0050% / 4h	3h 56m	—	$2.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −2.007%Rate

Funding earned: −$91.56
Price spread: −2.007% → 0.000%: −$200.72
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$312.28
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 9 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 Coinbase International no order-book sample	—	—	—	—	—
Sell BingX live order book, 9 min ago	0.79 bp	19.1 bp −$19	38.4 bp −$384	169.7 bp −$17.0K	468.0 bp −$234.0K

Coinbase International: 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
Deribit PYTH_USDC-PERPETUAL	−0.0225%	1h	0.06308	−1.852%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06316	−1.726%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.598%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERP	+0.0076%	1h	0.06300	−1.974%	$35K	$61K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06308	−1.852%	$194K	$214K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06301	−1.967%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06310	−1.819%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06310	−1.820%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06300	−1.979%	$9.1M	$19.9M	75x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06302	−1.945%	$7.5M	$5.0M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06296	−2.038%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06303	−1.929%	$1.0M	$508K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06300	−1.976%	$10.5M	$2.7M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06311	−1.805%	$1.5M	$371K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06298	−2.007%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDTshort	+0.0100%	4h	0.06298	−2.007%	—	$2.8M	—
Variational Omni PYTH	+0.0100%	4h	0.06304	−1.911%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06309	−1.839%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06305	−1.898%	$23K	—	3x	as long as short
BloFin PYTH-USDT	+0.0160%	4h	0.06317	−1.712%	$429K	$72K	75x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06301	−1.956%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0467%	1h	0.06308	−1.845%	$382K	$303K	25x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0536%	1h	0.06427	long leg	$40K	$19K	25x