Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.007%

Price spread now: OKX against Coinbase International−0.157%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 OKX

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

Funding pays, the price is against you. OKX is 0.157% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.157% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 3.2 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06369	−0.0064	get 0.0008% / 1h	4m 32s	$39K	$18K	25x
Short	OKX PYTH-USDT-SWAP	0.06359	0.0100	get 0.0050% / 4h	2h 04m	$2.1M	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.157%Rate

Funding earned: $34.44
Price spread: −0.157% → 0.000%: −$15.7
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1.26
Costs to cover: 0.200%
Break-even: 7.3 days

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	3.94 bp	19.6 bp −$20	135.8 bp −$1,358	doesn't fit	doesn't fit

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 22 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	−0.0084%	4h	0.06348	−0.330%	$1.0M	$501K	75x	as long as short
Coinbase International PYTH-PERP-INTXlong	−0.0064%	1h	0.06369	long leg	$39K	$18K	25x
Binance PYTHUSDT	−0.0056%	4h	0.06355	−0.214%	$9.1M	$17.7M	75x	as long as short
MEXC PYTH_USDT	−0.0056%	4h	0.06357	−0.188%	$9.6M	$2.4M	125x	as long as short
Aster PYTHUSDT	−0.0004%	4h	0.06350	−0.301%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06347	−0.350%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.711%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06341	−0.447%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06358	−0.173%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06346	−0.354%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06364	−0.072%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06359	−0.157%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06359	−0.157%	$2.1M	$3.4M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06357	−0.188%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06358	−0.173%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06355	−0.220%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06347	−0.347%	$39K	$92K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06340	−0.449%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06340	−0.455%	$3K	$2K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0223%	1h	0.06344	−0.393%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06356	−0.209%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0378%	1h	0.06347	−0.345%	$388K	$292K	25x	as long as short