Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.020%

Price spread now: Orderly against Coinbase International−1.208%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 Orderly

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. Orderly is 1.208% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.208% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$121 on $10k: about 3 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06431	0.0048	pay 0.0006% / 1h	21m 37s	$40K	$6K	25x
Short	Orderly PERP_PYTH_USDC_mythos	0.06353	0.0100	get 0.0050% / 4h	2h 21m	$3K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −1.208%Rate

Funding earned: $10.92
Price spread: −1.208% → 0.000%: −$120.82
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$125.9
Costs to cover: 0.160%
Break-even: 87.7 days

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.0586%	1h	0.06350	−1.260%	$561	$180K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0222%	1h	0.06359	−1.120%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06360	−1.100%	$385K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0036%	4h	0.06353	−1.213%	$1.1M	$466K	75x	as long as short
BloFin PYTH-USDT	−0.0031%	4h	0.06342	−1.384%	$424K	$117K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06358	−1.140%	$189K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0008%	4h	0.06349	−1.275%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDT	+0.0014%	4h	0.06349	−1.279%	$9.1M	$15.9M	75x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0048%	1h	0.06431	long leg	$40K	$6K	25x
Aevo PYTH-PERP	+0.0080%	1h	0.06352	−1.221%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06359	−1.120%	$197K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06352	−1.234%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06354	−1.194%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06350	−1.257%	$20K	$24K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06351	−1.244%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06351	−1.244%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06353	−1.213%	$1.5M	$304K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06351	−1.244%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06352	−1.228%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06343	−1.364%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06353	−1.208%	$3K	$1K	10x
Backpack PYTH_USDC_PERP	+0.0213%	1h	0.06360	−1.107%	$38K	$87K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06344	−1.357%	—	—	20x	as long as short