PYTH

Alert

Funding spread now, next payment 14:00 UTC−0.1669%/8h

next payment, per $10,000−$2.09paid, last 24h+0.003%paid, last 2 days+0.035%to open and closeno order book

Long on Deribit Short on Coinbase International

The current rate is far above what this pair has been paying: over the last 2 days it paid 0.035% in total (about 5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.09 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06544	0.1741	pay 0.0218% / 1h	3m 52s	$11K	$10K	10x
Short	Coinbase International PYTH-PERP-INTX	0.06521	0.0072	get 0.0009% / 1h	3m 52s	$39K	$8K	25x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee Coinbase InternationalbpOrdersRate

Funding earned: −$350.39
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$367.39
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Coinbase International: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.351%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Deribit no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Deribit and 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.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Kraken Futures PF_PYTHUSD	−0.0311%	1h	$405K	$212K	25x	as long as short
dYdX PYTH-USD	0.0000%	1h	$194K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	$577	$80K	5.5x	as long as short
Coinbase International PYTH-PERP-INTXshort	+0.0072%	1h	$39K	$8K	25x
MEXC PYTH_USDT	+0.0084%	4h	$9.6M	$2.8M	125x	as long as short
Binance PYTHUSDT	+0.0085%	4h	$9.4M	$14.3M	75x	as long as short
Aster PYTHUSDT	+0.0093%	4h	$24K	$30K	10x	as long as short
Lighter PYTH	+0.0096%	1h	$200K	$193K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	$1.9M	$1.2M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bybit PYTHUSDT	+0.0100%	4h	$8.0M	$4.5M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	$2.1M	$3.3M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	$1.2M	$439K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	$1.6M	$393K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	$2.6M	$1.7M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	$26K	$80K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	$46K	$17K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	$3K	$798	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	$23K	—	3x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	—	—	20x	as long as short
BloFin PYTH-USDT	+0.0324%	4h	$446K	$124K	75x	as long as short
Deribit PYTH_USDC-PERPETUALlong	+0.1741%	1h	$11K	$10K	10x