Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.011%

Price spread now: OKX against Deribit−0.278%46s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on OKX

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

Funding pays, the price is against you. OKX is 0.278% cheaper against Deribit than usual: you would sell low and buy high (spread −0.278% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 9.3 days of funding at the current rate (+$3 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06470	0	get 0.0000% / 1h	23m 29s	$10K	$10K	10x
Short	OKX PYTH-USDT-SWAP	0.06452	0.0100	get 0.0050% / 4h	23m 29s	$2.1M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.278%Rate

Funding earned: $21
Price spread: −0.278% → 0.000%: −$27.82
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.82
Costs to cover: 0.170%
Break-even: 14.9 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 4 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	0.78 bp	23.5 bp −$23	223.9 bp −$2,239	doesn't fit	doesn't fit

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
Backpack PYTH_USDC_PERP	−0.0126%	1h	0.06472	+0.036%	$38K	$59K	10x	as long as short
Gate PYTH_USDT	−0.0110%	4h	0.06452	−0.278%	$1.1M	$513K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06462	−0.126%	$192K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALlong	0.0000%	1h	0.06470	long leg	$10K	$10K	10x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−3.246%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0064%	4h	0.06447	−0.355%	$10.5M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0064%	4h	0.06447	−0.355%	$9.2M	$18.2M	75x	as long as short
Aster PYTHUSDT	+0.0072%	4h	0.06449	−0.328%	$21K	$44K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06461	−0.139%	$193K	$210K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06463	−0.111%	$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	0.06448	−0.337%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06463	−0.105%	$2.3M	$1.8M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06455	−0.232%	$7.7M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06452	−0.278%	$2.1M	$3.5M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06461	−0.139%	$1.6M	$350K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06454	−0.247%	$2.8M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06454	−0.247%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06443	−0.420%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06463	−0.105%	$2K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06476	+0.093%	$40K	$19K	25x	as long as short
BloFin PYTH-USDT	+0.0117%	4h	0.06447	−0.355%	$426K	$81K	75x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06452	−0.284%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0405%	1h	0.06470	+0.005%	$395K	$288K	25x	as long as short