Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.029%

Price spread now: Bitget against dYdX−0.066%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$1971.974% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.200%+$20 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now −0.066%, 7d avg −0.113%

Together, before fees+0.161%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.046% dearer against dYdX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PYTH-USD	0.06299	0	get 0.0000% / 1h	33m 35s	$187K	$19	5x
Short	Bitget PYTHUSDT	0.06295	0.0100	get 0.0050% / 4h	1h 33m	$2.6M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.066%Rate

Funding earned: $21
Price spread: −0.066% → −0.113%: $4.65
Slippage, 4 orders: −$175.41
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$171.76
Costs to cover: 1.974%
Break-even: 64.3 days

Slippage from dYdX: live order book, 50 min ago; Bitget: live order book, 4 min ago.

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 dYdX live order book, 50 min ago	80.50 bp	86.3 bp −$86	112.3 bp −$1,123	128.4 bp −$12.8K	580.7 bp −$290.4K
Sell Bitget live order book, 4 min ago	1.59 bp	15.8 bp −$16	40.9 bp −$409	doesn't fit	doesn't fit

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	−0.0428%	1h	0.06260	−0.622%	$553	$220K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0208%	1h	0.06295	−0.063%	$382K	$252K	25x	as long as short
Bybit PYTHUSDT	−0.0051%	4h	0.06296	−0.051%	$7.4M	$5.1M	50x	as long as short
BloFin PYTH-USDT	−0.0033%	4h	0.06283	−0.257%	$420K	$115K	75x	as long as short
Gate PYTH_USDT	−0.0024%	4h	0.06286	−0.209%	$1.1M	$479K	75x	as long as short
Binance PYTHUSDT	−0.0017%	4h	0.06291	−0.128%	$9.1M	$17.0M	75x	as long as short
MEXC PYTH_USDT	−0.0012%	4h	0.06294	−0.082%	$9.1M	$2.3M	125x	as long as short
dYdX PYTH-USDlong	0.0000%	1h	0.06299	long leg	$187K	$19	5x
Aevo PYTH-PERP	+0.0080%	1h	0.06294	−0.079%	$22K	—	3x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0080%	1h	0.06431	+2.093%	$40K	$6K	25x	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	0.06302	+0.045%	$197K	$208K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06291	−0.127%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06300	+0.019%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06289	−0.157%	$25K	$40K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06288	−0.178%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06296	−0.051%	$1.5M	$315K	50x	as long as short
Bitget PYTHUSDTshort	+0.0100%	4h	0.06295	−0.066%	$2.6M	$2.0M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06293	−0.098%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06295	−0.065%	$38K	$88K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06293	−0.102%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06288	−0.182%	$3K	$1K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0227%	1h	0.06294	−0.082%	$10K	$10K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06282	−0.268%	—	—	20x	as long as short