Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Orderly against dYdX−0.154%7-day average — · you buy dearer than you sell

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

Long on dYdX 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 0.154% cheaper against dYdX than usual: you would sell low and buy high (spread −0.154% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 5.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PYTH-USD	0.06397	0	get 0.0000% / 1h	28m 48s	$190K	$19	5x
Short	Orderly PERP_PYTH_USDC_mythos	0.06387	0.0100	get 0.0050% / 4h	3h 28m	$2K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.154%Rate

Funding earned: $21
Price spread: −0.154% → 0.000%: −$15.35
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.35
Costs to cover: 0.160%
Break-even: 10.5 days

Slippage unknown: dYdX: live order book, 25 min ago; 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 dYdX live order book, 25 min ago	30.27 bp	35.3 bp −$35	148.3 bp −$1,483	196.6 bp −$19.7K	631.4 bp −$315.7K
Sell Orderly no order-book sample	—	—	—	—	—

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
dYdX PYTH-USDlong	0.0000%	1h	0.06397	long leg	$190K	$19	5x
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06390	−0.105%	$10K	$10K	10x	as long as short
BloFin PYTH-USDT	+0.0025%	4h	0.06382	−0.230%	$426K	$78K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.137%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0080%	4h	0.06377	−0.308%	$10.7M	$2.8M	125x	as long as short
Binance PYTHUSDT	+0.0082%	4h	0.06378	−0.300%	$9.1M	$18.3M	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06390	−0.105%	$193K	$209K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06382	−0.226%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06390	−0.110%	$2.3M	$1.8M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06394	−0.044%	$20K	$45K	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PYTHUSDT	+0.0100%	4h	0.06380	−0.261%	$7.5M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06380	−0.261%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06384	−0.199%	$1.1M	$518K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06387	−0.152%	$1.5M	$346K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06388	−0.136%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06385	−0.183%	—	$2.7M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06387	−0.146%	$38K	$63K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06411	+0.221%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06387	−0.154%	$2K	$2K	10x
Aevo PYTH-PERP	+0.0104%	1h	0.06385	−0.183%	$23K	—	3x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+1.505%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0297%	1h	0.06388	−0.136%	$394K	$297K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06381	−0.252%	—	—	20x	as long as short