Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.017%

Price spread now: Bitget against Kraken Futures+0.175%48s7-day average −0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$940.945% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.465%−$47 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now +0.175%, 7d avg −0.159%

Together, before fees−0.384%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.333% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.175% now, against its 7-day average of −0.159%): +$33 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 5.5 days. The two prices were read 48 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	Kraken Futures PF_PYTHUSD	0.06359	0.0301	pay 0.0038% / 1h	31m 22s	$388K	$291K	25x
Short	Bitget PYTHUSDT	0.06370	0.0100	get 0.0050% / 4h	1h 31m	$2.7M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now +0.175%Rate

Funding earned: −$42.22
Price spread: +0.175% → −0.159%: $33.35
Slippage, 4 orders: −$72.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$103.37
Costs to cover: 0.945%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 31 min ago; Bitget: live order book, 1 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 Kraken Futures live order book, 31 min ago	11.02 bp	25.1 bp −$25	642.1 bp −$6,421	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.93 bp	21.9 bp −$22	74.7 bp −$747	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
Backpack PYTH_USDC_PERP	−0.0384%	1h	0.06361	+0.032%	$39K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0230%	4h	0.06358	−0.014%	$1.0M	$500K	75x	as long as short
Binance PYTHUSDT	−0.0014%	4h	0.06368	+0.139%	$9.1M	$17.8M	75x	as long as short
MEXC PYTH_USDT	−0.0014%	4h	0.06370	+0.175%	$9.5M	$2.5M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06366	+0.108%	$189K	$19	5x	as long as short
Aster PYTHUSDT	+0.0010%	4h	0.06366	+0.115%	$20K	$46K	10x	as long as short
BloFin PYTH-USDT	+0.0032%	4h	0.06348	−0.171%	$425K	$90K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.555%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06370	+0.175%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06375	+0.253%	$191K	$204K	5x	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	0.06366	+0.112%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06377	+0.279%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06370	+0.175%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06365	+0.096%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06368	+0.143%	$1.5M	$342K	50x	as long as short
Bitget PYTHUSDTshort	+0.0100%	4h	0.06370	+0.175%	$2.7M	$2.2M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06368	+0.143%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06336	−0.356%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06368	+0.145%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06369	+0.159%	$39K	$18K	25x	as long as short
Kraken Futures PF_PYTHUSDlong	+0.0301%	1h	0.06359	long leg	$388K	$291K	25x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06368	+0.141%	—	—	20x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0536%	1h	0.06366	+0.112%	$10K	$10K	10x	as long as short