Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h −0.037%

Price spread now: KuCoin against Kraken Futures+0.002%7-day average −0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$225as in the Price arb table

costs, in and out, $10k−$2352.346% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.457%−$46 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.002%, 7d avg −0.090%

Together, before fees−0.487%−$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and KuCoin is 0.092% dearer against Kraken Futures than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.090%. Mind the row above: over the last 7 days funding on this pair cost −0.457%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06359	−0.0397	get 0.0050% / 1h	43m 27s	$379K	$264K	25x
Short	KuCoin PYTHUSDTM	0.06359	0.0100	get 0.0050% / 4h	43m 27s	$1.5M	$314K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.002%Rate

Funding earned: $104.29
Price spread: +0.002% → −0.090%: $9.24
Slippage, 4 orders: −$212.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$121.03
Costs to cover: 2.346%
Break-even: 15.1 days

Slippage from Kraken Futures: live order book, 34 min ago; KuCoin: live order book, 2 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, 34 min ago	9.55 bp	25.3 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	14.14 bp	82.0 bp −$82	663.5 bp −$6,635	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
Kraken Futures PF_PYTHUSDlong	−0.0397%	1h	0.06359	long leg	$379K	$264K	25x
Binance PYTHUSDT	−0.0096%	4h	0.06349	−0.152%	$9.1M	$17.1M	75x	as long as short
MEXC PYTH_USDT	−0.0092%	4h	0.06351	−0.123%	$9.5M	$2.3M	125x	as long as short
BloFin PYTH-USDT	−0.0069%	4h	0.06357	−0.029%	$421K	$116K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06363	+0.068%	$189K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06361	+0.034%	$10K	$10K	10x	as long as short
Bybit PYTHUSDT	+0.0015%	4h	0.06353	−0.092%	$7.5M	$4.8M	50x	as long as short
Gate PYTH_USDT	+0.0030%	4h	0.06358	−0.013%	$1.1M	$474K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.554%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06358	−0.012%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0062%	4h	0.06360	+0.018%	$22K	$44K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06362	+0.050%	$201K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06350	−0.144%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06359	−0.004%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06353	−0.092%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTMshort	+0.0100%	4h	0.06359	+0.002%	$1.5M	$314K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06359	+0.002%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06353	−0.092%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06359	−0.002%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06358	−0.021%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	−0.485%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06352	−0.112%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0639%	1h	0.06366	+0.109%	$36K	$89K	10x	as long as short