Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.047%

Price spread now: MEXC against Kraken Futures−0.203%51s7-day average −0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as 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−$570.567% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.572%−$57 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.203%, 7d avg −0.161%

Together, before fees−0.494%−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.161%). Swap the legs. The two prices were read 51 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	0.06351	0.0131	pay 0.0016% / 1h	47m 20s	$386K	$294K	25x
Short	MEXC PYTH_USDT	0.06338	0.0012	get 0.0006% / 4h	1h 47m	$10.5M	$2.7M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.203%Rate

Funding earned: −$24.9
Price spread: −0.203% → −0.161%: −$4.18
Slippage, 4 orders: −$46.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$85.78
Costs to cover: 0.567%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 60 min ago; MEXC: live order book, 6 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, 60 min ago	6.32 bp	24.7 bp −$25	505.9 bp −$5,059	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	1.57 bp	6.7 bp −$7	18.0 bp −$180	79.2 bp −$7,916	167.9 bp −$84.0K

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-USD	0.0000%	1h	0.06356	+0.076%	$189K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06351	+0.002%	$10K	$10K	10x	as long as short
Binance PYTHUSDT	+0.0010%	4h	0.06338	−0.208%	$9.0M	$19.1M	75x	as long as short
MEXC PYTH_USDTshort	+0.0012%	4h	0.06338	−0.203%	$10.5M	$2.7M	125x
Gate PYTH_USDT	+0.0018%	4h	0.06343	−0.124%	$1.0M	$531K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.431%	$553	$220K	5.5x	as long as short
Backpack PYTH_USDC_PERP	+0.0055%	1h	0.06355	+0.057%	$38K	$64K	10x	as long as short
BloFin PYTH-USDT	+0.0064%	4h	0.06364	+0.207%	$427K	$77K	75x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06347	−0.060%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06350	−0.014%	$192K	$215K	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	0.06337	−0.224%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06347	−0.064%	$2.2M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06351	+0.003%	$19K	$46K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06344	−0.108%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06347	−0.061%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06346	−0.077%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06346	−0.077%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06345	−0.093%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06349	−0.030%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06342	−0.135%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSDlong	+0.0131%	1h	0.06351	long leg	$386K	$294K	25x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06340	−0.167%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0368%	1h	0.06427	+1.199%	$40K	$19K	25x	as long as short