Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h +0.037%

Price spread now: Kraken Futures against KuCoin0.000%7-day average +0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$184as in the Funding arb table

Net, price: spread back to 7d avg − costs−$238as in the Price arb table

costs, in and out, $10k−$2292.294% of the position

Long on KuCoin Short on Kraken Futures

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)+0.028%+$3 · spread now 0.000%, 7d avg +0.090%

Together, before fees+0.485%+$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Kraken Futures is 0.090% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.090%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.457%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin PYTHUSDTM	0.06363	0.0100	pay 0.0050% / 4h	44m 42s	$1.5M	$313K	50x
Short	Kraken Futures PF_PYTHUSD	0.06363	−0.0396	pay 0.0050% / 1h	44m 42s	$379K	$264K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$104.24
Price spread: 0.000% → +0.090%: −$9.02
Slippage, 4 orders: −$207.41
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$342.66
Costs to cover: 2.294%
Break-even: never at this rate

Slippage from KuCoin: live order book, 11 min ago; Kraken Futures: live order book, 33 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 KuCoin live order book, 11 min ago	11.02 bp	95.8 bp −$96	788.4 bp −$7,884	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	9.55 bp	36.1 bp −$36	167.9 bp −$1,679	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_PYTHUSDshort	−0.0396%	1h	0.06363	0.000%	$379K	$264K	25x
Binance PYTHUSDT	−0.0093%	4h	0.06351	−0.183%	$9.1M	$17.1M	75x	as long as short
MEXC PYTH_USDT	−0.0092%	4h	0.06353	−0.157%	$9.6M	$2.3M	125x	as long as short
BloFin PYTH-USDT	−0.0069%	4h	0.06357	−0.094%	$421K	$116K	75x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0064%	1h	0.06359	−0.063%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06363	+0.003%	$189K	$19	5x	as long as short
Bybit PYTHUSDT	+0.0015%	4h	0.06357	−0.094%	$7.5M	$4.8M	50x	as long as short
Gate PYTH_USDT	+0.0022%	4h	0.06358	−0.079%	$1.1M	$474K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.619%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06360	−0.047%	$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	+0.0065%	4h	0.06360	−0.047%	$22K	$44K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06363	0.000%	$201K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06358	−0.073%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06360	−0.044%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06358	−0.079%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTMlong	+0.0100%	4h	0.06363	long leg	$1.5M	$313K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06362	−0.016%	$2.6M	$2.0M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06358	−0.079%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06359	−0.067%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06358	−0.085%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	−0.550%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06357	−0.092%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0640%	1h	0.06366	+0.050%	$36K	$89K	10x	as long as short