Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.004%

Price spread now: Aevo against Orderly+0.041%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Aevo

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

The price spread pays, funding is against you. Aevo is 0.041% dearer against Orderly than usual: you sell high and buy low (spread +0.041% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06313	0.0100	pay 0.0050% / 4h	3h 00m	$2K	$2K	10x
Short	Aevo PYTH-PERP	0.06315	0.0088	get 0.0011% / 1h	0m 35s	$23K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now +0.041%Rate

Funding earned: −$2.52
Price spread: +0.041% → 0.000%: $4.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$20.4
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aevo: 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo no order-book sample	—	—	—	—	—

Orderly and Aevo: 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
Backpack PYTH_USDC_PERP	−0.0146%	1h	0.06324	+0.173%	$38K	$63K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0066%	1h	0.06319	+0.100%	$10K	$10K	10x	as long as short
Gate PYTH_USDT	−0.0056%	4h	0.06310	−0.043%	$1.0M	$522K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06323	+0.161%	$188K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0031%	4h	0.06316	+0.052%	$424K	$76K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.835%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0039%	4h	0.06314	+0.021%	$9.0M	$18.4M	75x	as long as short
MEXC PYTH_USDT	+0.0040%	4h	0.06314	+0.021%	$10.6M	$2.9M	125x	as long as short
Aevo PYTH-PERPshort	+0.0088%	1h	0.06315	+0.041%	$23K	—	3x
Lighter PYTH	+0.0096%	1h	0.06324	+0.179%	$193K	$212K	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	0.06315	+0.035%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06321	+0.138%	$2.3M	$1.8M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06322	+0.140%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06316	+0.052%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06316	+0.052%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06319	+0.100%	$1.5M	$347K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06319	+0.100%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06320	+0.116%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06312	−0.005%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06313	long leg	$2K	$2K	10x
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+2.856%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0301%	1h	0.06322	+0.151%	$386K	$302K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06315	+0.032%	—	—	20x	as long as short