Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.028%

Price spread now: dYdX against Orderly+0.078%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 dYdX

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. dYdX is 0.078% dearer against Orderly than usual: you sell high and buy low (spread +0.078% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PYTH_USDC_mythos	0.06457	0.0100	pay 0.0050% / 4h	23m 10s	$2K	$2K	10x
Short	dYdX PYTH-USD	0.06462	0	get 0.0000% / 1h	23m 10s	$192K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$21
Price spread: +0.078% → 0.000%: $7.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$29.2
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; dYdX: live order book, 36 min ago. 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 dYdX live order book, 36 min ago	31.53 bp	60.2 bp −$60	155.7 bp −$1,557	295.6 bp −$29.6K	1263.3 bp −$631.6K

Orderly: 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
Deribit PYTH_USDC-PERPETUAL	−0.0369%	1h	0.06457	+0.003%	$10K	$10K	10x	as long as short
Gate PYTH_USDT	−0.0110%	4h	0.06450	−0.105%	$1.1M	$513K	75x	as long as short
Backpack PYTH_USDC_PERP	−0.0104%	1h	0.06464	+0.105%	$38K	$59K	10x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06462	+0.078%	$192K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−3.048%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0064%	4h	0.06455	−0.028%	$10.5M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0064%	4h	0.06454	−0.043%	$9.2M	$18.2M	75x	as long as short
Aster PYTHUSDT	+0.0072%	4h	0.06449	−0.128%	$21K	$44K	10x	as long as short
BloFin PYTH-USDT	+0.0074%	4h	0.06462	+0.081%	$427K	$81K	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06462	+0.081%	$193K	$210K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0096%	1h	0.06450	−0.105%	$23K	—	3x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06448	−0.133%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06468	+0.170%	$2.3M	$1.8M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06455	−0.028%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06457	+0.003%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06460	+0.050%	$1.6M	$350K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06456	−0.012%	$2.8M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06457	+0.003%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06443	−0.217%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythoslong	+0.0100%	4h	0.06457	long leg	$2K	$2K	10x
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06476	+0.297%	$40K	$19K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06452	−0.080%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0405%	1h	0.06460	+0.057%	$394K	$288K	25x	as long as short