Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.009%

Price spread now: Deribit against Variational Omni+0.711%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.711% dearer against Variational Omni than usual: you sell high and buy low (spread +0.711% now, against zero (this spread has no 7-day history yet)): +$71 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PYTH	0.06276	0.0100	pay 0.0050% / 4h	2h 18m	$38K	$25K	—
Short	Deribit PYTH_USDC-PERPETUAL	0.06321	0	get 0.0000% / 1h	18m 15s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.711%Rate

Funding earned: −$21
Price spread: +0.711% → 0.000%: $71.06
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $43.06
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Deribit: 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Variational Omni and Deribit: 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	−0.0390%	1h	0.06317	+0.645%	$38K	$63K	10x	as long as short
Gate PYTH_USDT	−0.0084%	4h	0.06312	+0.567%	$1.0M	$530K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06310	+0.533%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	0.0000%	1h	0.06321	+0.711%	$10K	$10K	10x
BloFin PYTH-USDT	+0.0003%	4h	0.06308	+0.503%	$422K	$76K	75x	as long as short
MEXC PYTH_USDT	+0.0012%	4h	0.06317	+0.647%	$10.6M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0018%	4h	0.06316	+0.631%	$9.0M	$18.9M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.261%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06315	+0.615%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06328	+0.822%	$195K	$210K	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	0.06303	+0.421%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06322	+0.728%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06315	+0.618%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06318	+0.663%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06320	+0.695%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06308	+0.503%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06316	+0.631%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06317	+0.647%	—	$2.8M	—	as long as short
Variational Omni PYTHlong	+0.0100%	4h	0.06276	long leg	$38K	$25K	—
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06319	+0.671%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0236%	1h	0.06328	+0.821%	$386K	$298K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06316	+0.635%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+3.451%	$40K	$19K	25x	as long as short