Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.014%

Price spread now: Bybit against Aevo+0.063%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Bybit

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. Bybit is 0.063% dearer against Aevo than usual: you sell high and buy low (spread +0.063% now, against zero (this spread has no 7-day history yet)): +$6 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo PYTH-PERP	0.06330	0.0080	pay 0.0010% / 1h	32m 48s	$23K	—	3x
Short	Bybit PYTHUSDT	0.06334	−0.0085	pay 0.0043% / 4h	2h 32m	$7.4M	$4.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aevo. 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 AevobpFee BybitbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$34.73
Price spread: +0.063% → 0.000%: $6.32
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.41
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Bybit: live order book, 5 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 Aevo no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	2.36 bp	37.0 bp −$37	91.2 bp −$912	doesn't fit	doesn't fit

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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	+0.316%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0216%	1h	0.06338	+0.134%	$384K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0092%	4h	0.06332	+0.032%	$1.1M	$465K	75x	as long as short
Bybit PYTHUSDTshort	−0.0085%	4h	0.06334	+0.063%	$7.4M	$4.9M	50x
Deribit PYTH_USDC-PERPETUAL	−0.0065%	1h	0.06340	+0.158%	$10K	$10K	10x	as long as short
BloFin PYTH-USDT	−0.0032%	4h	0.06347	+0.269%	$425K	$121K	75x	as long as short
Binance PYTHUSDT	−0.0018%	4h	0.06328	−0.032%	$9.1M	$15.9M	75x	as long as short
MEXC PYTH_USDT	−0.0018%	4h	0.06328	−0.032%	$9.4M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06345	+0.234%	$188K	$19	5x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.596%	$40K	$6K	25x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERPlong	+0.0080%	1h	0.06330	long leg	$23K	—	3x
Lighter PYTH	+0.0096%	1h	0.06343	+0.205%	$196K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06340	+0.161%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06339	+0.147%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06337	+0.111%	$20K	$24K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06331	+0.016%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06342	+0.190%	$1.5M	$304K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06341	+0.174%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06334	+0.063%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	+0.194%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06340	+0.150%	$3K	$1K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0280%	1h	0.06341	+0.171%	$38K	$87K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06337	+0.107%	—	—	20x	as long as short