Funding you earn now, next payment 00:00 UTC−0.0484%/8h= −53.0% APRpaid last 24h −0.011%
Price spread now: Bybit against Backpack−0.145%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.218%−$22 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bybit is 0.145% cheaper against Backpack than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack PYTH_USDC_PERP | 0.06334 | 0.0503 | pay 0.0063% / 1h | 33m 37s | $36K | $89K | 10x |
| Short | Bybit PYTHUSDT | 0.06325 | 0.0019 | get 0.0010% / 4h | 33m 37s | $7.5M | $4.8M | 50x |
Backpack PYTH_USDC_PERP
Bybit PYTHUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$101.64
- Price spread: −0.145% → 0.000%
- −$14.52
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$137.17
- Costs to cover
- 0.210%
- Break-even
- never at this rate
Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 4 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 Backpack no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 4 min ago | 1.58 bp | 21.9 bp −$22 | 67.3 bp −$673 | doesn't fit | doesn't fit |
Backpack: 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_PYTHUSD | −0.0399% | 1h | 0.06328 | −0.101% | $377K | $264K | 25x | as long as short |
| Binance PYTHUSDT | −0.0133% | 4h | 0.06324 | −0.161% | $9.0M | $17.1M | 75x | as long as short |
| BloFin PYTH-USDT | −0.0131% | 4h | 0.06326 | −0.129% | $422K | $114K | 75x | as long as short |
| MEXC PYTH_USDT | −0.0124% | 4h | 0.06324 | −0.161% | $9.5M | $2.4M | 125x | as long as short |
| dYdX PYTH-USD | 0.0000% | 1h | 0.06335 | +0.011% | $188K | $19 | 5x | as long as short |
| Deribit PYTH_USDC-PERPETUAL | 0.0000% | 1h | 0.06331 | −0.051% | $10K | $10K | 10x | as long as short |
| Bybit PYTHUSDTshort | +0.0019% | 4h | 0.06325 | −0.145% | $7.5M | $4.8M | 50x | |
| Aster PYTHUSDT | +0.0028% | 4h | 0.06334 | +0.002% | $22K | $44K | 10x | as long as short |
| Gate PYTH_USDT | +0.0032% | 4h | 0.06321 | −0.208% | $1.1M | $474K | 75x | as long as short |
| Injective PYTH/USDC PERP | +0.0033% | 1h | 0.06260 | −1.171% | $553 | $220K | 5.5x | as long as short |
Kraken Futures PF_PYTHUSD
Binance PYTHUSDT
BloFin PYTH-USDT
MEXC PYTH_USDT
dYdX PYTH-USD
Deribit PYTH_USDC-PERPETUAL
Aster PYTHUSDT
Gate PYTH_USDT
Injective PYTH/USDC PERPShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aevo PYTH-PERP | +0.0048% | 1h | 0.06325 | −0.141% | $23K | — | 3x | as long as short |
| Lighter PYTH | +0.0096% | 1h | 0.06334 | −0.003% | $200K | $217K | 5x | as long as short |
| Paradex PYTH-USD-PERP | +0.0100% | 8h | 0.06321 | −0.204% | $3K | $56 | 10x | as long as short |
| Hyperliquid PYTH | +0.0100% | 1h | 0.06331 | −0.052% | $1.7M | $1.5M | 5x | as long as short |
| OKX PYTH-USDT-SWAP | +0.0100% | 4h | 0.06324 | −0.161% | $2.1M | $3.4M | 50x | as long as short |
| KuCoin PYTHUSDTM | +0.0100% | 4h | 0.06333 | −0.019% | $1.5M | $313K | 50x | as long as short |
| Bitget PYTHUSDT | +0.0100% | 4h | 0.06330 | −0.066% | $2.6M | $2.0M | 75x | as long as short |
| BingX PYTH-USDT | +0.0100% | 4h | 0.06326 | −0.129% | — | $2.8M | — | as long as short |
| Variational Omni PYTH | +0.0100% | 4h | 0.06327 | −0.109% | $44K | $23K | — | as long as short |
| Orderly PERP_PYTH_USDC_mythos | +0.0100% | 4h | 0.06326 | −0.137% | $3K | $1K | 10x | as long as short |
| Coinbase International PYTH-PERP-INTX | +0.0176% | 1h | 0.06328 | −0.098% | $39K | $6K | 25x | as long as short |
| Reya PYTHRUSDPERP | +0.0302% | 1h | 0.06323 | −0.176% | — | — | 20x | as long as short |
| Backpack PYTH_USDC_PERPlong | +0.0503% | 1h | 0.06334 | long leg | $36K | $89K | 10x |
Aevo PYTH-PERP
Lighter PYTH
Paradex PYTH-USD-PERP
Hyperliquid PYTH
OKX PYTH-USDT-SWAP
KuCoin PYTHUSDTM
Bitget PYTHUSDT
BingX PYTH-USDT
Variational Omni PYTH
Orderly PERP_PYTH_USDC_mythos
Coinbase International PYTH-PERP-INTX
Reya PYTHRUSDPERP