PYTH

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0424%/8h= −46.4% APRnext payment −$0.53 per $10,000 · paid last 24h −0.029%

Price spread now: Coinbase International against Backpack+1.118%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Coinbase International

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. Coinbase International is 1.118% dearer against Backpack than usual: you sell high and buy low (spread +1.118% now, against zero (this spread has no 7-day history yet)): +$112 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06360	0.0472	pay 0.0059% / 1h	47m 34s	$38K	$88K	10x
Short	Coinbase International PYTH-PERP-INTX	0.06431	0.0048	get 0.0006% / 1h	47m 34s	$40K	$9K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Coinbase InternationalbpOrdersPrice spread, now +1.118%Rate

Funding earned: −$88.98
Price spread: +1.118% → 0.000%: $111.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $2.82
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Backpack: no order-book sample; Coinbase International: 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 Backpack no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Backpack and Coinbase International: 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	−0.156%	$561	$180K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0222%	1h	0.06360	+0.002%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06358	−0.024%	$385K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0088%	4h	0.06346	−0.219%	$1.1M	$463K	75x	as long as short
BloFin PYTH-USDT	−0.0068%	4h	0.06349	−0.171%	$420K	$122K	75x	as long as short
Binance PYTHUSDT	−0.0010%	4h	0.06348	−0.187%	$9.2M	$15.9M	75x	as long as short
MEXC PYTH_USDT	−0.0008%	4h	0.06348	−0.187%	$9.4M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06362	+0.033%	$189K	$19	5x	as long as short
Coinbase International PYTH-PERP-INTXshort	+0.0048%	1h	0.06431	+1.118%	$40K	$9K	25x
Aevo PYTH-PERP	+0.0080%	1h	0.06357	−0.044%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter PYTH	+0.0096%	1h	0.06361	+0.017%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	0.06349	−0.172%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06355	−0.083%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06360	−0.002%	$20K	$26K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06350	−0.156%	$7.5M	$5.0M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06348	−0.187%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06355	−0.077%	$1.5M	$313K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06351	−0.140%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06352	−0.124%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06350	−0.163%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06357	−0.047%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06347	−0.200%	—	—	20x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0472%	1h	0.06360	long leg	$38K	$88K	10x