Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0500%/8h= +54.8% APRpaid last 24h +0.002%

Price spread now: Paradex against Backpack−0.059%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Paradex is 0.059% cheaper against Backpack than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 9 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06320	−0.0400	get 0.0050% / 1h	19m 30s	$38K	$63K	10x
Short	Paradex PYTH-USD-PERP	0.06317	0.0100	get 0.0100% / 8h	2h 19m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Backpack. 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 BackpackbpFee ParadexbpOrdersPrice spread, now −0.059%Rate

Funding earned: $105.03
Price spread: −0.059% → 0.000%: −$5.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $85.13
Costs to cover: 0.140%
Break-even: 1.3 days

Slippage unknown: Backpack: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Backpack and Paradex: 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_PERPlong	−0.0400%	1h	0.06320	long leg	$38K	$63K	10x
Gate PYTH_USDT	−0.0096%	4h	0.06312	−0.131%	$1.0M	$530K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06319	−0.023%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06311	−0.147%	$10K	$10K	10x	as long as short
MEXC PYTH_USDT	+0.0008%	4h	0.06314	−0.100%	$10.6M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0014%	4h	0.06313	−0.116%	$9.0M	$18.9M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.954%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0034%	4h	0.06247	−1.160%	$418K	$75K	75x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06306	−0.233%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06319	−0.021%	$194K	$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-PERPshort	+0.0100%	8h	0.06317	−0.059%	$3K	—	10x
Hyperliquid PYTH	+0.0100%	1h	0.06318	−0.032%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06314	−0.106%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06315	−0.084%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06313	−0.116%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06315	−0.084%	$1.5M	$352K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06317	−0.052%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06310	−0.163%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06276	−0.695%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06309	−0.180%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0236%	1h	0.06318	−0.043%	$385K	$298K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06311	−0.152%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0312%	1h	0.06493	+2.732%	$40K	$19K	25x	as long as short