Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Backpack+0.088%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 Variational Omni

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. Variational Omni is 0.088% dearer against Backpack than usual: you sell high and buy low (spread +0.088% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack PYTH_USDC_PERP	0.06363	0.0281	pay 0.0035% / 1h	57m 06s	$38K	$90K	10x
Short	Variational Omni PYTH	0.06369	0.0100	get 0.0050% / 4h	2h 57m	$44K	$23K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.088%Rate

Funding earned: −$37.98
Price spread: +0.088% → 0.000%: $8.79
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$39.19
Costs to cover: 0.100%
Break-even: never at this rate

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

Backpack and Variational Omni: 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	−0.204%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06365	+0.027%	$385K	$230K	25x	as long as short
Gate PYTH_USDT	−0.0116%	4h	0.06354	−0.141%	$1.1M	$462K	75x	as long as short
Binance PYTHUSDT	−0.0018%	4h	0.06356	−0.110%	$9.0M	$15.9M	75x	as long as short
MEXC PYTH_USDT	−0.0018%	4h	0.06355	−0.126%	$9.4M	$2.4M	125x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06362	−0.017%	$189K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0034%	4h	0.06363	0.000%	$421K	$123K	75x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.069%	$40K	$9K	25x	as long as short
Bybit PYTHUSDT	+0.0077%	4h	0.06356	−0.110%	$7.4M	$5.0M	50x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06355	−0.126%	$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	0.06365	+0.031%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	0.06349	−0.225%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06361	−0.033%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06364	+0.018%	$20K	$26K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06355	−0.126%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06364	+0.016%	$1.5M	$319K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06365	+0.031%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06356	−0.110%	—	$2.8M	—	as long as short
Variational Omni PYTHshort	+0.0100%	4h	0.06369	+0.088%	$44K	$23K	—
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06358	−0.085%	$3K	$1K	10x	as long as short
Backpack PYTH_USDC_PERPlong	+0.0281%	1h	0.06363	long leg	$38K	$90K	10x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06355	−0.132%	—	—	20x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0536%	1h	0.06365	+0.031%	$10K	$10K	10x	as long as short