Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0438%/8h= +47.9% APRpaid last 24h +0.019%

Price spread now: Backpack against Binance+0.154%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Backpack is 0.154% dearer against Binance than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.253% in total (about 13.2% 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	Binance PYTHUSDT	0.06351	−0.0016	get 0.0008% / 4h	2h 52m	$9.0M	$16.0M	75x
Short	Backpack PYTH_USDC_PERP	0.06361	0.0421	get 0.0053% / 1h	52m 21s	$38K	$88K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.154%Rate

Funding earned: $91.93
Price spread: +0.154% → 0.000%: $15.42
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $87.36
Costs to cover: 0.200%
Break-even: 0.3 days

Slippage unknown: Binance: live order book, 3 min ago; Backpack: 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 Binance live order book, 3 min ago	1.57 bp	10.0 bp −$10	29.4 bp −$294	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	−0.017%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0215%	1h	0.06357	+0.094%	$385K	$240K	25x	as long as short
Gate PYTH_USDT	−0.0118%	4h	0.06350	−0.017%	$1.1M	$463K	75x	as long as short
BloFin PYTH-USDT	−0.0046%	4h	0.06334	−0.269%	$419K	$122K	75x	as long as short
MEXC PYTH_USDT	−0.0018%	4h	0.06353	+0.030%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDTlong	−0.0016%	4h	0.06351	long leg	$9.0M	$16.0M	75x
dYdX PYTH-USD	0.0000%	1h	0.06354	+0.045%	$189K	$19	5x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.258%	$40K	$9K	25x	as long as short
Bybit PYTHUSDT	+0.0076%	4h	0.06351	−0.002%	$7.5M	$5.0M	50x	as long as short
Aevo PYTH-PERP	+0.0080%	1h	0.06400	+0.771%	$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	+0.156%	$197K	$203K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0098%	8h	0.06352	+0.017%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06358	+0.102%	$1.7M	$1.4M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06356	+0.081%	$20K	$26K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06351	−0.002%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06357	+0.093%	$1.5M	$311K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06350	−0.017%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06352	+0.014%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06358	+0.108%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06354	+0.047%	$3K	$1K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06350	−0.011%	—	—	20x	as long as short
Backpack PYTH_USDC_PERPshort	+0.0421%	1h	0.06361	+0.154%	$38K	$88K	10x
Deribit PYTH_USDC-PERPETUAL	+0.0536%	1h	0.06367	+0.250%	$10K	$10K	10x	as long as short