Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0281%/8hpaid last 24h +0.080%

Price spread now: Kraken Futures against Binance+0.197%7-day average +0.175% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$810.809% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.545%+$54 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now +0.197%, 7d avg +0.175%

Together, before fees+0.482%+$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.022% dearer against Binance than usual: you sell high and buy low (spread +0.197% now, against its 7-day average of +0.175%): +$2 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 6 hours. Mind the row above: over the last 7 days funding on this pair paid +0.545%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PYTHUSDT	0.06338	0.0032	pay 0.0016% / 4h	6m 43s	$9.0M	$15.8M	75x
Short	Kraken Futures PF_PYTHUSD	0.06351	−0.0249	pay 0.0031% / 1h	6m 43s	$382K	$224K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.197%Rate

Funding earned: −$58.96
Price spread: +0.197% → +0.175%: $2.24
Slippage, 4 orders: −$60.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$137.62
Costs to cover: 0.809%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Kraken Futures: live order book, 25 min ago.

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, 8 min ago	0.79 bp	14.1 bp −$14	40.8 bp −$408	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 25 min ago	16.49 bp	28.0 bp −$28	145.3 bp −$1,453	doesn't fit	doesn't fit

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	−0.0507%	1h	0.06367	+0.451%	$563	$143K	5.5x	as long as short
Kraken Futures PF_PYTHUSDshort	−0.0249%	1h	0.06351	+0.197%	$382K	$224K	25x
Bybit PYTHUSDT	−0.0186%	4h	0.06338	−0.007%	$7.4M	$4.9M	50x	as long as short
Gate PYTH_USDT	−0.0174%	4h	0.06339	+0.009%	$1.1M	$523K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06348	+0.151%	$188K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06351	+0.199%	$10K	$10K	10x	as long as short
Binance PYTHUSDTlong	+0.0032%	4h	0.06338	long leg	$9.0M	$15.8M	75x
MEXC PYTH_USDT	+0.0038%	4h	0.06339	+0.009%	$9.5M	$2.5M	125x	as long as short
BloFin PYTH-USDT	+0.0083%	4h	0.06344	+0.088%	$427K	$126K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06349	+0.175%	$23K	—	3x	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-PERP	+0.0095%	8h	0.06335	−0.058%	$3K	$56	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06349	+0.167%	$197K	$202K	5x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06343	+0.075%	$1.6M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06347	+0.132%	$21K	$34K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06337	−0.022%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06347	+0.135%	$1.5M	$336K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06337	−0.022%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06338	−0.007%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06347	+0.134%	$38K	$90K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06356	+0.277%	$44K	$17K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06347	+0.142%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0232%	1h	0.06369	+0.483%	$39K	$9K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06340	+0.024%	—	—	20x	as long as short