Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0479%/8h= −52.4% APRpaid last 24h −0.018%

Price spread now: Deribit against Bitget+0.094%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Deribit

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—needs both histories

The price spread pays, funding is against you. Deribit is 0.094% dearer against Bitget than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PYTHUSDT	0.06351	0.0100	pay 0.0050% / 4h	55m 18s	$2.6M	$2.0M	75x
Short	Deribit PYTH_USDC-PERPETUAL	0.06357	−0.0379	pay 0.0047% / 1h	55m 18s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$100.55
Price spread: +0.094% → 0.000%: $9.45
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$110.11
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Deribit: 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 Bitget live order book, 2 min ago	2.37 bp	15.5 bp −$15	49.1 bp −$491	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_PYTHUSD	−0.0397%	1h	0.06357	+0.095%	$378K	$264K	25x	as long as short
Deribit PYTH_USDC-PERPETUALshort	−0.0379%	1h	0.06357	+0.094%	$10K	$10K	10x
MEXC PYTH_USDT	−0.0086%	4h	0.06350	−0.016%	$9.6M	$2.3M	125x	as long as short
Binance PYTHUSDT	−0.0085%	4h	0.06349	−0.029%	$9.1M	$17.1M	75x	as long as short
BloFin PYTH-USDT	−0.0078%	4h	0.06349	−0.031%	$421K	$116K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06354	+0.050%	$189K	$19	5x	as long as short
Gate PYTH_USDT	+0.0004%	4h	0.06348	−0.047%	$1.1M	$474K	75x	as long as short
Bybit PYTHUSDT	+0.0021%	4h	0.06352	+0.016%	$7.5M	$4.8M	50x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.433%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06357	+0.096%	$23K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0070%	4h	0.06351	−0.005%	$25K	$44K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06359	+0.126%	$201K	$217K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06349	−0.038%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06357	+0.091%	$1.7M	$1.5M	5x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06355	+0.063%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06357	+0.094%	$1.5M	$316K	50x	as long as short
Bitget PYTHUSDTlong	+0.0100%	4h	0.06351	long leg	$2.6M	$2.0M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06351	0.000%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06347	−0.061%	$44K	$22K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06350	−0.017%	$3K	$1K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0176%	1h	0.06328	−0.362%	$39K	$6K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06350	−0.021%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0455%	1h	0.06359	+0.131%	$36K	$89K	10x	as long as short