Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.011%

Price spread now: dYdX against Bybit+0.016%7-day average +0.089% · you sell dearer than you buy

Net, funding: paid 7d − costs−$314as in the Funding arb table

Net, price: spread back to 7d avg − costs−$307as in the Price arb table

costs, in and out, $10k−$3002.997% of the position

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.095%+$10 · spread now +0.016%, 7d avg +0.089%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.073% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.089%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06475	0.0100	pay 0.0050% / 4h	3h 06m	$7.7M	$4.8M	50x
Short	dYdX PYTH-USD	0.06476	0	get 0.0000% / 1h	6m 31s	$192K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$21
Price spread: +0.016% → +0.089%: −$7.26
Slippage, 4 orders: −$278.67
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$327.94
Costs to cover: 2.997%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; dYdX: live order book, 2 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 Bybit live order book, 2 min ago	0.77 bp	33.5 bp −$34	90.5 bp −$905	doesn't fit	doesn't fit
Sell dYdX live order book, 2 min ago	45.53 bp	159.5 bp −$159	199.0 bp −$1,990	208.7 bp −$20.9K	914.8 bp −$457.4K

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	−0.0134%	1h	0.06483	+0.128%	$398K	$291K	25x	as long as short
MEXC PYTH_USDT	−0.0122%	4h	0.06475	0.000%	$9.8M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0119%	4h	0.06468	−0.108%	$430K	$112K	75x	as long as short
Binance PYTHUSDT	−0.0119%	4h	0.06469	−0.096%	$9.3M	$17.7M	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06505	+0.463%	$40K	$18K	25x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06476	+0.016%	$192K	$19	5x
Aster PYTHUSDT	+0.0013%	4h	0.06471	−0.062%	$21K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−3.320%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0048%	1h	0.06476	+0.014%	$23K	—	3x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0059%	1h	0.06483	+0.124%	$10K	$10K	10x	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	0.06487	+0.185%	$204K	$199K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06469	−0.091%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06485	+0.162%	$2.1M	$1.6M	5x	as long as short
Bybit PYTHUSDTlong	+0.0100%	4h	0.06475	long leg	$7.7M	$4.8M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06474	−0.015%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06465	−0.154%	$1.1M	$481K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06477	+0.031%	$1.5M	$326K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06478	+0.046%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06470	−0.077%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06461	−0.210%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06475	+0.002%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06470	−0.070%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0942%	1h	0.06486	+0.168%	$36K	$91K	10x	as long as short