Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Paradex against Bybit−0.072%59s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.072% cheaper against Bybit than usual: you would sell low and buy high, −$7 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PYTHUSDT	0.06317	0.0100	pay 0.0050% / 4h	3h 44m	$7.5M	$5.0M	50x
Short	Paradex PYTH-USD-PERP	0.06312	0.0100	get 0.0100% / 8h	7h 44m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$0.01
Price spread: −0.072% → 0.000%: −$7.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$22.21
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Paradex: 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 Bybit live order book, 3 min ago	2.37 bp	33.1 bp −$33	91.5 bp −$915	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06320	+0.047%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	+0.0001%	1h	0.06321	+0.062%	$188K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.902%	$553	$220K	5.5x	as long as short
Lighter PYTH	+0.0096%	1h	0.06325	+0.127%	$195K	$214K	5x	as long as short
Paradex PYTH-USD-PERPshort	+0.0100%	8h	0.06312	−0.072%	$3K	—	10x
Hyperliquid PYTH	+0.0100%	1h	0.06324	+0.111%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06314	−0.044%	$21K	$47K	10x	as long as short
Binance PYTHUSDT	+0.0100%	4h	0.06314	−0.043%	$9.1M	$19.9M	75x	as long as short
Bybit PYTHUSDTlong	+0.0100%	4h	0.06317	long leg	$7.5M	$5.0M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06315	−0.032%	$2.1M	$3.6M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate PYTH_USDT	+0.0100%	4h	0.06313	−0.063%	$1.0M	$508K	75x	as long as short
MEXC PYTH_USDT	+0.0100%	4h	0.06316	−0.016%	$10.7M	$2.8M	125x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06321	+0.063%	$1.5M	$371K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06315	−0.032%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06316	−0.016%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06326	+0.139%	$35K	$60K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06315	−0.024%	$40K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06317	−0.003%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06320	+0.047%	$23K	—	3x	as long as short
BloFin PYTH-USDT	+0.0146%	4h	0.06313	−0.063%	$429K	$72K	75x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06316	−0.012%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0466%	1h	0.06322	+0.083%	$383K	$301K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.741%	$40K	$19K	25x	as long as short