Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.007%

Price spread now: KuCoin against Coinbase International−0.062%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. KuCoin is 0.062% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 30 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06409	−0.0064	get 0.0008% / 1h	48m 14s	$40K	$18K	25x
Short	KuCoin PYTHUSDTM	0.06405	0.0100	get 0.0050% / 4h	2h 48m	$1.5M	$334K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −0.062%Rate

Funding earned: $34.44
Price spread: −0.062% → 0.000%: −$6.24
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $6.2
Costs to cover: 0.220%
Break-even: 5.7 days

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 2 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 2 min ago	9.38 bp	53.5 bp −$53	614.6 bp −$6,146	doesn't fit	doesn't fit

Coinbase International: 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
BloFin PYTH-USDT	−0.0143%	4h	0.06394	−0.234%	$428K	$113K	75x	as long as short
MEXC PYTH_USDT	−0.0110%	4h	0.06401	−0.125%	$9.7M	$2.4M	125x	as long as short
Binance PYTHUSDT	−0.0106%	4h	0.06404	−0.078%	$9.2M	$17.8M	75x	as long as short
Coinbase International PYTH-PERP-INTXlong	−0.0064%	1h	0.06409	long leg	$40K	$18K	25x
Aster PYTHUSDT	−0.0002%	4h	0.06395	−0.221%	$20K	$46K	10x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06405	−0.062%	$190K	$19	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.325%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0056%	1h	0.06400	−0.140%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06411	+0.031%	$191K	$204K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06392	−0.261%	$3K	—	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06415	+0.089%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06407	−0.031%	$7.6M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06405	−0.062%	$2.1M	$3.4M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06398	−0.172%	$1.1M	$489K	75x	as long as short
KuCoin PYTHUSDTMshort	+0.0100%	4h	0.06405	−0.062%	$1.5M	$334K	50x
Bitget PYTHUSDT	+0.0100%	4h	0.06408	−0.016%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06405	−0.062%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06383	−0.413%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06401	−0.125%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06388	−0.328%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0374%	1h	0.06407	−0.030%	$393K	$291K	25x	as long as short
Backpack PYTH_USDC_PERP	+0.0673%	1h	0.06412	+0.048%	$38K	$93K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0686%	1h	0.06417	+0.125%	$10K	$10K	10x	as long as short