Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0402%/8h= −44.0% APRpaid last 24h −0.034%

Price spread now: MEXC against Coinbase International−1.976%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 MEXC

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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and MEXC is 1.976% cheaper against Coinbase International than usual: you would sell low and buy high (−$198 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PYTH-PERP-INTX	0.06427	0.0472	pay 0.0059% / 1h	39m 16s	$40K	$19K	25x
Short	MEXC PYTH_USDT	0.06300	0.0070	get 0.0035% / 4h	39m 16s	$10.7M	$2.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −1.976%Rate

Funding earned: −$84.42
Price spread: −1.976% → 0.000%: −$197.6
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$292.02
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.79 bp	5.1 bp −$5	14.5 bp −$145	85.5 bp −$8,551	186.9 bp −$93.5K

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
dYdX PYTH-USD	0.0000%	1h	0.06305	−1.901%	$187K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06311	−1.805%	$10K	$10K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.598%	$553	$220K	5.5x	as long as short
Binance PYTHUSDT	+0.0070%	4h	0.06301	−1.960%	$8.9M	$19.5M	75x	as long as short
MEXC PYTH_USDTshort	+0.0070%	4h	0.06300	−1.976%	$10.7M	$2.8M	125x
Lighter PYTH	+0.0096%	1h	0.06312	−1.789%	$194K	$221K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06301	−1.960%	$22K	—	3x	as long as short
BloFin PYTH-USDT	+0.0099%	4h	0.06297	−2.023%	$421K	$72K	75x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06291	−2.114%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06309	−1.839%	$2.2M	$1.9M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0100%	4h	0.06299	−1.998%	$21K	$46K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06302	−1.945%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06307	−1.867%	$2.1M	$3.5M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06295	−2.054%	$1.0M	$536K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06303	−1.929%	$1.5M	$370K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06301	−1.960%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06304	−1.914%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06309	−1.841%	$35K	$66K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06309	−1.832%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06301	−1.954%	$2K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06302	−1.950%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0452%	1h	0.06310	−1.828%	$383K	$309K	25x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0472%	1h	0.06427	long leg	$40K	$19K	25x