Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: OKX against Coinbase International−0.477%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 OKX

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. OKX is 0.477% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.477% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$48 on $10k: about 9.7 days 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	0.06505	−0.0064	get 0.0008% / 1h	6m 46s	$40K	$18K	25x
Short	OKX PYTH-USDT-SWAP	0.06474	0.0100	get 0.0050% / 4h	3h 06m	$2.1M	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.477%Rate

Funding earned: $34.44
Price spread: −0.477% → 0.000%: −$47.66
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$33.22
Costs to cover: 0.200%
Break-even: 13.8 days

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	0.77 bp	18.8 bp −$19	119.8 bp −$1,198	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
Kraken Futures PF_PYTHUSD	−0.0134%	1h	0.06483	−0.334%	$398K	$291K	25x	as long as short
MEXC PYTH_USDT	−0.0122%	4h	0.06475	−0.461%	$9.8M	$2.4M	125x	as long as short
BloFin PYTH-USDT	−0.0119%	4h	0.06468	−0.569%	$430K	$112K	75x	as long as short
Binance PYTHUSDT	−0.0119%	4h	0.06475	−0.460%	$9.3M	$17.7M	75x	as long as short
Coinbase International PYTH-PERP-INTXlong	−0.0064%	1h	0.06505	long leg	$40K	$18K	25x
dYdX PYTH-USD	0.0000%	1h	0.06476	−0.445%	$192K	$19	5x	as long as short
Aster PYTHUSDT	+0.0013%	4h	0.06471	−0.523%	$21K	$46K	10x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−3.766%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0048%	1h	0.06476	−0.447%	$23K	—	3x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0059%	1h	0.06483	−0.338%	$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	−0.277%	$204K	$199K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06470	−0.542%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06485	−0.300%	$2.1M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06475	−0.461%	$7.7M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAPshort	+0.0100%	4h	0.06474	−0.477%	$2.1M	$3.5M	50x
Gate PYTH_USDT	+0.0100%	4h	0.06463	−0.646%	$1.1M	$481K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06474	−0.477%	$1.5M	$326K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06478	−0.415%	$2.7M	$2.1M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06478	−0.415%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06461	−0.670%	$39K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06475	−0.460%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06470	−0.531%	—	—	20x	as long as short
Backpack PYTH_USDC_PERP	+0.0942%	1h	0.06486	−0.294%	$36K	$91K	10x	as long as short