Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h +0.001%

Price spread now: Orderly against Coinbase International−2.792%54s7-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 Orderly

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 −$6 a day on $10k at the current rate, and Orderly is 2.792% cheaper against Coinbase International than usual: you would sell low and buy high (−$279 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 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	Coinbase International PYTH-PERP-INTX	0.06493	0.0312	pay 0.0039% / 1h	17m 23s	$40K	$19K	25x
Short	Orderly PERP_PYTH_USDC_mythos	0.06312	0.0100	get 0.0050% / 4h	2h 17m	$2K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −2.792%Rate

Funding earned: −$44.52
Price spread: −2.792% → 0.000%: −$279.22
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$339.74
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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
Backpack PYTH_USDC_PERP	−0.0384%	1h	0.06325	−2.590%	$38K	$63K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0225%	1h	0.06308	−2.849%	$10K	$10K	10x	as long as short
Gate PYTH_USDT	−0.0072%	4h	0.06312	−2.788%	$1.0M	$530K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06321	−2.653%	$188K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0003%	4h	0.06308	−2.849%	$422K	$76K	75x	as long as short
MEXC PYTH_USDT	+0.0016%	4h	0.06309	−2.834%	$10.5M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0018%	4h	0.06305	−2.894%	$9.0M	$18.9M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−3.588%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06305	−2.895%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06320	−2.664%	$194K	$210K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06308	−2.856%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06315	−2.738%	$2.2M	$1.9M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06311	−2.800%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06309	−2.834%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06306	−2.880%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06316	−2.726%	$1.5M	$351K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06303	−2.926%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06312	−2.788%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06276	−3.336%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06312	−2.792%	$2K	$2K	10x
Kraken Futures PF_PYTHUSD	+0.0236%	1h	0.06328	−2.542%	$386K	$298K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06308	−2.857%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTXlong	+0.0312%	1h	0.06493	long leg	$40K	$19K	25x