Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0483%/8h= +52.9% APRpaid last 24h −0.029%

Price spread now: Bybit against Deribit−0.079%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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. Bybit is 0.079% cheaper against Deribit than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 13 hours of funding at the current rate (+$14 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06317	−0.0383	get 0.0048% / 1h	50m 10s	$10K	$10K	10x
Short	Bybit PYTHUSDT	0.06312	0.0100	get 0.0050% / 4h	50m 10s	$7.5M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.079%Rate

Funding earned: $101.39
Price spread: −0.079% → 0.000%: −$7.92
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $75.47
Costs to cover: 0.180%
Break-even: 1.8 days

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 3 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 Deribit no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	2.37 bp	38.1 bp −$38	93.7 bp −$937	doesn't fit	doesn't fit

Deribit: 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-PERPETUALlong	−0.0383%	1h	0.06317	long leg	$10K	$10K	10x
Backpack PYTH_USDC_PERP	−0.0338%	1h	0.06334	+0.275%	$38K	$50K	10x	as long as short
Gate PYTH_USDT	−0.0184%	4h	0.06314	−0.047%	$1.0M	$504K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06330	+0.205%	$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
MEXC PYTH_USDT	+0.0034%	4h	0.06314	−0.047%	$10.0M	$2.5M	125x	as long as short
Binance PYTHUSDT	+0.0035%	4h	0.06313	−0.063%	$9.0M	$17.9M	75x	as long as short
Aster PYTHUSDT	+0.0035%	4h	0.06326	+0.146%	$20K	$43K	10x	as long as short
BloFin PYTH-USDT	+0.0040%	4h	0.06326	+0.142%	$426K	$84K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06323	+0.095%	$23K	—	3x	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	0.06325	+0.127%	$190K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06322	+0.082%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06329	+0.190%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06312	−0.079%	$7.5M	$4.7M	50x
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06312	−0.079%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06325	+0.127%	$1.5M	$343K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06321	+0.063%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06322	+0.079%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06323	+0.093%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06319	+0.033%	$3K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06385	+1.076%	$40K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06319	+0.039%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0414%	1h	0.06321	+0.067%	$385K	$293K	25x	as long as short