Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0165%/8h= +18.1% APRpaid last 24h +0.024%

Price spread now: Orderly against Deribit+0.047%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Orderly

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

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Orderly is 0.047% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PYTH_USDC-PERPETUAL	0.06340	−0.0065	get 0.0008% / 1h	24m 40s	$10K	$10K	10x
Short	Orderly PERP_PYTH_USDC_mythos	0.06343	0.0100	get 0.0050% / 4h	2h 24m	$3K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.047%Rate

Funding earned: $34.73
Price spread: +0.047% → 0.000%: $4.73
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $26.46
Costs to cover: 0.130%
Break-even: 1.7 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit 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
Injective PYTH/USDC PERP	−0.0586%	1h	0.06350	+0.158%	$561	$180K	5.5x	as long as short
Kraken Futures PF_PYTHUSD	−0.0216%	1h	0.06343	+0.049%	$384K	$240K	25x	as long as short
Deribit PYTH_USDC-PERPETUALlong	−0.0065%	1h	0.06340	long leg	$10K	$10K	10x
BloFin PYTH-USDT	−0.0047%	4h	0.06347	+0.110%	$424K	$118K	75x	as long as short
Gate PYTH_USDT	−0.0036%	4h	0.06333	−0.110%	$1.1M	$465K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06348	+0.122%	$188K	$19	5x	as long as short
MEXC PYTH_USDT	0.0000%	4h	0.06336	−0.063%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDT	+0.0005%	4h	0.06338	−0.032%	$9.1M	$15.9M	75x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.435%	$40K	$6K	25x	as long as short
Bybit PYTHUSDT	+0.0049%	4h	0.06341	+0.016%	$7.4M	$4.9M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo PYTH-PERP	+0.0080%	1h	0.06340	0.000%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06349	+0.142%	$196K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06341	+0.021%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06345	+0.084%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06339	−0.009%	$20K	$24K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06338	−0.032%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06344	+0.063%	$1.5M	$304K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06343	+0.047%	$2.6M	$1.9M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06340	0.000%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06343	+0.052%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06343	+0.047%	$3K	$1K	10x
Backpack PYTH_USDC_PERP	+0.0216%	1h	0.06345	+0.071%	$38K	$87K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06340	−0.006%	—	—	20x	as long as short