Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Orderly against dYdX−0.170%7-day average — · you buy dearer than you sell

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

Long on dYdX 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

Funding pays, the price is against you. Orderly is 0.170% cheaper against dYdX than usual: you would sell low and buy high (spread −0.170% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PYTH-USD	0.06310	0	get 0.0000% / 1h	44m 46s	$187K	$19	5x
Short	Orderly PERP_PYTH_USDC_mythos	0.06299	0.0100	get 0.0050% / 4h	44m 46s	$3K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. 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 dYdXbpFee OrderlybpOrdersPrice spread, now −0.170%Rate

Funding earned: $21
Price spread: −0.170% → 0.000%: −$16.96
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.96
Costs to cover: 0.160%
Break-even: 11.0 days

Slippage unknown: dYdX: live order book, 14 min ago; 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 dYdX live order book, 14 min ago	31.53 bp	36.5 bp −$37	129.0 bp −$1,290	279.5 bp −$28.0K	1200.7 bp −$600.4K
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0423%	1h	0.06308	−0.032%	$40K	$52K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0225%	1h	0.06308	−0.029%	$10K	$10K	10x	as long as short
Gate PYTH_USDT	−0.0202%	4h	0.06292	−0.282%	$1.0M	$505K	75x	as long as short
dYdX PYTH-USDlong	0.0000%	1h	0.06310	long leg	$187K	$19	5x
Aster PYTHUSDT	+0.0028%	4h	0.06308	−0.036%	$20K	$44K	10x	as long as short
MEXC PYTH_USDT	+0.0032%	4h	0.06310	+0.003%	$10.0M	$2.5M	125x	as long as short
Binance PYTHUSDT	+0.0033%	4h	0.06311	+0.019%	$9.0M	$17.9M	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.789%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0049%	4h	0.06303	−0.108%	$351K	$81K	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06310	+0.003%	$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	0.06316	+0.098%	$191K	$207K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06304	−0.089%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06308	−0.030%	$2.0M	$1.6M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06312	+0.035%	$7.5M	$4.7M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06315	+0.082%	$2.1M	$3.4M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06309	−0.013%	$1.5M	$344K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06301	−0.139%	$2.6M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06300	−0.155%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06314	+0.064%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythosshort	+0.0100%	4h	0.06299	−0.170%	$3K	$2K	10x
Coinbase International PYTH-PERP-INTX	+0.0104%	1h	0.06324	+0.225%	$39K	$18K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06302	−0.121%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0415%	1h	0.06302	−0.121%	$384K	$293K	25x	as long as short