Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0079%/8h= +8.7% APRpaid last 24h +0.029%

Price spread now: Paradex against dYdX−0.153%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.153% cheaper against dYdX than usual: you would sell low and buy high (spread −0.153% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 6.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PYTH-USD	0.06317	0.0021	pay 0.0003% / 1h	4m 28s	$188K	$19	5x
Short	Paradex PYTH-USD-PERP	0.06307	0.0100	get 0.0100% / 8h	1h 04m	$3K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.153%Rate

Funding earned: $16.67
Price spread: −0.153% → 0.000%: −$15.32
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$12.65
Costs to cover: 0.140%
Break-even: 12.3 days

Slippage unknown: dYdX: live order book, 40 min ago; Paradex: 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, 40 min ago	26.04 bp	31.1 bp −$31	121.5 bp −$1,215	148.9 bp −$14.9K	511.8 bp −$255.9K
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0001%	1h	0.06322	+0.079%	$35K	$67K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06322	+0.083%	$10K	$10K	10x	as long as short
dYdX PYTH-USDlong	+0.0021%	1h	0.06317	long leg	$188K	$19	5x
BloFin PYTH-USDT	+0.0024%	4h	0.06313	−0.059%	$423K	$72K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.898%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0050%	4h	0.06304	−0.202%	$10.4M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0055%	4h	0.06305	−0.186%	$8.9M	$19.5M	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06320	+0.052%	$194K	$218K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06320	+0.052%	$23K	—	3x	as long as short
Paradex PYTH-USD-PERPshort	+0.0100%	8h	0.06307	−0.153%	$3K	—	10x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06315	−0.024%	$2.2M	$2.0M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06307	−0.154%	$21K	$46K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06310	−0.107%	$7.5M	$4.9M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06307	−0.154%	$2.1M	$3.6M	50x	as long as short
Gate PYTH_USDT	+0.0100%	4h	0.06308	−0.138%	$1.0M	$537K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06315	−0.027%	$1.5M	$370K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06309	−0.122%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06308	−0.138%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06317	+0.010%	$40K	$27K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06316	−0.015%	$2K	$2K	10x	as long as short
Kraken Futures PF_PYTHUSD	+0.0131%	1h	0.06322	+0.089%	$383K	$318K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06305	−0.182%	—	—	20x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0368%	1h	0.06427	+1.746%	$40K	$19K	25x	as long as short