Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0316%/8h= +34.6% APRpaid last 24h −0.055%

Price spread now: Bitget against Kraken Futures−0.070%7-day average −0.161% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$860.858% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.457%−$46 on $10k

Price spread, last 3 days (all we have)+0.114%+$11 · spread now −0.070%, 7d avg −0.161%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Bitget is 0.091% dearer against Kraken Futures than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.161%. Mind the row above: over the last 7 days funding on this pair cost −0.457%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06347	−0.0216	get 0.0027% / 1h	23m 18s	$384K	$240K	25x
Short	Bitget PYTHUSDT	0.06343	0.0100	get 0.0050% / 4h	2h 23m	$2.6M	$1.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.070%Rate

Funding earned: $66.29
Price spread: −0.070% → −0.161%: $9.09
Slippage, 4 orders: −$63.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$10.39
Costs to cover: 0.858%
Break-even: 8.1 days

Slippage from Kraken Futures: live order book, 64 min ago; Bitget: live order book, 4 min ago.

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 Kraken Futures live order book, 64 min ago	16.41 bp	27.2 bp −$27	529.6 bp −$5,296	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	2.37 bp	16.1 bp −$16	38.8 bp −$388	doesn't fit	doesn't fit

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	+0.040%	$561	$180K	5.5x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0222%	1h	0.06349	+0.024%	$10K	$10K	10x	as long as short
Kraken Futures PF_PYTHUSDlong	−0.0216%	1h	0.06347	long leg	$384K	$240K	25x
Gate PYTH_USDT	−0.0038%	4h	0.06336	−0.180%	$1.1M	$465K	75x	as long as short
BloFin PYTH-USDT	−0.0031%	4h	0.06342	−0.086%	$424K	$117K	75x	as long as short
dYdX PYTH-USD	0.0000%	1h	0.06348	+0.005%	$188K	$19	5x	as long as short
MEXC PYTH_USDT	+0.0004%	4h	0.06341	−0.102%	$9.4M	$2.4M	125x	as long as short
Binance PYTHUSDT	+0.0005%	4h	0.06341	−0.095%	$9.1M	$15.9M	75x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0048%	1h	0.06431	+1.316%	$40K	$6K	25x	as long as short
Bybit PYTHUSDT	+0.0069%	4h	0.06344	−0.054%	$7.5M	$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	0.06342	−0.081%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06352	+0.072%	$197K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0099%	8h	0.06343	−0.067%	$3K	$56	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06349	+0.023%	$1.7M	$1.5M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06342	−0.085%	$20K	$24K	10x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06344	−0.054%	$2.1M	$3.3M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06347	−0.007%	$1.5M	$304K	50x	as long as short
Bitget PYTHUSDTshort	+0.0100%	4h	0.06343	−0.070%	$2.6M	$1.9M	75x
BingX PYTH-USDT	+0.0100%	4h	0.06345	−0.039%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06343	−0.066%	$44K	$23K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06345	−0.032%	$3K	$1K	10x	as long as short
Backpack PYTH_USDC_PERP	+0.0214%	1h	0.06351	+0.048%	$38K	$87K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06342	−0.079%	—	—	20x	as long as short