Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0347%/8h= −37.9% APRpaid last 24h −0.045%

Price spread now: Gate against Kraken Futures−0.177%7-day average −0.150% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1181.180% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.514%−$51 on $10k

Price spread, last 4 days (all we have)+0.083%+$8 · spread now −0.177%, 7d avg −0.150%

Together, before fees−0.431%−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.027% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.150%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PYTHUSD	0.06322	0.0301	pay 0.0038% / 1h	1m 16s	$386K	$302K	25x
Short	Gate PYTH_USDT	0.06311	−0.0046	pay 0.0023% / 4h	3h 01m	$1.0M	$522K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.177%Rate

Funding earned: −$72.77
Price spread: −0.177% → −0.150%: −$2.71
Slippage, 4 orders: −$93.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$193.5
Costs to cover: 1.180%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 52 min ago; Gate: live order book, 1 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, 52 min ago	13.18 bp	28.6 bp −$29	628.0 bp −$6,280	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	3.96 bp	37.5 bp −$38	doesn't fit	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
Backpack PYTH_USDC_PERP	−0.0146%	1h	0.06324	+0.022%	$38K	$63K	10x	as long as short
Deribit PYTH_USDC-PERPETUAL	−0.0066%	1h	0.06319	−0.051%	$10K	$10K	10x	as long as short
Gate PYTH_USDTshort	−0.0046%	4h	0.06311	−0.177%	$1.0M	$522K	75x
dYdX PYTH-USD	0.0000%	1h	0.06323	+0.010%	$188K	$19	5x	as long as short
BloFin PYTH-USDT	+0.0031%	4h	0.06316	−0.098%	$424K	$76K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−0.984%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0040%	4h	0.06315	−0.114%	$10.6M	$2.9M	125x	as long as short
Binance PYTHUSDT	+0.0040%	4h	0.06315	−0.119%	$9.0M	$18.5M	75x	as long as short
Aevo PYTH-PERP	+0.0088%	1h	0.06315	−0.109%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06324	+0.028%	$193K	$212K	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06316	−0.096%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06324	+0.034%	$2.3M	$1.8M	5x	as long as short
Aster PYTHUSDT	+0.0100%	4h	0.06324	+0.025%	$20K	$45K	10x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06317	−0.083%	$7.4M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06313	−0.146%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06319	−0.051%	$1.5M	$347K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06316	−0.098%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06314	−0.130%	—	$2.7M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06342	+0.319%	$38K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06313	−0.151%	$2K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+2.701%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSDlong	+0.0301%	1h	0.06322	long leg	$386K	$302K	25x
Reya PYTHRUSDPERP	+0.0302%	1h	0.06315	−0.119%	—	—	20x	as long as short