Funding arb · Price arb /

PYTH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.018%

Price spread now: Bybit against OKX+0.031%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1021.019% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.031%, 7d avg +0.004%

Together, before fees−0.108%−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.028% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PYTH-USDT-SWAP	0.06351	0.0100	pay 0.0050% / 4h	3h 14m	$2.1M	$3.6M	50x
Short	Bybit PYTHUSDT	0.06353	0.0100	get 0.0050% / 4h	3h 14m	$7.6M	$4.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now +0.031%Rate

Funding earned: $0
Price spread: +0.031% → +0.004%: $2.77
Slippage, 4 orders: −$80.85
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$99.08
Costs to cover: 1.019%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Bybit: live order book, 3 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 OKX live order book, 3 min ago	3.15 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.58 bp	33.3 bp −$33	92.6 bp −$926	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
Deribit PYTH_USDC-PERPETUAL	0.0000%	1h	0.06350	−0.016%	$10K	$10K	10x	as long as short
dYdX PYTH-USD	+0.0008%	1h	0.06351	−0.002%	$189K	$13	5x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.433%	$553	$220K	5.5x	as long as short
BloFin PYTH-USDT	+0.0091%	4h	0.06351	0.000%	$428K	$72K	75x	as long as short
Backpack PYTH_USDC_PERP	+0.0095%	1h	0.06356	+0.077%	$35K	$53K	10x	as long as short
Lighter PYTH	+0.0096%	1h	0.06358	+0.110%	$196K	$217K	5x	as long as short
MEXC PYTH_USDT	+0.0096%	4h	0.06350	−0.016%	$11.4M	$3.0M	125x	as long as short
Binance PYTHUSDT	+0.0099%	4h	0.06349	−0.025%	$9.1M	$19.5M	75x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06350	−0.008%	$3K	—	10x	as long as short
Hyperliquid PYTH	+0.0100%	1h	0.06357	+0.093%	$2.1M	$2.0M	5x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PYTHUSDT	+0.0100%	4h	0.06347	−0.060%	$19K	$49K	10x	as long as short
Bybit PYTHUSDTshort	+0.0100%	4h	0.06353	+0.031%	$7.6M	$4.8M	50x
OKX PYTH-USDT-SWAPlong	+0.0100%	4h	0.06351	long leg	$2.1M	$3.6M	50x
Gate PYTH_USDT	+0.0100%	4h	0.06348	−0.047%	$1.0M	$512K	75x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06352	+0.016%	$1.5M	$369K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06353	+0.031%	$2.7M	$2.3M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06350	−0.016%	—	$2.8M	—	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06348	−0.046%	$40K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06348	−0.049%	$2K	$2K	10x	as long as short
Aevo PYTH-PERP	+0.0104%	1h	0.06350	−0.009%	$23K	—	3x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06340	−0.172%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0464%	1h	0.06357	+0.101%	$385K	$292K	25x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0536%	1h	0.06427	+1.197%	$40K	$19K	25x	as long as short