Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.029%

Price spread now: dYdX against OKX−0.240%50s7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$287as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2672.666% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.203%−$20 on $10k

Price spread, last 4 days (all we have)+0.384%+$38 · spread now −0.240%, 7d avg +0.096%

Together, before fees+0.181%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.336% cheaper against OKX than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.096%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PYTH-USDT-SWAP	0.06362	0.0100	pay 0.0050% / 4h	2h 03m	$2.1M	$3.4M	50x
Short	dYdX PYTH-USD	0.06347	0	get 0.0000% / 1h	3m 52s	$188K	$19	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$21
Price spread: −0.240% → +0.096%: −$33.64
Slippage, 4 orders: −$246.64
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$321.28
Costs to cover: 2.666%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; dYdX: live order book, 65 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	3.94 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 65 min ago	45.53 bp	159.5 bp −$159	199.0 bp −$1,990	208.7 bp −$20.9K	914.8 bp −$457.4K

PYTH on 22 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
Gate PYTH_USDT	−0.0084%	4h	0.06351	−0.173%	$1.0M	$501K	75x	as long as short
Coinbase International PYTH-PERP-INTX	−0.0064%	1h	0.06369	+0.110%	$39K	$18K	25x	as long as short
Binance PYTHUSDT	−0.0056%	4h	0.06357	−0.079%	$9.1M	$17.7M	75x	as long as short
MEXC PYTH_USDT	−0.0056%	4h	0.06355	−0.110%	$9.6M	$2.4M	125x	as long as short
Aster PYTHUSDT	−0.0004%	4h	0.06355	−0.112%	$20K	$46K	10x	as long as short
dYdX PYTH-USDshort	0.0000%	1h	0.06347	−0.240%	$188K	$19	5x
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−1.603%	$553	$220K	5.5x	as long as short
Aevo PYTH-PERP	+0.0064%	1h	0.06352	−0.159%	$23K	—	3x	as long as short
Lighter PYTH	+0.0096%	1h	0.06364	+0.031%	$191K	$206K	5x	as long as short
Paradex PYTH-USD-PERP	+0.0100%	8h	0.06346	−0.244%	$3K	—	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PYTH	+0.0100%	1h	0.06364	+0.036%	$2.0M	$1.7M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06361	−0.016%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAPlong	+0.0100%	4h	0.06362	long leg	$2.1M	$3.4M	50x
KuCoin PYTHUSDTM	+0.0100%	4h	0.06359	−0.047%	$1.5M	$341K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06357	−0.079%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06358	−0.063%	—	$2.8M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06365	+0.042%	$39K	$92K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06340	−0.340%	$38K	$26K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06355	−0.113%	$3K	$2K	10x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06356	−0.100%	—	—	20x	as long as short
Kraken Futures PF_PYTHUSD	+0.0377%	1h	0.06360	−0.034%	$388K	$292K	25x	as long as short
Deribit PYTH_USDC-PERPETUAL	+0.0693%	1h	0.06366	+0.063%	$10K	$10K	10x	as long as short