Funding arb · Price arb /

PYTH

all PYTH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.012%

Price spread now: Deribit against Paradex+0.344%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Deribit is 0.344% dearer against Paradex than usual: you sell high and buy low (spread +0.344% now, against zero (this spread has no 7-day history yet)): +$34 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PYTH-USD-PERP	0.06428	0.0100	pay 0.0100% / 8h	3h 50m	$3K	—	10x
Short	Deribit PYTH_USDC-PERPETUAL	0.06450	0	get 0.0000% / 1h	50m 39s	$10K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.344%Rate

Funding earned: −$20.99
Price spread: +0.344% → 0.000%: $34.39
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $2.4
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Deribit: 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and Deribit: 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
dYdX PYTH-USD	0.0000%	1h	0.06445	+0.265%	$191K	$19	5x	as long as short
Deribit PYTH_USDC-PERPETUALshort	0.0000%	1h	0.06450	+0.344%	$10K	$10K	10x
BloFin PYTH-USDT	+0.0008%	4h	0.06435	+0.111%	$432K	$80K	75x	as long as short
Injective PYTH/USDC PERP	+0.0033%	1h	0.06260	−2.612%	$553	$220K	5.5x	as long as short
MEXC PYTH_USDT	+0.0058%	4h	0.06436	+0.126%	$10.5M	$2.7M	125x	as long as short
Binance PYTHUSDT	+0.0065%	4h	0.06437	+0.138%	$9.2M	$18.3M	75x	as long as short
Aster PYTHUSDT	+0.0080%	4h	0.06440	+0.183%	$20K	$45K	10x	as long as short
Gate PYTH_USDT	+0.0092%	4h	0.06436	+0.126%	$1.1M	$517K	75x	as long as short
Lighter PYTH	+0.0096%	1h	0.06445	+0.266%	$193K	$207K	5x	as long as short
Aevo PYTH-PERP	+0.0096%	1h	0.06441	+0.198%	$23K	—	3x	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-PERPlong	+0.0100%	8h	0.06428	long leg	$3K	—	10x
Hyperliquid PYTH	+0.0100%	1h	0.06449	+0.331%	$2.3M	$1.8M	5x	as long as short
Bybit PYTHUSDT	+0.0100%	4h	0.06435	+0.111%	$7.6M	$4.8M	50x	as long as short
OKX PYTH-USDT-SWAP	+0.0100%	4h	0.06432	+0.064%	$2.1M	$3.5M	50x	as long as short
KuCoin PYTHUSDTM	+0.0100%	4h	0.06447	+0.297%	$1.5M	$349K	50x	as long as short
Bitget PYTHUSDT	+0.0100%	4h	0.06442	+0.219%	$2.7M	$2.2M	75x	as long as short
BingX PYTH-USDT	+0.0100%	4h	0.06433	+0.079%	—	$2.7M	—	as long as short
Backpack PYTH_USDC_PERP	+0.0100%	1h	0.06449	+0.335%	$36K	$61K	10x	as long as short
Variational Omni PYTH	+0.0100%	4h	0.06439	+0.179%	$39K	$25K	—	as long as short
Orderly PERP_PYTH_USDC_mythos	+0.0100%	4h	0.06440	+0.193%	$2K	$2K	10x	as long as short
Coinbase International PYTH-PERP-INTX	+0.0152%	1h	0.06493	+1.013%	$40K	$19K	25x	as long as short
Kraken Futures PF_PYTHUSD	+0.0295%	1h	0.06447	+0.303%	$397K	$296K	25x	as long as short
Reya PYTHRUSDPERP	+0.0302%	1h	0.06439	+0.180%	—	—	20x	as long as short