The default values are evaluated at the point of function definition in the defining scope, so that

i = 5

def f(arg=i):
    print(arg)

i = 6
f()  # will print 5

Important warning: The default value is evaluated only once. This makes a difference when the default is a mutable object such as a list, dictionary, or instances of most classes. For example, the following function accumulates the arguments passed to it on subsequent calls:

def f(a, L=[]):
    L.append(a)
    return L

print(f(1))
print(f(2))
print(f(3))

# This will print
[1]
[1,2]
[1,2,3]

If you don't want the default to be shared between subsequent calls, you can write the function like this instead:

def f(a, L=None):
    if L is None:
        L = []
    L.append(a)
    return L