Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.3% APRpaid last 24h +0.002%

Price spread now: KuCoin against ApeX Omni+0.118%52s7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$320.324% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.118%, 7d avg +0.065%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and KuCoin is 0.054% dearer against ApeX Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.065%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni PAXGUSDT	4,332.1	−0.0232	get 0.0029% / 1h	48m 30s	$262K	$788K	50x
Short	KuCoin PAXGUSDTM	4,337.2	0.0100	get 0.0050% / 4h	3h 48m	$28.6M	$5.3M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against ApeX Omni. 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 ApeX OmnibpFee KuCoinbpOrdersPrice spread, now +0.118%Rate

Funding earned: $69.62
Price spread: +0.118% → +0.065%: $5.39
Slippage, 4 orders: −$10.41
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $42.6
Costs to cover: 0.324%
Break-even: 2.7 days

Slippage from ApeX Omni: live order book, 5 min ago; KuCoin: live order book, 5 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 ApeX Omni live order book, 5 min ago	2.53 bp	7.8 bp −$8	78.0 bp −$780	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.38 bp	8.0 bp −$8	14.5 bp −$145	doesn't fit	doesn't fit

PAXG on 29 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
ApeX Omni PAXGUSDTlong	−0.0232%	1h	4,332.1	long leg	$262K	$788K	50x
Lighter PAXG	−0.0192%	1h	4,333.7	+0.038%	$1.4M	$362K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0172%	4h	4,334.2	+0.049%	$1.5M	$1.9M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0152%	1h	4,335.6	+0.080%	$42K	$154K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,334.8	+0.062%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,337.3	+0.120%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,328.4	−0.085%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,337.2	+0.117%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,341.9	+0.226%	$904K	$683K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.351%	$1K	$151K	30x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,334.2	+0.047%	$1.3M	$1.4M	20x	as long as short
Binance PAXGUSDT	+0.0070%	4h	4,335.2	+0.070%	$80.0M	$71.2M	75x	as long as short
Extended PAXG-USD	+0.0072%	1h	4,333.6	+0.035%	$378K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0072%	4h	4,337.4	+0.123%	$16.1M	$1.0M	100x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,335.3	+0.075%	$81K	$3.7M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,334.6	+0.058%	$556	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,335.5	+0.078%	$20.7M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,333.2	+0.026%	$904K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,336.8	+0.109%	$1.0M	$338K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,336	+0.090%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTMshort	+0.0100%	4h	4,337.2	+0.118%	$28.6M	$5.3M	30x
Bitget PAXGUSDT	+0.0100%	4h	4,336.3	+0.098%	$9.7M	$15.1M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,335.6	+0.080%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,334	+0.043%	$1.3M	$801K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,334.4	+0.053%	$12.3M	$227K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,334	+0.044%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,335.3	+0.073%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,341	+0.206%	$988K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1024%	1h	4,344.9	+0.295%	$29K	$23K	10x	as long as short