Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.053%

Price spread now: Coinbase International against Binance−0.020%7-day average +0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now −0.020%, 7d avg +0.106%

Together, before fees+0.507%+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.126% cheaper against Binance than usual: you would sell low and buy high (spread −0.020% now, against its 7-day average of +0.106%). If the spread goes back, that is −$13 on $10k: about 47 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance PAXGUSDT	4,323	0.0010	pay 0.0005% / 4h	41m 00s	$79.8M	$74.1M	75x
Short	Coinbase International PAXG-PERP-INTX	4,322.2	0.0224	get 0.0028% / 1h	41m 00s	$949K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −0.020%Rate

Funding earned: $44.91
Price spread: −0.020% → +0.106%: −$12.62
Slippage, 4 orders: −$4.49
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $7.81
Costs to cover: 0.245%
Break-even: 5.8 days

Slippage from Binance: live order book, 16 min ago; Coinbase International: live order book, 2 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 Binance live order book, 16 min ago	0.01 bp	5.0 bp −$5	5.2 bp −$52	9.4 bp −$938	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.23 bp	7.2 bp −$7	13.6 bp −$136	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
Lighter PAXG	−0.0176%	1h	4,320.7	−0.053%	$1.4M	$482K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0102%	4h	4,319.3	−0.087%	$1.5M	$2.0M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0088%	1h	4,321.5	−0.036%	$41K	$168K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,323.1	0.000%	$1.2M	$1.9M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,321.4	−0.037%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,324.6	+0.036%	$15.6M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,319.8	−0.076%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,326.9	+0.090%	$7.9M	$659K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,325.1	+0.048%	$903K	$783K	75x	as long as short
Extended PAXG-USD	+0.0008%	1h	4,321.5	−0.035%	$376K	$1.6M	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0008%	4h	4,327.8	+0.110%	$16.7M	$1.0M	100x	as long as short
Binance PAXGUSDTlong	+0.0010%	4h	4,323	long leg	$79.8M	$74.1M	75x
Aster PAXGUSDT	+0.0021%	4h	4,322.4	−0.014%	$902K	$29K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.561%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0062%	1h	4,317.7	−0.123%	$261K	$775K	50x	as long as short
Bitget PAXGUSDT	+0.0080%	4h	4,323	−0.001%	$9.4M	$15.9M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0098%	8h	4,321.4	−0.037%	$85K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,321.6	−0.033%	$555	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,323.5	+0.011%	$20.8M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,324.2	+0.026%	$1.0M	$305K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,323.6	+0.013%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,324.7	+0.038%	$28.7M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,323.6	+0.013%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,323.5	+0.012%	$1.3M	$818K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,320	−0.070%	$12.3M	$223K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,323	−0.001%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,322.3	−0.018%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0224%	1h	4,322.2	−0.020%	$949K	$1.0M	50x
01 Exchange PAXGUSD	+0.0888%	1h	4,333.1	+0.233%	$29K	$23K	10x	as long as short