Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.052%

Price spread now: Coinbase International against Bybit+0.126%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.126%, 7d avg +0.073%

Together, before fees+0.305%+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.054% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PAXGUSDT	4,337.5	0.0100	pay 0.0050% / 4h	2h 26m	$14.8M	$3.7M	75x
Short	Coinbase International PAXG-PERP-INTX	4,343	0.0320	get 0.0040% / 1h	26m 02s	$998K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.126%Rate

Funding earned: $46.2
Price spread: +0.126% → +0.073%: $5.35
Slippage, 4 orders: −$19.7
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $10.86
Costs to cover: 0.407%
Break-even: 5.4 days

Slippage from Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.12 bp	7.4 bp −$7	11.5 bp −$115	28.5 bp −$2,851	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.69 bp	18.5 bp −$18	28.9 bp −$289	210.3 bp −$21.0K	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
Injective PAXG/USDC PERP	−0.0101%	1h	4,337	−0.012%	$1K	$121K	30x	as long as short
Hibachi PAXG/USDT-P	−0.0032%	1h	4,338.4	+0.022%	$41K	$156K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,339.9	+0.055%	$101K	$18K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,339.2	+0.039%	$15.7M	$4.2M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,334.6	−0.067%	$2K	$4.1M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,341.8	+0.100%	$7.9M	$837K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,341.9	+0.101%	$906K	$657K	75x	as long as short
Lighter PAXG	+0.0096%	1h	4,336.2	−0.030%	$1.4M	$520K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,336.9	−0.013%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,337.4	−0.002%	$20.3M	$1.9M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PAXGUSDT	+0.0100%	4h	4,337.8	+0.006%	$906K	$76K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,338.3	+0.019%	$1.0M	$351K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,337.2	−0.007%	$79.9M	$70.1M	75x	as long as short
Bybit PAXGUSDTlong	+0.0100%	4h	4,337.5	long leg	$14.8M	$3.7M	75x
MEXC PAXG_USDT	+0.0100%	4h	4,338.9	+0.031%	$15.9M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,339.4	+0.043%	$26.7M	$5.4M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,337.5	−0.001%	$9.2M	$14.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,337.8	+0.007%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,338.8	+0.029%	$1.4M	$1.3M	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,337.1	−0.010%	$12.4M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,337.4	−0.003%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,335.6	−0.043%	$262K	$797K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,337.3	−0.005%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,335	−0.058%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,336.7	−0.019%	$377K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,337.3	−0.004%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0224%	1h	4,338.2	+0.017%	$1.3M	$1.5M	20x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0320%	1h	4,343	+0.126%	$998K	$1.1M	50x
01 Exchange PAXGUSD	+0.1400%	1h	4,354.9	+0.401%	$29K	$21K	10x	as long as short