Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h −0.025%

Price spread now: Injective against Bybit+1.072%78s7-day average +0.080% · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.968%−$97 · spread now +1.072%, 7d avg +0.080%

Together, before fees−1.066%−$107 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.992% dearer against Bybit than usual: you sell high and buy low (spread +1.072% now, against its 7-day average of +0.080%): +$99 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 56 days. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PAXGUSDT	4,301.2	0.0092	pay 0.0046% / 4h	3h 57m	$14.8M	$4.1M	75x
Short	Injective PAXG/USDC PERP	4,347.3	0.0033	get 0.0004% / 1h	57m 56s	$1K	$151K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +1.072%Rate

Funding earned: −$12.33
Price spread: +1.072% → +0.080%: $99.2
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $75.85
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, just now; Injective: 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 Bybit live order book, just now	0.12 bp	7.9 bp −$8	12.8 bp −$128	37.6 bp −$3,761	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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.

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	−0.0328%	1h	4,299.2	−0.048%	$1.4M	$595K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0160%	1h	4,301.8	+0.014%	$40K	$174K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0128%	4h	4,301.6	+0.009%	$1.5M	$1.9M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0097%	1h	4,301.3	+0.001%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,302.5	+0.030%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,302.5	+0.030%	$15.6M	$3.7M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,297.8	−0.079%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,306.3	+0.119%	$7.9M	$599K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,308	+0.158%	$903K	$802K	75x	as long as short
MEXC PAXG_USDT	+0.0020%	4h	4,307.2	+0.139%	$16.6M	$1.1M	100x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PAXGUSDT	+0.0021%	4h	4,301.1	−0.003%	$80.0M	$78.9M	75x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,300.4	−0.019%	$377K	$1.6M	25x	as long as short
ApeX Omni PAXGUSDT	+0.0026%	1h	4,303.2	+0.046%	$261K	$772K	50x	as long as short
Aster PAXGUSDT	+0.0029%	4h	4,303.4	+0.052%	$897K	$29K	50x	as long as short
Bitget PAXGUSDT	+0.0032%	4h	4,301.4	+0.005%	$9.5M	$15.9M	50x	as long as short
Injective PAXG/USDC PERPshort	+0.0033%	1h	4,347.3	+1.072%	$1K	$151K	30x
Hyperliquid PAXG	+0.0046%	1h	4,301	−0.005%	$20.8M	$2.5M	10x	as long as short
Bybit PAXGUSDTlong	+0.0092%	4h	4,301.2	long leg	$14.8M	$4.1M	75x
Paradex PAXG-USD-PERP	+0.0096%	8h	4,301.5	+0.007%	$85K	$4.1M	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,303.3	+0.049%	$1.0M	$304K	10x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,303.4	+0.050%	$28.5M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,302.4	+0.027%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,301.1	−0.003%	$1.2M	$853K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,301.5	+0.006%	$12.2M	$230K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,302.5	+0.030%	$552	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,301	−0.005%	$1.5M	$66K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,300.4	−0.019%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,304.4	+0.075%	$938K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0776%	1h	4,312.4	+0.260%	$29K	$23K	10x	as long as short