Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.007%

Price spread now: Lighter against Bybit−0.047%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.047%, 7d avg −0.014%

Together, before fees+0.074%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.033% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% 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	Bybit PAXGUSDT	4,320.1	0.0100	pay 0.0050% / 4h	2h 14m	$14.9M	$4.0M	75x
Short	Lighter PAXG	4,318.1	−0.0144	pay 0.0018% / 1h	14m 35s	$1.4M	$390K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$51.24
Price spread: −0.047% → −0.014%: −$3.29
Slippage, 4 orders: −$8.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$74.16
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: 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, 4 min ago	0.12 bp	6.9 bp −$7	9.3 bp −$93	26.5 bp −$2,649	doesn't fit
Sell Lighter live order book, 2 min ago	2.11 bp	2.1 bp −$2	4.6 bp −$46	21.4 bp −$2,138	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
Hibachi PAXG/USDT-P	−0.0152%	1h	4,324	+0.090%	$42K	$167K	20x	as long as short
Lighter PAXGshort	−0.0144%	1h	4,318.1	−0.047%	$1.4M	$390K	25x
Kraken Futures PF_PAXGUSD	−0.0102%	1h	4,321.2	+0.025%	$1.2M	$1.9M	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0048%	4h	4,320.9	+0.018%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	−0.0017%	1h	4,322.6	+0.058%	$261K	$784K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,319.9	−0.005%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,322.1	+0.046%	$15.6M	$3.7M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,317.5	−0.060%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,324.8	+0.109%	$7.9M	$839K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,326.6	+0.150%	$903K	$737K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PAXG-USD	+0.0016%	1h	4,318	−0.048%	$377K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0018%	4h	4,321.1	+0.023%	$16.4M	$1.1M	100x	as long as short
Binance PAXGUSDT	+0.0019%	4h	4,319.2	−0.021%	$79.6M	$74.3M	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.630%	$1K	$151K	30x	as long as short
Aster PAXGUSDT	+0.0046%	4h	4,322.1	+0.046%	$902K	$27K	50x	as long as short
Hyperliquid PAXG	+0.0090%	1h	4,319.9	−0.005%	$20.7M	$2.4M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,319.8	−0.007%	$81K	$3.3M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,321.2	+0.025%	$554	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,321.7	+0.037%	$1.0M	$348K	10x	as long as short
Bybit PAXGUSDTlong	+0.0100%	4h	4,320.1	long leg	$14.9M	$4.0M	75x
KuCoin PAXGUSDTM	+0.0100%	4h	4,322	+0.044%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,319.5	−0.014%	$9.3M	$16.0M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,321.7	+0.036%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,320.7	+0.014%	$1.3M	$814K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,322.5	+0.056%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,321	+0.021%	$1.5M	$45K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,319.4	−0.017%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,323.1	+0.070%	$951K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0832%	1h	4,330.2	+0.234%	$29K	$24K	10x	as long as short