Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.053%

Price spread now: BingX against Coinbase International+0.050%53s7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as 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−$280.285% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 3 days (all we have)−0.186%−$19 · spread now +0.050%, 7d avg −0.070%

Together, before fees−0.456%−$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.120% dearer against Coinbase International than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.070%): +$12 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 44 hours. The two prices were read 53 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	Coinbase International PAXG-PERP-INTX	4,351.8	0.0320	pay 0.0040% / 1h	10m 28s	$975K	$1.1M	50x
Short	BingX PAXG-USDT	4,354	0.0100	get 0.0050% / 4h	1h 10m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$46.2
Price spread: +0.050% → −0.070%: $12.03
Slippage, 4 orders: −$8.48
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$62.65
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BingX: live order book, 7 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 Coinbase International live order book, 3 min ago	3.53 bp	9.1 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.07 bp	5.1 bp −$5	5.1 bp −$51	8.0 bp −$801	24.6 bp −$12.3K

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
dYdX PAXG-USD	0.0000%	1h	4,350.7	−0.025%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,356	+0.096%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,347.2	−0.107%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,355.9	+0.094%	$7.9M	$866K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,354.2	+0.055%	$910K	$645K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.104%	$1K	$151K	30x	as long as short
Kraken Futures PF_PAXGUSD	+0.0080%	1h	4,354.3	+0.057%	$1.3M	$1.4M	20x	as long as short
Lighter PAXG	+0.0096%	1h	4,353	+0.028%	$1.4M	$273K	25x	as long as short
Hibachi PAXG/USDT-P	+0.0096%	1h	4,350	−0.042%	$47K	$139K	20x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,353.5	+0.039%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,354	+0.050%	$20.4M	$1.8M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,354	+0.050%	$909K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,354.5	+0.061%	$1.0M	$344K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,354	+0.051%	$80.1M	$67.2M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,354.9	+0.071%	$15.2M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,349.8	−0.047%	$16.0M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,356.1	+0.099%	$26.9M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,354.6	+0.063%	$9.3M	$13.3M	50x	as long as short
BingX PAXG-USDTshort	+0.0100%	4h	4,354	+0.050%	—	$6.8M	—
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,353.3	+0.034%	$1.4M	$954K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,348.2	−0.083%	$12.5M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,350.5	−0.031%	$1.6M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,350	−0.043%	$263K	$796K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,351.1	−0.017%	$558	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,350	−0.042%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,353.1	+0.029%	$378K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,354.1	+0.053%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0320%	1h	4,351.8	long leg	$975K	$1.1M	50x
01 Exchange PAXGUSD	+0.1304%	1h	4,364.6	+0.294%	$29K	$22K	10x	as long as short