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 −0.075%

Price spread now: GRVT against Coinbase International−0.159%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$280.283% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.299%−$30 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now −0.159%, 7d avg −0.086%

Together, before fees−0.281%+ Points / potential airdropGRVT: Active · farm board−$28 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 GRVT is 0.073% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,357.4	0.0320	pay 0.0040% / 1h	9m 02s	$976K	$1.1M	50x
Short	GRVT PAXG_USDT_Perp	4,350.5	0.0100	get 0.0050% / 4h	1h 09m	$1.6M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Coinbase International. 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 Coinbase InternationalbpFee GRVTbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$46.2
Price spread: −0.159% → −0.086%: −$7.29
Slippage, 4 orders: −$9.33
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$81.83
Costs to cover: 0.283%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; GRVT: live order book, 4 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, 4 min ago	3.53 bp	9.1 bp −$9	10.9 bp −$109	doesn't fit	doesn't fit
Sell GRVT live order book, 4 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	12.6 bp −$1,260	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
dYdX PAXG-USD	0.0000%	1h	4,354.3	−0.071%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,356.9	−0.011%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,349.5	−0.180%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,358.5	+0.025%	$7.9M	$866K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,357.1	−0.007%	$911K	$646K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.231%	$1K	$151K	30x	as long as short
Kraken Futures PF_PAXGUSD	+0.0080%	1h	4,356.6	−0.018%	$1.3M	$1.4M	20x	as long as short
Lighter PAXG	+0.0096%	1h	4,353.7	−0.083%	$1.4M	$273K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,354.2	−0.073%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,354.8	−0.059%	$20.4M	$1.8M	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	4,355.1	−0.052%	$909K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,354.6	−0.063%	$1.0M	$344K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,355	−0.055%	$80.2M	$67.2M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,355.6	−0.041%	$15.2M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,350.7	−0.153%	$15.9M	$1.3M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,356.1	−0.029%	$26.9M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,355.2	−0.050%	$9.2M	$13.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,354.8	−0.058%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,355.6	−0.041%	$1.4M	$955K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,352.6	−0.110%	$12.5M	$114K	—	as long as short
GRVT PAXG_USDT_Perpshort	+0.0100%	4h	4,350.5	−0.159%	$1.6M	$1.9M	10x
ApeX Omni PAXGUSDT	+0.0100%	1h	4,350	−0.170%	$263K	$796K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,354.5	−0.066%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,351	−0.146%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,354.1	−0.076%	$378K	$1.2M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0104%	1h	4,353.8	−0.082%	$47K	$139K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,354.7	−0.062%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0320%	1h	4,357.4	long leg	$976K	$1.1M	50x
01 Exchange PAXGUSD	+0.1296%	1h	4,365.4	+0.184%	$29K	$22K	10x	as long as short