Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.083%

Price spread now: SunX against Coinbase International−0.325%7-day average −0.192% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$810.807% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.485%−$49 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.325%, 7d avg −0.192%

Together, before fees−0.376%−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and SunX is 0.133% cheaper against Coinbase International than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.192%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,366.2	0.0304	pay 0.0038% / 1h	38m 28s	$976K	$1.1M	50x
Short	SunX PAXG-USDT	4,352	0	get 0.0000% / 4h	3h 38m	$2K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.325%Rate

Funding earned: −$63.84
Price spread: −0.325% → −0.192%: −$13.26
Slippage, 4 orders: −$62.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$157.76
Costs to cover: 0.807%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; SunX: live order book, 9 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, 5 min ago	3.42 bp	8.4 bp −$8	10.6 bp −$106	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	21.54 bp	25.5 bp −$26	55.2 bp −$552	doesn't fit	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	4,359.2	−0.160%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,358.3	−0.180%	$15.7M	$3.5M	100x	as long as short
SunX PAXG-USDTshort	0.0000%	4h	4,352	−0.325%	$2K	$3.9M	20x
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,360	−0.142%	$7.9M	$871K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,363.2	−0.069%	$907K	$662K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.432%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0096%	1h	4,355	−0.256%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,355.7	−0.240%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,357.3	−0.203%	$20.8M	$2.1M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,357.9	−0.190%	$909K	$30K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PAXG	+0.0100%	1h	4,357.3	−0.203%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,357.1	−0.208%	$80.2M	$71.2M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,358.1	−0.185%	$15.1M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,357.9	−0.189%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,359.1	−0.161%	$28.4M	$5.6M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,357.4	−0.202%	$9.7M	$15.6M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,357.5	−0.199%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,356.9	−0.213%	$1.4M	$856K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,359.4	−0.156%	$12.5M	$104K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,361	−0.118%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,356.1	−0.231%	$263K	$785K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,356.4	−0.224%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,355	−0.256%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,356.1	−0.231%	$381K	$1.6M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0128%	1h	4,357.5	−0.199%	$42K	$157K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,357.4	−0.202%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,357	−0.210%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0304%	1h	4,366.2	long leg	$976K	$1.1M	50x
01 Exchange PAXGUSD	+0.1032%	1h	4,367.1	+0.021%	$29K	$23K	10x	as long as short