Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.030%
Price spread now: Backpack against Deribit−0.109%7-day average −0.039% · you buy dearer than you sell
Net, funding: paid 7d − costs−$8as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$290.290% of the position
Funding, last 7 days+0.210%+$21 on $10k
+Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.109%, 7d avg −0.039%
=Funding pays, the price is against you. Backpack is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.109% now, against its 7-day average of −0.039%). If the spread goes back, that is −$7 on $10k: about 2.3 days of funding at the current rate (+$3 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit PAXG_USDC-PERPETUAL | 4,308.6 | 0 | get 0.0000% / 1h | 39m 35s | $7.9M | $599K | 50x |
| Short | Backpack PAXG_USDC_PERP | 4,303.9 | 0.0100 | get 0.0013% / 1h | 39m 35s | $1.2M | $855K | 50x |
Deribit PAXG_USDC-PERPETUAL
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21
- Price spread: −0.109% → −0.039%
- −$7
- Slippage, 4 orders
- −$12.02
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$15.02
- Costs to cover
- 0.290%
- Break-even
- 12.0 days
Slippage from Deribit: live order book, 4 min ago; Backpack: 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 Deribit live order book, 4 min ago | 4.84 bp | 9.0 bp −$9 | 14.7 bp −$147 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.01 bp | 6.1 bp −$6 | 6.8 bp −$68 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter PAXG | −0.0208% | 1h | 4,302 | −0.155% | $1.4M | $611K | 25x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0182% | 4h | 4,302.2 | −0.149% | $1.5M | $1.9M | 10x | as long as short |
| Hibachi PAXG/USDT-P | −0.0176% | 1h | 4,302.5 | −0.141% | $42K | $172K | 20x | as long as short |
| Kraken Futures PF_PAXGUSD | −0.0097% | 1h | 4,305 | −0.084% | $1.2M | $1.7M | 20x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,306.2 | −0.055% | $100K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,306.6 | −0.047% | $15.6M | $3.8M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,298.8 | −0.228% | $2K | $3.2M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUALlong | 0.0000% | 1h | 4,308.6 | long leg | $7.9M | $599K | 50x | |
| HTX PAXG-USDT | 0.0000% | 4h | 4,310.2 | +0.037% | $905K | $818K | 75x | as long as short |
| Binance PAXGUSDT | +0.0012% | 4h | 4,304.8 | −0.088% | $80.1M | $79.8M | 75x | as long as short |
Lighter PAXG
GRVT PAXG_USDT_Perp
Hibachi PAXG/USDT-P
Kraken Futures PF_PAXGUSD
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
HTX PAXG-USDT
Binance PAXGUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC PAXG_USDT | +0.0012% | 4h | 4,312.4 | +0.089% | $16.7M | $1.2M | 100x | as long as short |
| Extended PAXG-USD | +0.0016% | 1h | 4,303.7 | −0.115% | $374K | $1.6M | 25x | as long as short |
| Aster PAXGUSDT | +0.0023% | 4h | 4,303.8 | −0.111% | $899K | $33K | 50x | as long as short |
| Bitget PAXGUSDT | +0.0026% | 4h | 4,304.8 | −0.089% | $9.4M | $15.6M | 50x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.898% | $1K | $151K | 30x | as long as short |
| Paradex PAXG-USD-PERP | +0.0096% | 8h | 4,303.9 | −0.110% | $81K | $4.3M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,302.9 | −0.133% | $21.0M | $2.5M | 10x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,306.4 | −0.052% | $1.0M | $304K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,305 | −0.083% | $14.8M | $4.3M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,305.6 | −0.071% | $28.7M | $5.4M | 30x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,305.6 | −0.071% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,303.9 | −0.109% | $1.2M | $855K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,302.7 | −0.136% | $12.2M | $230K | — | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,305.4 | −0.074% | $261K | $771K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,302.9 | −0.133% | $552 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,304 | −0.107% | $1.5M | $67K | 50x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,302.8 | −0.135% | $20K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0232% | 1h | 4,309 | +0.009% | $934K | $1.0M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0816% | 1h | 4,315.2 | +0.153% | $29K | $23K | 10x | as long as short |
MEXC PAXG_USDT
Extended PAXG-USD
Aster PAXGUSDT
Bitget PAXGUSDT
Injective PAXG/USDC PERP
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
BingX PAXG-USDT
Variational Omni PAXG
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD