Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.030%

Price spread now: Binance against Deribit−0.116%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.116%, 7d avg −0.071%

Together, before fees+0.182%+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.045% cheaper against Deribit than usual: you would sell low and buy high (spread −0.116% now, against its 7-day average of −0.071%). If the spread goes back, that is −$4 on $10k: about 7.0 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.152% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PAXG_USDC-PERPETUAL	4,306.8	0	get 0.0000% / 1h	59m 38s	$7.9M	$599K	50x
Short	Binance PAXGUSDT	4,301.8	0.0021	get 0.0011% / 4h	3h 59m	$80.0M	$78.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.116%Rate

Funding earned: $4.46
Price spread: −0.116% → −0.071%: −$4.46
Slippage, 4 orders: −$10.63
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$27.63
Costs to cover: 0.276%
Break-even: 50.3 days

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 13 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	3.26 bp	10.8 bp −$11	16.4 bp −$164	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.01 bp	5.0 bp −$5	5.8 bp −$58	9.8 bp −$983	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	−0.0192%	1h	4,300	−0.158%	$1.4M	$578K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0160%	1h	4,302.3	−0.105%	$40K	$174K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0126%	4h	4,303.3	−0.081%	$1.5M	$1.9M	10x	as long as short
Hyperliquid PAXG	−0.0066%	1h	4,301.9	−0.113%	$20.7M	$2.4M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,302.3	−0.104%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,302.5	−0.099%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,303.7	−0.072%	$15.6M	$3.7M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,298.2	−0.199%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUALlong	0.0000%	1h	4,306.8	long leg	$7.9M	$599K	50x
HTX PAXG-USDT	0.0000%	4h	4,308	+0.028%	$903K	$802K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0020%	4h	4,307.6	+0.018%	$16.6M	$1.1M	100x	as long as short
Binance PAXGUSDTshort	+0.0021%	4h	4,301.8	−0.116%	$80.0M	$78.6M	75x
Extended PAXG-USD	+0.0024%	1h	4,300.5	−0.146%	$377K	$1.6M	25x	as long as short
ApeX Omni PAXGUSDT	+0.0026%	1h	4,303.2	−0.084%	$261K	$772K	50x	as long as short
Aster PAXGUSDT	+0.0029%	4h	4,303.4	−0.078%	$897K	$29K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.941%	$1K	$151K	30x	as long as short
Bitget PAXGUSDT	+0.0034%	4h	4,301.2	−0.131%	$9.5M	$15.9M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,301.6	−0.120%	$85K	$4.1M	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,303.6	−0.074%	$1.0M	$304K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,302.2	−0.105%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,303.9	−0.066%	$28.5M	$5.4M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,303	−0.089%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,303.7	−0.071%	$1.2M	$844K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,301.5	−0.123%	$12.2M	$230K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,301.6	−0.120%	$552	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,301	−0.134%	$1.5M	$66K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,301.2	−0.131%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0224%	1h	4,305.9	−0.021%	$940K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0824%	1h	4,313.3	+0.151%	$29K	$23K	10x	as long as short