Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Orderly against Deribit−0.087%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.087% cheaper against Deribit than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.9 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	4,342.7	0	get 0.0000% / 1h	46m 00s	$7.9M	$868K	50x
Short	Orderly PERP_PAXG_USDC_mythos	4,338.9	0.0100	get 0.0050% / 4h	46m 00s	$557	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.087%Rate

Funding earned: $21
Price spread: −0.087% → 0.000%: −$8.67
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.67
Costs to cover: 0.130%
Break-even: 7.2 days

Slippage unknown: Deribit: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	2.14 bp	6.0 bp −$6	13.2 bp −$132	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hibachi PAXG/USDT-P	−0.0128%	1h	4,337.8	−0.112%	$41K	$158K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,337.7	−0.113%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,340.9	−0.041%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,336.4	−0.144%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUALlong	0.0000%	1h	4,342.7	long leg	$7.9M	$868K	50x
HTX PAXG-USDT	0.0000%	4h	4,343.4	+0.017%	$904K	$671K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.107%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0088%	1h	4,337.9	−0.109%	$1.4M	$347K	25x	as long as short
GRVT PAXG_USDT_Perp	+0.0090%	4h	4,336.7	−0.137%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0093%	1h	4,336.1	−0.151%	$262K	$788K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PAXG-USD-PERP	+0.0100%	8h	4,339.6	−0.072%	$81K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,340.2	−0.057%	$20.7M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,339.9	−0.064%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,339.9	−0.063%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.7	−0.068%	$80.2M	$70.5M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,340.4	−0.053%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,340.9	−0.042%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,343.2	+0.012%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.7	−0.045%	$9.6M	$14.8M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,339.3	−0.077%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,340	−0.061%	$1.3M	$799K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,339.2	−0.079%	$12.4M	$97K	—	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,338.9	−0.087%	$557	—	10x
Phemex PAXGUSDT	+0.0100%	4h	4,338	−0.107%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,338.7	−0.092%	$380K	$1.4M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.3	−0.077%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0210%	1h	4,340.2	−0.056%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,342.3	−0.010%	$967K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0952%	1h	4,349.1	+0.148%	$29K	$23K	10x	as long as short