Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.038%
Price spread now: Backpack against dYdX−0.035%7-day average +0.016% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$490.488% of the position
Funding, last 7 days+0.252%+$25 on $10k
+Price spread, last 4 days (all we have)−0.051%−$5 · spread now −0.035%, 7d avg +0.016%
=Funding pays, the price is against you. Backpack is 0.050% cheaper against dYdX than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.016%). If the spread goes back, that is −$5 on $10k: about 40 hours of funding at the current rate (+$3 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | dYdX PAXG-USD | 4,340.8 | 0 | get 0.0000% / 1h | 41m 19s | $101K | $12K | 5x |
| Short | Backpack PAXG_USDC_PERP | 4,339.3 | 0.0100 | get 0.0013% / 1h | 41m 19s | $1.3M | $802K | 50x |
dYdX PAXG-USD
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against dYdX. 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: −0.035% → +0.016%
- −$5.05
- Slippage, 4 orders
- −$28.78
- Fee dYdX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$32.82
- Costs to cover
- 0.488%
- Break-even
- 17.9 days
Slippage from dYdX: live order book, 22 min ago; Backpack: live order book, 3 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 dYdX live order book, 22 min ago | 13.82 bp | 18.8 bp −$19 | 33.8 bp −$338 | 233.1 bp −$23.3K | 1113.0 bp −$556.5K |
| Sell Backpack live order book, 3 min ago | 0.01 bp | 5.3 bp −$5 | 7.3 bp −$73 | 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-USDlong | 0.0000% | 1h | 4,340.8 | long leg | $101K | $12K | 5x | |
| Gate PAXG_USDT | 0.0000% | 8h | 4,340.1 | −0.016% | $15.6M | $3.5M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,334 | −0.156% | $2K | $3.7M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,342.2 | +0.031% | $7.9M | $868K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,345.2 | +0.102% | $904K | $652K | 75x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.150% | $1K | $151K | 30x | as long as short |
| GRVT PAXG_USDT_Perp | +0.0048% | 4h | 4,339.2 | −0.036% | $1.5M | $1.9M | 10x | as long as short |
| Hibachi PAXG/USDT-P | +0.0056% | 1h | 4,338.4 | −0.054% | $42K | $154K | 20x | as long as short |
| ApeX Omni PAXGUSDT | +0.0058% | 1h | 4,338.7 | −0.048% | $263K | $789K | 50x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,336.9 | −0.091% | $1.4M | $339K | 25x | as long as short |
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Injective PAXG/USDC PERP
GRVT PAXG_USDT_Perp
Hibachi PAXG/USDT-P
ApeX Omni PAXGUSDT
Lighter PAXGShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,337.5 | −0.076% | $80K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,339 | −0.041% | $20.7M | $2.3M | 10x | as long as short |
| Aster PAXGUSDT | +0.0100% | 4h | 4,338.8 | −0.045% | $905K | $30K | 50x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,338.5 | −0.052% | $1.0M | $340K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,338.3 | −0.058% | $80.0M | $70.6M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,339.4 | −0.032% | $14.9M | $3.8M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,340.5 | −0.006% | $16.1M | $1.1M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,340.4 | −0.009% | $28.5M | $5.3M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,339.6 | −0.029% | $9.6M | $15.0M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,339 | −0.042% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,339.3 | −0.035% | $1.3M | $802K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,339.4 | −0.032% | $12.4M | $104K | — | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,338.2 | −0.060% | $557 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,336 | −0.110% | $1.5M | $40K | 50x | as long as short |
| Extended PAXG-USD | +0.0104% | 1h | 4,336.9 | −0.090% | $382K | $1.4M | 25x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0173% | 1h | 4,339 | −0.040% | $1.3M | $1.4M | 20x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,338.5 | −0.053% | $21K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0320% | 1h | 4,349.7 | +0.205% | $971K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.1000% | 1h | 4,348.1 | +0.168% | $29K | $23K | 10x | as long as short |
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Aster PAXGUSDT
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Extended PAXG-USD
Kraken Futures PF_PAXGUSD
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD