Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h +0.029%

Price spread now: GRVT against dYdX−0.036%110s7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.482% of the position

Long on dYdX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$24 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.036%, 7d avg +0.016%

Together, before fees+0.411%+ Points / potential airdropGRVT: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.051% cheaper against dYdX than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of +0.016%). If the spread goes back, that is −$5 on $10k: about 3.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.235% in total) that is about 37 hours. The two prices were read 110 seconds apart, so part of this spread may be the market moving, not a spread.

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	37m 43s	$101K	$12K	5x
Short	GRVT PAXG_USDT_Perp	4,339.2	0.0048	get 0.0024% / 4h	1h 37m	$1.5M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 dYdXbpFee GRVTbpOrdersPrice spread, now −0.036%Rate

Funding earned: $10.08
Price spread: −0.036% → +0.016%: −$5.15
Slippage, 4 orders: −$29.21
Fee dYdX: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$43.28
Costs to cover: 0.482%
Break-even: 37.1 days

Slippage from dYdX: live order book, 26 min ago; GRVT: live order book, 1 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, 26 min ago	13.82 bp	18.8 bp −$19	33.8 bp −$338	233.1 bp −$23.3K	1113.0 bp −$556.5K
Sell GRVT live order book, 1 min ago	0.01 bp	5.4 bp −$5	7.8 bp −$78	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	4,343.1	+0.053%	$15.6M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,337.9	−0.067%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,345.3	+0.103%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,345.8	+0.116%	$904K	$655K	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_Perpshort	+0.0048%	4h	4,339.2	−0.036%	$1.5M	$1.9M	10x
Hibachi PAXG/USDT-P	+0.0048%	1h	4,340.7	−0.002%	$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	4,339.9	−0.021%	$1.4M	$340K	25x	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	4,340.7	−0.001%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,341.3	+0.012%	$20.8M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,341.3	+0.011%	$906K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,342.2	+0.033%	$1.0M	$340K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,340.9	+0.003%	$80.0M	$70.6M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,342.5	+0.038%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,341.5	+0.016%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,343.8	+0.069%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,342	+0.029%	$9.6M	$14.9M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,342.3	+0.035%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,341.6	+0.019%	$1.3M	$803K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,338.4	−0.055%	$12.4M	$104K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,341.1	+0.007%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.041%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,339.7	−0.025%	$382K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0173%	1h	4,342.7	+0.045%	$1.3M	$1.4M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,342.4	+0.036%	$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	4,352.1	+0.261%	$29K	$23K	10x	as long as short