Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRnext payment −$0.04 per $10,000 · paid last 24h +0.041%
Price spread now: Backpack against Hibachi−0.003%7-day average +0.021% · you buy dearer than you sell
Net, funding: paid 7d − costs−$91as in the Funding arb table
Net, price: spread back to 7d avg − costs−$45as in the Price arb table
costs, in and out, $10k−$420.422% of the position
Funding, last 7 days−0.488%−$49 on $10k
+Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.003%, 7d avg +0.021%
=Together, before fees−0.448%+ Points / potential airdropHibachi: Active · farm board−$45 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.024% cheaper against Hibachi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.021%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi PAXG/USDT-P | 4,365.4 | 0.0136 | pay 0.0017% / 1h | 59m 34s | $42K | $155K | 20x |
| Short | Backpack PAXG_USDC_PERP | 4,365.3 | 0.0100 | get 0.0013% / 1h | 59m 34s | $1.4M | $972K | 50x |
Hibachi PAXG/USDT-P
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hibachi. 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
- −$7.56
- Price spread: −0.003% → +0.021%
- −$2.41
- Slippage, 4 orders
- −$23.24
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$52.21
- Costs to cover
- 0.422%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 14 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 Hibachi live order book, 14 min ago | 0.14 bp | 14.6 bp −$15 | 49.9 bp −$499 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective PAXG/USDC PERP | −0.0007% | 1h | 4,347.3 | −0.414% | $1K | $151K | 30x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,362.4 | −0.068% | $102K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,366 | +0.014% | $15.8M | $3.4M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,360.6 | −0.109% | $2K | $3.9M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,368.2 | +0.064% | $8.0M | $866K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,367.6 | +0.050% | $912K | $654K | 75x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,363.6 | −0.042% | $1.4M | $262K | 25x | as long as short |
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,364.1 | −0.030% | $81K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,363.8 | −0.036% | $20.5M | $1.9M | 10x | as long as short |
| Aster PAXGUSDT | +0.0100% | 4h | 4,364.7 | −0.016% | $910K | $30K | 50x | as long as short |
Injective PAXG/USDC PERP
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Lighter PAXG
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Aster PAXGUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica PAXG | +0.0100% | 1h | 4,365.4 | 0.000% | $1.0M | $365K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,364 | −0.031% | $80.1M | $70.2M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,364.8 | −0.013% | $15.2M | $3.7M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,361 | −0.102% | $16.2M | $1.1M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,366.9 | +0.035% | $28.5M | $5.6M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,363.6 | −0.041% | $9.6M | $15.1M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,364.9 | −0.012% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,365.3 | −0.003% | $1.4M | $972K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,365.6 | +0.004% | $12.5M | $104K | — | as long as short |
| GRVT PAXG_USDT_Perp | +0.0100% | 4h | 4,365.9 | +0.011% | $1.5M | $2.1M | 10x | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,364.1 | −0.029% | $264K | $792K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,364.1 | −0.030% | $560 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,361 | −0.101% | $1.5M | $38K | 50x | as long as short |
| Extended PAXG-USD | +0.0104% | 1h | 4,363.1 | −0.052% | $379K | $1.2M | 25x | as long as short |
| Hibachi PAXG/USDT-Plong | +0.0136% | 1h | 4,365.4 | long leg | $42K | $155K | 20x | |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,364.1 | −0.030% | $21K | — | 100x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0285% | 1h | 4,365.9 | +0.011% | $1.3M | $1.5M | 20x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0296% | 1h | 4,367.6 | +0.051% | $976K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.1128% | 1h | 4,374.8 | +0.216% | $29K | $23K | 10x | as long as short |
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
GRVT PAXG_USDT_Perp
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Extended PAXG-USD
Reya PAXGRUSDPERP
Kraken Futures PF_PAXGUSD
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD