Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.018%

Price spread now: Gate against Hibachi+0.040%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$580.579% of the position

Long on Hibachi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.650%−$65 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.040%, 7d avg +0.060%

Together, before fees−0.626%+ Points / potential airdropHibachi: Active · farm board−$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.020% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.040% now, against its 7-day average of +0.060%). If the spread goes back, that is −$2 on $10k: about 10 hours of funding at the current rate (+$5 a day). Mind the row above: over the last 7 days funding on this pair cost −0.650%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi PAXG/USDT-P	4,318	−0.0160	get 0.0020% / 1h	32m 10s	$44K	$168K	20x
Short	Gate PAXG_USDT	4,319.7	0	get 0.0000% / 8h	1h 32m	$15.6M	$3.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hibachi. 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 HibachibpFee GatebpOrdersPrice spread, now +0.040%Rate

Funding earned: $33.6
Price spread: +0.040% → +0.060%: −$2.05
Slippage, 4 orders: −$33.87
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.32
Costs to cover: 0.579%
Break-even: 12.5 days

Slippage from Hibachi: live order book, 12 min ago; Gate: 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 Hibachi live order book, 12 min ago	0.07 bp	19.6 bp −$20	51.4 bp −$514	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	0.93 bp	10.0 bp −$10	13.9 bp −$139	28.3 bp −$2,834	64.2 bp −$32.1K

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	−0.0184%	1h	4,315.5	−0.058%	$1.4M	$465K	25x	as long as short
Hibachi PAXG/USDT-Plong	−0.0160%	1h	4,318	long leg	$44K	$168K	20x
GRVT PAXG_USDT_Perp	−0.0120%	4h	4,316.8	−0.028%	$1.5M	$2.0M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0044%	1h	4,318.9	+0.020%	$1.2M	$1.9M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0034%	1h	4,315.6	−0.057%	$261K	$771K	50x	as long as short
Extended PAXG-USD	−0.0008%	1h	4,316.2	−0.041%	$378K	$625K	25x	as long as short
MEXC PAXG_USDT	−0.0006%	4h	4,322.7	+0.109%	$16.5M	$1.0M	100x	as long as short
Binance PAXGUSDT	−0.0005%	4h	4,317.4	−0.014%	$79.6M	$74.8M	75x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,317.9	−0.003%	$101K	$12K	5x	as long as short
Gate PAXG_USDTshort	0.0000%	8h	4,319.7	+0.040%	$15.6M	$3.8M	100x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PAXG-USDT	0.0000%	4h	4,313.6	−0.102%	$2K	$3.4M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,321.7	+0.087%	$7.9M	$850K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,321.1	+0.072%	$904K	$771K	75x	as long as short
Aster PAXGUSDT	+0.0013%	4h	4,319.2	+0.029%	$901K	$27K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.679%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0098%	8h	4,317.7	−0.006%	$85K	$3.3M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,316.2	−0.042%	$554	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,317.8	−0.004%	$20.7M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,319.3	+0.029%	$1.0M	$316K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,317.9	−0.001%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,320.1	+0.048%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,317.5	−0.012%	$9.4M	$16.4M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,318.3	+0.006%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,317.9	−0.002%	$1.3M	$814K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,317	−0.023%	$12.2M	$221K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,316	−0.046%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,316.8	−0.029%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,318.1	+0.002%	$972K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0792%	1h	4,328.3	+0.239%	$29K	$23K	10x	as long as short