Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h +0.020%

Price spread now: HTX against Hibachi+0.049%48s7-day average +0.152% · 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—prices read too far apart to compare

costs, in and out, $10k−$660.661% of the position

Long on Hibachi Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.567%−$57 on $10k

Price spread, last 3 days (all we have)+0.118%+$12 · spread now +0.049%, 7d avg +0.152%

Together, before fees−0.450%+ Points / potential airdropHibachi: Active · farm board−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and HTX is 0.103% cheaper against Hibachi than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.152%). Swap the legs. The two prices were read 48 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	Hibachi PAXG/USDT-P	4,354.4	0.0112	pay 0.0014% / 1h	2m 34s	$42K	$154K	20x
Short	HTX PAXG-USDT	4,356.6	0	get 0.0000% / 4h	3h 02m	$905K	$642K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$23.52
Price spread: +0.049% → +0.152%: −$10.33
Slippage, 4 orders: −$45.1
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$99.96
Costs to cover: 0.661%
Break-even: never at this rate

Slippage from Hibachi: live order book, 6 min ago; HTX: live order book, 6 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, 6 min ago	0.08 bp	15.5 bp −$16	49.4 bp −$494	doesn't fit	doesn't fit
Sell HTX live order book, 6 min ago	0.84 bp	10.7 bp −$11	12.6 bp −$126	16.6 bp −$1,661	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-USD	0.0000%	1h	4,354.3	−0.004%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,357	+0.059%	$15.7M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,351.4	−0.071%	$2K	$3.8M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,357.5	+0.071%	$7.9M	$873K	50x	as long as short
HTX PAXG-USDTshort	0.0000%	4h	4,356.6	+0.049%	$905K	$642K	75x
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.164%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0086%	4h	4,354.7	+0.007%	$1.6M	$2.0M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,353.6	−0.019%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,354.2	−0.007%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,354.9	+0.010%	$20.7M	$2.1M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PAXGUSDT	+0.0100%	4h	4,354.6	+0.004%	$908K	$29K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,355.5	+0.025%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,354.7	+0.005%	$80.3M	$70.8M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,356.2	+0.040%	$15.1M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,354.3	−0.004%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,357.2	+0.063%	$28.4M	$5.5M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,355.2	+0.018%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,355.1	+0.015%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,355	+0.013%	$1.4M	$831K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,355.1	+0.016%	$12.5M	$104K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,352.9	−0.037%	$263K	$787K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,353.7	−0.017%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,351	−0.079%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,353.7	−0.018%	$379K	$1.4M	25x	as long as short
Hibachi PAXG/USDT-Plong	+0.0112%	1h	4,354.4	long leg	$42K	$154K	20x
Reya PAXGRUSDPERP	+0.0189%	1h	4,355.1	+0.015%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,355	+0.013%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0304%	1h	4,357.1	+0.061%	$973K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0976%	1h	4,365.5	+0.254%	$29K	$23K	10x	as long as short