Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h +0.011%

Price spread now: SunX against Hibachi−0.078%52s7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as 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−$1000.996% of the position

Long on Hibachi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.698%−$70 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now −0.078%, 7d avg −0.104%

Together, before fees−0.702%+ Points / potential airdropHibachi: Active · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.027% dearer against Hibachi than usual: you sell high and buy low (spread −0.078% now, against its 7-day average of −0.104%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.698% in total) that is about 6 hours. The two prices were read 52 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	4,360.2	0.0136	pay 0.0017% / 1h	19m 28s	$48K	$143K	20x
Short	SunX PAXG-USDT	4,356.9	0	get 0.0000% / 4h	19m 28s	$2K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hibachi. 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 HibachibpFee SunXbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$28.56
Price spread: −0.078% → −0.104%: $2.69
Slippage, 4 orders: −$82.56
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$125.43
Costs to cover: 0.996%
Break-even: never at this rate

Slippage from Hibachi: live order book, 59 min ago; SunX: live order book, 8 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, 59 min ago	0.14 bp	19.2 bp −$19	52.1 bp −$521	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	21.55 bp	25.5 bp −$26	55.2 bp −$552	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	−0.297%	$1K	$151K	30x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,358.3	−0.044%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,362.3	+0.047%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDTshort	0.0000%	4h	4,356.9	−0.078%	$2K	$3.9M	20x
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,363.1	+0.066%	$7.9M	$866K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,363.4	+0.073%	$911K	$645K	75x	as long as short
Lighter PAXG	+0.0096%	1h	4,359.5	−0.018%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,359.8	−0.011%	$81K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,362.7	+0.057%	$20.5M	$1.9M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,360.3	+0.001%	$910K	$30K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PAXG	+0.0100%	1h	4,360.8	+0.012%	$1.0M	$354K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,362.3	+0.047%	$80.1M	$69.4M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,363.6	+0.077%	$15.2M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,357.8	−0.056%	$16.1M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,362	+0.039%	$27.3M	$5.4M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,363.8	+0.082%	$9.9M	$14.5M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,360.3	+0.001%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,360.2	0.000%	$1.4M	$971K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,359	−0.029%	$12.5M	$102K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,357.3	−0.067%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,356.1	−0.095%	$263K	$795K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,358.6	−0.038%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,357	−0.074%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,359.5	−0.018%	$378K	$1.2M	25x	as long as short
Hibachi PAXG/USDT-Plong	+0.0136%	1h	4,360.2	long leg	$48K	$143K	20x
Reya PAXGRUSDPERP	+0.0189%	1h	4,363.2	+0.068%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0286%	1h	4,359.8	−0.010%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,362.1	+0.043%	$976K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0976%	1h	4,370.4	+0.233%	$29K	$23K	10x	as long as short