Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Paradex against Hyperliquid+0.002%54s7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.188% of the position

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.002%, 7d avg −0.028%

Together, before fees−0.060%+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.030% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.028%. The two prices were read 54 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	Hyperliquid PAXG	4,346.5	0.0100	pay 0.0013% / 1h	36m 49s	$20.3M	$1.9M	10x
Short	Paradex PAXG-USD-PERP	4,346.6	0.0100	get 0.0100% / 8h	1h 36m	$80K	$3.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hyperliquid. 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 HyperliquidbpFee ParadexbpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → −0.028%: $3.02
Slippage, 4 orders: −$5.79
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$15.77
Costs to cover: 0.188%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Paradex: live order book, 2 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 Hyperliquid live order book, 6 min ago	0.12 bp	5.0 bp −$5	6.5 bp −$65	doesn't fit	doesn't fit
Sell Paradex live order book, 2 min ago	2.29 bp	4.3 bp −$4	105.4 bp −$1,054	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-USD	0.0000%	1h	4,347.3	+0.017%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,349.3	+0.064%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,341.8	−0.109%	$2K	$4.0M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,351.5	+0.115%	$7.9M	$865K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,349	+0.058%	$909K	$653K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,337	−0.219%	$1K	$121K	30x	as long as short
Hibachi PAXG/USDT-P	+0.0048%	1h	4,348	+0.034%	$47K	$141K	20x	as long as short
Kraken Futures PF_PAXGUSD	+0.0080%	1h	4,348.9	+0.055%	$1.3M	$1.4M	20x	as long as short
Lighter PAXG	+0.0096%	1h	4,345.8	−0.015%	$1.4M	$273K	25x	as long as short
Paradex PAXG-USD-PERPshort	+0.0100%	8h	4,346.6	+0.002%	$80K	$3.7M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXGlong	+0.0100%	1h	4,346.5	long leg	$20.3M	$1.9M	10x
Aster PAXGUSDT	+0.0100%	4h	4,346.8	+0.007%	$907K	$28K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,348.1	+0.037%	$1.0M	$366K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,346.4	−0.003%	$80.0M	$67.4M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,347.4	+0.021%	$15.2M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,345.1	−0.032%	$16.0M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,349.2	+0.063%	$26.8M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,346.4	−0.002%	$9.3M	$13.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,347.4	+0.021%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,348.2	+0.039%	$1.4M	$953K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,345.5	−0.024%	$12.5M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,347.8	+0.031%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,346.4	−0.002%	$263K	$796K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,347	+0.012%	$558	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,341	−0.127%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,346.1	−0.010%	$378K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,346.7	+0.004%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,349.1	+0.060%	$975K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1424%	1h	4,364.3	+0.410%	$29K	$21K	10x	as long as short