Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.024%

Price spread now: Orderly against Injective−0.186%58s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.186% cheaper against Injective than usual: you would sell low and buy high (spread −0.186% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 9.3 days of funding at the current rate (+$2 a day). The two prices were read 58 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	Injective PAXG/USDC PERP	4,347.3	0.0033	pay 0.0004% / 1h	55m 41s	$1K	$151K	30x
Short	Orderly PERP_PAXG_USDC_mythos	4,339.2	0.0100	get 0.0050% / 4h	2h 55m	$557	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.186%Rate

Funding earned: $14
Price spread: −0.186% → 0.000%: −$18.63
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$10.66
Costs to cover: 0.060%
Break-even: 12.3 days

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hibachi PAXG/USDT-P	−0.0208%	1h	4,340.9	−0.147%	$46K	$158K	20x	as long as short
Lighter PAXG	−0.0104%	1h	4,339.6	−0.177%	$1.4M	$365K	25x	as long as short
Kraken Futures PF_PAXGUSD	−0.0101%	1h	4,342.1	−0.119%	$1.3M	$1.5M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0037%	1h	4,338.9	−0.192%	$262K	$786K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.9	−0.125%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,343	−0.099%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,337.3	−0.230%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,344.7	−0.059%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,342	−0.121%	$904K	$692K	75x	as long as short
GRVT PAXG_USDT_Perp	+0.0002%	4h	4,339.9	−0.169%	$1.5M	$1.9M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PAXG-USD	+0.0032%	1h	4,339.9	−0.171%	$379K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0032%	4h	4,342.8	−0.103%	$16.2M	$1.0M	100x	as long as short
Injective PAXG/USDC PERPlong	+0.0033%	1h	4,347.3	long leg	$1K	$151K	30x
Binance PAXGUSDT	+0.0034%	4h	4,341.1	−0.143%	$80.1M	$70.3M	75x	as long as short
Aster PAXGUSDT	+0.0073%	4h	4,340.7	−0.153%	$906K	$26K	50x	as long as short
Hyperliquid PAXG	+0.0077%	1h	4,341	−0.145%	$20.8M	$2.3M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,341.4	−0.136%	$81K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,339.2	−0.186%	$557	—	10x
Pacifica PAXG	+0.0100%	1h	4,342.8	−0.104%	$1.0M	$343K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,341.8	−0.127%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,344	−0.077%	$28.6M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,341	−0.146%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,341.2	−0.140%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,341.3	−0.137%	$1.3M	$798K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,340.8	−0.150%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,338	−0.214%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,340.7	−0.152%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,342.3	−0.115%	$955K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0768%	1h	4,351.8	+0.104%	$29K	$24K	10x	as long as short