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 +0.025%

Price spread now: Variational Omni against Injective−0.480%7-day average −0.081% · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.083%+$8 on $10k

Price spread, last 4 days (all we have)+0.399%+$40 · spread now −0.480%, 7d avg −0.081%

Together, before fees+0.482%+ Points / potential airdropVariational Omni: Active · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.399% cheaper against Injective than usual: you would sell low and buy high (spread −0.480% now, against its 7-day average of −0.081%). If the spread goes back, that is −$40 on $10k: about 20 days of funding at the current rate (+$2 a day).

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	23m 07s	$1K	$151K	30x
Short	Variational Omni PAXG	4,326.4	0.0100	get 0.0050% / 4h	2h 23m	$12.3M	$222K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.480%Rate

Funding earned: $14
Price spread: −0.480% → −0.081%: −$39.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$25.95
Costs to cover: 0.000%
Break-even: 20.0 days

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 1 min ago. 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 Variational Omni RFQ quote, 1 min ago	2.83 bp	doesn't fit	8.3 bp −$83	doesn't fit	doesn't fit

Injective: 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	−0.0168%	1h	4,329.6	−0.406%	$40K	$165K	20x	as long as short
Lighter PAXG	−0.0144%	1h	4,315.5	−0.732%	$1.4M	$388K	25x	as long as short
Kraken Futures PF_PAXGUSD	−0.0102%	1h	4,317.1	−0.696%	$1.2M	$1.9M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0029%	1h	4,324.2	−0.531%	$261K	$784K	50x	as long as short
GRVT PAXG_USDT_Perp	−0.0014%	4h	4,327	−0.468%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,321	−0.606%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,320.1	−0.626%	$15.6M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,312.9	−0.791%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,320.6	−0.615%	$7.9M	$839K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,324.2	−0.531%	$902K	$728K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PAXGUSDT	+0.0030%	4h	4,318.6	−0.660%	$79.5M	$73.6M	75x	as long as short
Extended PAXG-USD	+0.0032%	1h	4,315.1	−0.740%	$377K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0032%	4h	4,321.4	−0.596%	$16.4M	$1.1M	100x	as long as short
Injective PAXG/USDC PERPlong	+0.0033%	1h	4,347.3	long leg	$1K	$151K	30x
Aster PAXGUSDT	+0.0058%	4h	4,320	−0.628%	$902K	$27K	50x	as long as short
Hyperliquid PAXG	+0.0076%	1h	4,319.1	−0.649%	$20.7M	$2.4M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,317.9	−0.676%	$81K	$3.3M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,316.4	−0.711%	$554	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,318.8	−0.656%	$1.0M	$349K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,318.8	−0.656%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,320.3	−0.622%	$28.4M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,318.4	−0.664%	$9.6M	$15.8M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,319.4	−0.643%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,318.9	−0.653%	$1.3M	$811K	50x	as long as short
Variational Omni PAXGshort	+0.0100%	4h	4,326.4	−0.480%	$12.3M	$222K	—
Phemex PAXGUSDT	+0.0100%	4h	4,316	−0.720%	$1.5M	$36K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,315.8	−0.724%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,321.3	−0.597%	$950K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0816%	1h	4,327.2	−0.462%	$29K	$24K	10x	as long as short