Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.002%

Price spread now: Binance against Kraken Futures−0.030%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.397%−$40 on $10k

Price spread, last 3 days (all we have)−0.085%−$9 · spread now −0.030%, 7d avg −0.040%

Together, before fees−0.482%−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.397%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PAXGUSD	4,348.8	0.0080	pay 0.0010% / 1h	27m 04s	$1.3M	$1.4M	20x
Short	Binance PAXGUSDT	4,347.6	0.0100	get 0.0050% / 4h	1h 27m	$80.1M	$67.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.030%Rate

Funding earned: $4.19
Price spread: −0.030% → −0.040%: $1.06
Slippage, 4 orders: −$3.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$18.69
Costs to cover: 0.239%
Break-even: 38.2 days

Slippage from Kraken Futures: live order book, 1 min ago; Binance: live order book, 15 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 Kraken Futures live order book, 1 min ago	0.12 bp	7.5 bp −$8	11.5 bp −$115	35.4 bp −$3,536	doesn't fit
Sell Binance live order book, 15 min ago	0.01 bp	5.0 bp −$5	5.7 bp −$57	9.5 bp −$954	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	−0.037%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,349.6	+0.017%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,342	−0.159%	$2K	$4.0M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,351.6	+0.062%	$7.9M	$865K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,350.4	+0.035%	$909K	$653K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,337	−0.272%	$1K	$121K	30x	as long as short
Hibachi PAXG/USDT-P	+0.0072%	1h	4,348	−0.020%	$47K	$139K	20x	as long as short
Kraken Futures PF_PAXGUSDlong	+0.0080%	1h	4,348.8	long leg	$1.3M	$1.4M	20x
Lighter PAXG	+0.0096%	1h	4,346.7	−0.050%	$1.4M	$273K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,347.2	−0.038%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,347.9	−0.022%	$20.3M	$1.9M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,348.1	−0.017%	$907K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,348.6	−0.005%	$1.0M	$348K	10x	as long as short
Binance PAXGUSDTshort	+0.0100%	4h	4,347.6	−0.030%	$80.1M	$67.3M	75x
Bybit PAXGUSDT	+0.0100%	4h	4,348.3	−0.013%	$15.2M	$3.5M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,345	−0.088%	$16.0M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,349.6	+0.017%	$26.8M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,347.3	−0.035%	$9.3M	$13.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,347.5	−0.031%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,348.3	−0.013%	$1.4M	$954K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,346.3	−0.058%	$12.5M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,348.1	−0.018%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,347.4	−0.033%	$263K	$797K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,347.1	−0.040%	$558	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,345	−0.088%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,346.8	−0.047%	$378K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,347.3	−0.036%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,351.8	+0.068%	$975K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1440%	1h	4,364.6	+0.362%	$29K	$21K	10x	as long as short