Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.006%

Price spread now: Orderly against Kraken Futures+0.040%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures 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

The price spread pays, funding is against you. Orderly is 0.040% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.040% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PAXGUSD	4,340.4	0.0173	pay 0.0022% / 1h	11m 33s	$1.3M	$1.4M	20x
Short	Orderly PERP_PAXG_USDC_mythos	4,342.1	0.0100	get 0.0050% / 4h	1h 11m	$557	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.040%Rate

Funding earned: −$15.4
Price spread: +0.040% → 0.000%: $4
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$27.4
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; 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 Kraken Futures live order book, 2 min ago	0.69 bp	7.3 bp −$7	13.0 bp −$130	40.2 bp −$4,024	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0040%	1h	4,342	+0.037%	$41K	$158K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.3	+0.022%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,342.6	+0.051%	$15.6M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,337.5	−0.066%	$1K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,344	+0.084%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,348.3	+0.182%	$904K	$660K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.160%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0082%	4h	4,343.4	+0.070%	$1.5M	$1.9M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,338.9	−0.034%	$1.4M	$351K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,339.7	−0.015%	$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	4,340.7	+0.008%	$20.7M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,340	−0.008%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,341.7	+0.031%	$1.0M	$340K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.9	−0.010%	$80.0M	$70.7M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,341.2	+0.019%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,342.4	+0.047%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,342.6	+0.052%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.7	+0.008%	$9.6M	$14.9M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,341	+0.014%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,339.7	−0.014%	$1.3M	$800K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,344.8	+0.102%	$12.5M	$99K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,342.5	+0.048%	$263K	$791K	50x	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,342.1	+0.040%	$557	—	10x
Phemex PAXGUSDT	+0.0100%	4h	4,341	+0.015%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,338.9	−0.035%	$382K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSDlong	+0.0173%	1h	4,340.4	long leg	$1.3M	$1.4M	20x
Reya PAXGRUSDPERP	+0.0189%	1h	4,341	+0.014%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,353	+0.291%	$972K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1000%	1h	4,350.6	+0.236%	$29K	$23K	10x	as long as short