Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h +0.007%

Price spread now: Aster against Lighter+0.063%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$130.125% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.063%, 7d avg +0.023%

Together, before fees−0.064%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Aster is 0.040% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.023%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PAXG	4,317.3	−0.0144	get 0.0018% / 1h	21m 22s	$1.4M	$388K	25x
Short	Aster PAXGUSDT	4,320	0.0053	get 0.0026% / 4h	2h 21m	$901K	$27K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.063%Rate

Funding earned: $41.33
Price spread: +0.063% → +0.023%: $3.98
Slippage, 4 orders: −$4.51
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: $32.81
Costs to cover: 0.125%
Break-even: 1.4 days

Slippage from Lighter: live order book, 5 min ago; Aster: live order book, 27 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 Lighter live order book, 5 min ago	1.08 bp	1.5 bp −$1	3.0 bp −$30	17.0 bp −$1,705	doesn't fit
Sell Aster live order book, 27 min ago	0.05 bp	4.1 bp −$4	6.5 bp −$65	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
Hibachi PAXG/USDT-P	−0.0160%	1h	4,320.9	+0.084%	$40K	$165K	20x	as long as short
Lighter PAXGlong	−0.0144%	1h	4,317.3	long leg	$1.4M	$388K	25x
Kraken Futures PF_PAXGUSD	−0.0102%	1h	4,317.3	0.000%	$1.2M	$1.9M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0039%	1h	4,315.7	−0.037%	$261K	$783K	50x	as long as short
GRVT PAXG_USDT_Perp	−0.0032%	4h	4,319.2	+0.043%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,321.1	+0.088%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,320.4	+0.072%	$15.6M	$3.7M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,313.3	−0.094%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,321.3	+0.092%	$7.9M	$839K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,320.4	+0.072%	$900K	$730K	75x	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	+0.0024%	1h	4,316.4	−0.020%	$377K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0026%	4h	4,320.2	+0.067%	$16.4M	$1.1M	100x	as long as short
Binance PAXGUSDT	+0.0027%	4h	4,317.6	+0.008%	$79.5M	$73.8M	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.695%	$1K	$151K	30x	as long as short
Aster PAXGUSDTshort	+0.0053%	4h	4,320	+0.063%	$901K	$27K	50x
Hyperliquid PAXG	+0.0078%	1h	4,318.3	+0.023%	$20.7M	$2.4M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,319.1	+0.042%	$81K	$3.3M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,318.1	+0.019%	$554	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,320.6	+0.076%	$1.0M	$349K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,318.8	+0.035%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,321	+0.085%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,317	−0.007%	$9.6M	$15.8M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,318.6	+0.029%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,320.8	+0.080%	$1.3M	$814K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,326.4	+0.212%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,314	−0.076%	$1.5M	$41K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,317.3	0.000%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,321.3	+0.093%	$950K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0816%	1h	4,330	+0.294%	$29K	$24K	10x	as long as short