PAXG

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0244%/8h= +26.7% APRnext payment +$0.31 per $10,000 · paid last 24h +0.004%

Price spread now: Backpack against Lighter+0.055%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$130.131% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

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

Price spread, last 7 days−0.081%−$8 · spread now +0.055%, 7d avg +0.026%

Together, before fees−0.067%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.029% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.026%.

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; at this rate the next one is about +$0.31 per $10,000. 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	4,335.8	−0.0144	get 0.0018% / 1h	11m 49s	$1.4M	$368K	25x
Short	Backpack PAXG_USDC_PERP	4,338.2	0.0100	get 0.0013% / 1h	11m 49s	$1.3M	$799K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.055%Rate

Funding earned: $51.24
Price spread: +0.055% → +0.026%: $2.89
Slippage, 4 orders: −$3.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $40.98
Costs to cover: 0.131%
Break-even: 1.4 days

Slippage from Lighter: live order book, 4 min ago; Backpack: live order book, 2 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, 4 min ago	0.97 bp	1.0 bp −$1	2.5 bp −$25	18.2 bp −$1,818	doesn't fit
Sell Backpack live order book, 2 min ago	0.01 bp	5.5 bp −$6	7.6 bp −$76	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	−0.0176%	1h	4,336.8	+0.023%	$42K	$157K	20x	as long as short
Lighter PAXGlong	−0.0144%	1h	4,335.8	long leg	$1.4M	$368K	25x
ApeX Omni PAXGUSDT	−0.0028%	1h	4,335.3	−0.011%	$262K	$785K	50x	as long as short
GRVT PAXG_USDT_Perp	−0.0010%	4h	4,337.2	+0.032%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,338.3	+0.058%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,339.5	+0.085%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,333	−0.065%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,341.2	+0.125%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,340.2	+0.102%	$903K	$689K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.265%	$1K	$151K	30x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0036%	4h	4,339.3	+0.080%	$16.1M	$1.0M	100x	as long as short
Binance PAXGUSDT	+0.0037%	4h	4,337.5	+0.038%	$79.9M	$70.5M	75x	as long as short
Extended PAXG-USD	+0.0040%	1h	4,336.2	+0.009%	$379K	$1.5M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,337.9	+0.049%	$1.3M	$1.4M	20x	as long as short
Aster PAXGUSDT	+0.0087%	4h	4,337.2	+0.031%	$905K	$27K	50x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,337.5	+0.039%	$81K	$3.5M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,335.1	−0.016%	$556	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,336.9	+0.025%	$20.8M	$2.3M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,339.2	+0.078%	$1.0M	$340K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,338.2	+0.056%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,339.9	+0.095%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,337.6	+0.042%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,337.9	+0.049%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERPshort	+0.0100%	1h	4,338.2	+0.055%	$1.3M	$799K	50x
Variational Omni PAXG	+0.0100%	4h	4,336.5	+0.016%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,335	−0.018%	$1.5M	$38K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,337.1	+0.030%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,339.1	+0.076%	$956K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0888%	1h	4,348.4	+0.291%	$29K	$24K	10x	as long as short