Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0249%/8h= +27.3% APRpaid last 24h 0.000%

Price spread now: Binance against Lighter+0.021%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

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

costs, in and out, $10k−$120.124% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.021%, 7d avg −0.007%

Together, before fees−0.116%+ Points / potential airdropLighter: Season 3 · farm board−$12 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 Binance is 0.028% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.045% in total (about -2.4% 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	4,333	−0.0160	get 0.0020% / 1h	56m 03s	$1.4M	$362K	25x
Short	Binance PAXGUSDT	4,333.9	0.0089	get 0.0045% / 4h	3h 56m	$80.0M	$71.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: $52.32
Price spread: +0.021% → −0.007%: $2.79
Slippage, 4 orders: −$2.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: $42.76
Costs to cover: 0.124%
Break-even: 1.3 days

Slippage from Lighter: live order book, 5 min ago; Binance: 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, 5 min ago	1.00 bp	1.1 bp −$1	2.9 bp −$29	18.1 bp −$1,807	doesn't fit
Sell Binance live order book, 2 min ago	0.01 bp	5.0 bp −$5	6.5 bp −$65	10.5 bp −$1,052	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
GRVT PAXG_USDT_Perp	−0.0196%	4h	4,338.6	+0.130%	$1.5M	$1.9M	10x	as long as short
Lighter PAXGlong	−0.0160%	1h	4,333	long leg	$1.4M	$362K	25x
Hibachi PAXG/USDT-P	−0.0136%	1h	4,336.6	+0.084%	$42K	$155K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,338.4	+0.125%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,336.7	+0.087%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,329.1	−0.090%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,337.6	+0.108%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,342.2	+0.214%	$904K	$684K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.331%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0049%	1h	4,338.1	+0.120%	$262K	$787K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,335	+0.048%	$1.3M	$1.4M	20x	as long as short
Extended PAXG-USD	+0.0088%	1h	4,333	+0.002%	$378K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0088%	4h	4,337.5	+0.104%	$16.1M	$1.0M	100x	as long as short
Binance PAXGUSDTshort	+0.0089%	4h	4,333.9	+0.021%	$80.0M	$71.1M	75x
Paradex PAXG-USD-PERP	+0.0100%	8h	4,333.7	+0.018%	$81K	$3.7M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,334.6	+0.038%	$556	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,334.9	+0.045%	$20.7M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,333.9	+0.023%	$904K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,335.8	+0.066%	$1.0M	$338K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,334.9	+0.045%	$14.9M	$3.9M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,337.6	+0.107%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,335.2	+0.052%	$9.7M	$15.1M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,334.7	+0.041%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,335.3	+0.054%	$1.3M	$800K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,334.1	+0.026%	$12.3M	$227K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,332	−0.022%	$1.5M	$40K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,334.3	+0.032%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,341	+0.186%	$988K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1040%	1h	4,344.5	+0.267%	$29K	$23K	10x	as long as short