Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.017%

Price spread now: KuCoin against Lighter+0.084%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.084%, 7d avg +0.049%

Together, before fees−0.044%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and KuCoin is 0.035% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.049%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.4% 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	4,301.4	−0.0200	get 0.0025% / 1h	43m 43s	$1.4M	$609K	25x
Short	KuCoin PAXGUSDTM	4,305	0.0100	get 0.0050% / 4h	3h 43m	$28.7M	$5.4M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.084%Rate

Funding earned: $63
Price spread: +0.084% → +0.049%: $3.51
Slippage, 4 orders: −$7.15
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $47.36
Costs to cover: 0.191%
Break-even: 1.7 days

Slippage from Lighter: live order book, 2 min ago; KuCoin: live order book, 5 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, 2 min ago	0.73 bp	1.2 bp −$1	4.1 bp −$41	19.9 bp −$1,988	doesn't fit
Sell KuCoin live order book, 5 min ago	0.01 bp	8.4 bp −$8	15.0 bp −$150	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
Lighter PAXGlong	−0.0200%	1h	4,301.4	long leg	$1.4M	$609K	25x
Hibachi PAXG/USDT-P	−0.0168%	1h	4,309.3	+0.184%	$42K	$172K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0097%	1h	4,303.9	+0.059%	$1.2M	$1.7M	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0074%	4h	4,310.7	+0.217%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,306.2	+0.113%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,306.3	+0.115%	$15.6M	$3.8M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,298.8	−0.059%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,307.6	+0.145%	$7.9M	$599K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,311.3	+0.231%	$903K	$817K	75x	as long as short
Extended PAXG-USD	+0.0016%	1h	4,301.4	+0.001%	$377K	$1.6M	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PAXGUSDT	+0.0016%	4h	4,302.6	+0.029%	$80.0M	$79.8M	75x	as long as short
MEXC PAXG_USDT	+0.0018%	4h	4,312.4	+0.257%	$16.6M	$1.2M	100x	as long as short
Aster PAXGUSDT	+0.0025%	4h	4,303	+0.037%	$899K	$33K	50x	as long as short
Bitget PAXGUSDT	+0.0028%	4h	4,302.6	+0.029%	$9.4M	$16.0M	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+1.068%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0096%	8h	4,302.2	+0.020%	$81K	$4.1M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,303.2	+0.043%	$21.0M	$2.5M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,304.9	+0.082%	$1.0M	$304K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,303.8	+0.056%	$14.8M	$4.3M	75x	as long as short
KuCoin PAXGUSDTMshort	+0.0100%	4h	4,305	+0.084%	$28.7M	$5.4M	30x
BingX PAXG-USDT	+0.0100%	4h	4,305.9	+0.104%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,303.6	+0.051%	$1.2M	$856K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,310	+0.202%	$12.2M	$230K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,309.8	+0.196%	$261K	$770K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,304.4	+0.070%	$552	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,305	+0.084%	$1.5M	$66K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,303.3	+0.046%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,309	+0.177%	$934K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0816%	1h	4,314.4	+0.303%	$29K	$23K	10x	as long as short