Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.053%

Price spread now: Coinbase International against MEXC+0.083%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.343%+$34 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now +0.083%, 7d avg −0.034%

Together, before fees+0.341%+$34 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 Coinbase International is 0.116% dearer against MEXC than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PAXG_USDT	4,337.4	0.0076	pay 0.0038% / 4h	3h 51m	$16.1M	$1.0M	100x
Short	Coinbase International PAXG-PERP-INTX	4,341	0.0296	get 0.0037% / 1h	51m 08s	$988K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.083%Rate

Funding earned: $46.2
Price spread: +0.083% → −0.034%: $11.64
Slippage, 4 orders: −$10.47
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $33.37
Costs to cover: 0.245%
Break-even: 1.9 days

Slippage from MEXC: live order book, 2 min ago; Coinbase International: 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 MEXC live order book, 2 min ago	0.01 bp	2.4 bp −$2	16.9 bp −$169	55.1 bp −$5,510	138.4 bp −$69.2K
Sell Coinbase International live order book, 2 min ago	1.34 bp	6.3 bp −$6	19.6 bp −$196	162.0 bp −$16.2K	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
ApeX Omni PAXGUSDT	−0.0232%	1h	4,332.1	−0.123%	$262K	$788K	50x	as long as short
Lighter PAXG	−0.0176%	1h	4,332.9	−0.106%	$1.4M	$362K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0172%	4h	4,334.2	−0.074%	$1.5M	$1.9M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0144%	1h	4,334.6	−0.065%	$42K	$154K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,334.8	−0.061%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,336.7	−0.017%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,329.4	−0.186%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,337.5	+0.003%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,341.1	+0.085%	$903K	$684K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.228%	$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
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,335	−0.056%	$1.3M	$1.4M	20x	as long as short
Extended PAXG-USD	+0.0072%	1h	4,332.9	−0.104%	$378K	$1.4M	25x	as long as short
Binance PAXGUSDT	+0.0075%	4h	4,334.1	−0.078%	$80.0M	$71.1M	75x	as long as short
MEXC PAXG_USDTlong	+0.0076%	4h	4,337.4	long leg	$16.1M	$1.0M	100x
Paradex PAXG-USD-PERP	+0.0100%	8h	4,334.7	−0.062%	$81K	$3.7M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,334.7	−0.063%	$556	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,334.5	−0.068%	$20.7M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,333.8	−0.085%	$904K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,336.3	−0.027%	$1.0M	$338K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,335	−0.057%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,337.2	−0.005%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,334.4	−0.069%	$9.7M	$15.1M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,335.2	−0.051%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,334.9	−0.058%	$1.3M	$801K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,334.1	−0.077%	$12.3M	$227K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,334	−0.079%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,334.1	−0.077%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0296%	1h	4,341	+0.083%	$988K	$1.1M	50x
01 Exchange PAXGUSD	+0.0992%	1h	4,345.4	+0.184%	$29K	$23K	10x	as long as short