Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.021%

Price spread now: Deribit against MEXC+0.151%7-day average −0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 3 days (all we have)−0.162%−$16 · spread now +0.151%, 7d avg −0.079%

Together, before fees−0.315%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.230% dearer against MEXC than usual: you sell high and buy low (spread +0.151% now, against its 7-day average of −0.079%): +$23 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PAXG_USDT	4,345	0.0100	pay 0.0050% / 4h	1h 26m	$16.0M	$1.2M	100x
Short	Deribit PAXG_USDC-PERPETUAL	4,351.6	0	get 0.0000% / 1h	26m 58s	$7.9M	$865K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.151%Rate

Funding earned: −$21
Price spread: +0.151% → −0.079%: $22.98
Slippage, 4 orders: −$18.06
Fee MEXC: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$27.09
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Deribit: 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	10.8 bp −$11	39.2 bp −$392	72.5 bp −$7,249	151.9 bp −$76.0K
Sell Deribit live order book, 2 min ago	1.78 bp	8.3 bp −$8	14.8 bp −$148	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
dYdX PAXG-USD	0.0000%	1h	4,347.3	+0.052%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,349.6	+0.106%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,342	−0.070%	$2K	$4.0M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,351.6	+0.151%	$7.9M	$865K	50x
HTX PAXG-USDT	0.0000%	4h	4,350.4	+0.123%	$909K	$653K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,337	−0.184%	$1K	$121K	30x	as long as short
Hibachi PAXG/USDT-P	+0.0072%	1h	4,348	+0.069%	$47K	$139K	20x	as long as short
Kraken Futures PF_PAXGUSD	+0.0080%	1h	4,348.8	+0.088%	$1.3M	$1.4M	20x	as long as short
Lighter PAXG	+0.0096%	1h	4,346.7	+0.038%	$1.4M	$273K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,347.2	+0.050%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,347.9	+0.067%	$20.3M	$1.9M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,348	+0.070%	$907K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,348.6	+0.083%	$1.0M	$348K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,347.4	+0.055%	$80.1M	$67.3M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,348.1	+0.071%	$15.2M	$3.5M	75x	as long as short
MEXC PAXG_USDTlong	+0.0100%	4h	4,345	long leg	$16.0M	$1.2M	100x
KuCoin PAXGUSDTM	+0.0100%	4h	4,349.6	+0.106%	$26.8M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,347.2	+0.050%	$9.3M	$13.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,347.5	+0.057%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,348.3	+0.075%	$1.4M	$954K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,346.3	+0.030%	$12.5M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,348.1	+0.070%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,347.4	+0.055%	$263K	$797K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,347.1	+0.048%	$558	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,345	0.000%	$1.5M	$38K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,346.5	+0.036%	$378K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,347.3	+0.053%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,351.8	+0.157%	$975K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1440%	1h	4,364.6	+0.451%	$29K	$21K	10x	as long as short