Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h +0.006%

Price spread now: Kraken Futures against Orderly+0.034%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.034% dearer against Orderly than usual: you sell high and buy low (spread +0.034% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PAXG_USDC_mythos	4,342.9	0.0100	pay 0.0050% / 4h	2h 50m	$557	—	10x
Short	Kraken Futures PF_PAXGUSD	4,344.4	−0.0101	pay 0.0013% / 1h	50m 57s	$1.3M	$1.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$42.23
Price spread: +0.034% → 0.000%: $3.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$54.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 2 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	0.46 bp	8.3 bp −$8	16.2 bp −$162	43.4 bp −$4,337	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0200%	1h	4,343.5	+0.015%	$46K	$158K	20x	as long as short
Kraken Futures PF_PAXGUSDshort	−0.0101%	1h	4,344.4	+0.034%	$1.3M	$1.5M	20x
Lighter PAXG	−0.0080%	1h	4,342.1	−0.019%	$1.4M	$365K	25x	as long as short
ApeX Omni PAXGUSDT	−0.0021%	1h	4,338.3	−0.105%	$262K	$784K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.9	−0.024%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,345.2	+0.053%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,340.4	−0.057%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,347.3	+0.102%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,344.9	+0.046%	$905K	$691K	75x	as long as short
GRVT PAXG_USDT_Perp	+0.0008%	4h	4,340.6	−0.053%	$1.5M	$1.9M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.101%	$1K	$151K	30x	as long as short
MEXC PAXG_USDT	+0.0036%	4h	4,344.6	+0.040%	$16.2M	$1.0M	100x	as long as short
Binance PAXGUSDT	+0.0037%	4h	4,343.4	+0.012%	$80.2M	$70.4M	75x	as long as short
Extended PAXG-USD	+0.0040%	1h	4,342.3	−0.014%	$379K	$1.4M	25x	as long as short
Aster PAXGUSDT	+0.0076%	4h	4,343.4	+0.011%	$906K	$26K	50x	as long as short
Hyperliquid PAXG	+0.0092%	1h	4,343.5	+0.014%	$20.8M	$2.3M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,343.3	+0.008%	$81K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythoslong	+0.0100%	4h	4,342.9	long leg	$557	—	10x
Pacifica PAXG	+0.0100%	1h	4,344.7	+0.041%	$1.0M	$343K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,344.3	+0.032%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,346.3	+0.078%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,343.3	+0.009%	$9.8M	$15.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,343.6	+0.017%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,343.9	+0.022%	$1.3M	$793K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,342.8	−0.003%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.090%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,343	+0.002%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,347.5	+0.107%	$956K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0768%	1h	4,354.1	+0.258%	$29K	$24K	10x	as long as short