Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.053%

Price spread now: Coinbase International against Phemex+0.071%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$730.732% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$28 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now +0.071%, 7d avg +0.138%

Together, before fees+0.360%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.067% cheaper against Phemex than usual: you would sell low and buy high (spread +0.071% now, against its 7-day average of +0.138%). If the spread goes back, that is −$7 on $10k: about 26 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PAXGUSDT	4,354	0.0100	pay 0.0050% / 4h	3h 06m	$1.5M	$39K	50x
Short	Coinbase International PAXG-PERP-INTX	4,357.1	0.0304	get 0.0038% / 1h	6m 14s	$973K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.071%Rate

Funding earned: $42.84
Price spread: +0.071% → +0.138%: −$6.68
Slippage, 4 orders: −$51.15
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$36.99
Costs to cover: 0.732%
Break-even: 13.0 days

Slippage from Phemex: live order book, 1 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 Phemex live order book, 1 min ago	5.74 bp	27.5 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.63 bp	7.6 bp −$8	13.3 bp −$133	180.2 bp −$18.0K	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	4,354.3	+0.006%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,356.3	+0.053%	$15.7M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,350.4	−0.084%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,357.4	+0.079%	$7.9M	$873K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,357	+0.070%	$906K	$645K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.154%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0060%	4h	4,353.6	−0.010%	$1.5M	$2.0M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,353.2	−0.018%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,352.4	−0.038%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,354.3	+0.007%	$20.7M	$2.1M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PAXGUSDT	+0.0100%	4h	4,354.6	+0.014%	$908K	$29K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,354.8	+0.018%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,354.2	+0.005%	$80.3M	$70.9M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,355.6	+0.038%	$15.1M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,354	−0.001%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,356.7	+0.063%	$28.4M	$5.5M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,354.8	+0.019%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,355.2	+0.028%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,354.9	+0.020%	$1.4M	$833K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,355.1	+0.026%	$12.5M	$104K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,351.9	−0.048%	$263K	$787K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,353.7	−0.007%	$559	—	10x	as long as short
Phemex PAXGUSDTlong	+0.0100%	4h	4,354	long leg	$1.5M	$39K	50x
Extended PAXG-USD	+0.0104%	1h	4,353.2	−0.019%	$379K	$1.4M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0120%	1h	4,353.9	−0.002%	$42K	$148K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,354.2	+0.005%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,355.5	+0.035%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0304%	1h	4,357.1	+0.071%	$973K	$1.1M	50x
01 Exchange PAXGUSD	+0.0976%	1h	4,364	+0.230%	$29K	$23K	10x	as long as short