Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Deribit against Phemex+0.176%7-day average +0.106% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now +0.176%, 7d avg +0.106%

Together, before fees−0.272%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.070% dearer against Phemex than usual: you sell high and buy low (spread +0.176% now, against its 7-day average of +0.106%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PAXGUSDT	4,336	0.0100	pay 0.0050% / 4h	2h 53m	$1.5M	$39K	50x
Short	Deribit PAXG_USDC-PERPETUAL	4,343.6	0	get 0.0000% / 1h	53m 28s	$7.9M	$843K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now +0.176%Rate

Funding earned: −$21
Price spread: +0.176% → +0.106%: $6.99
Slippage, 4 orders: −$52.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$85.72
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 1 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, 4 min ago	2.31 bp	30.3 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	1.80 bp	6.5 bp −$6	13.0 bp −$130	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
Hibachi PAXG/USDT-P	−0.0208%	1h	4,341	+0.116%	$46K	$158K	20x	as long as short
Lighter PAXG	−0.0104%	1h	4,337.8	+0.041%	$1.4M	$365K	25x	as long as short
Kraken Futures PF_PAXGUSD	−0.0101%	1h	4,340.4	+0.101%	$1.3M	$1.5M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0033%	1h	4,339.6	+0.084%	$262K	$785K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.9	+0.135%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,341.5	+0.127%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,336.4	+0.009%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,343.6	+0.176%	$7.9M	$843K	50x
HTX PAXG-USDT	0.0000%	4h	4,342.7	+0.155%	$905K	$691K	75x	as long as short
GRVT PAXG_USDT_Perp	+0.0004%	4h	4,340.2	+0.096%	$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
Extended PAXG-USD	+0.0032%	1h	4,338	+0.046%	$379K	$1.4M	25x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.261%	$1K	$151K	30x	as long as short
MEXC PAXG_USDT	+0.0034%	4h	4,341.4	+0.125%	$16.1M	$1.0M	100x	as long as short
Binance PAXGUSDT	+0.0035%	4h	4,339.9	+0.089%	$80.1M	$70.4M	75x	as long as short
Aster PAXGUSDT	+0.0073%	4h	4,339.2	+0.073%	$905K	$26K	50x	as long as short
Hyperliquid PAXG	+0.0082%	1h	4,339.9	+0.090%	$20.8M	$2.3M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,339.4	+0.077%	$81K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,338.9	+0.067%	$557	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,341.2	+0.119%	$1.0M	$343K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,341.2	+0.120%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,342.6	+0.152%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,339.9	+0.090%	$9.7M	$15.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,340.4	+0.101%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,339.7	+0.086%	$1.3M	$798K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,340.8	+0.110%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDTlong	+0.0100%	4h	4,336	long leg	$1.5M	$39K	50x
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.8	+0.087%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,342.3	+0.146%	$955K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0776%	1h	4,350	+0.323%	$29K	$24K	10x	as long as short