Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0224%/8h= +24.5% APRpaid last 24h +0.082%

Price spread now: Coinbase International against SunX+0.056%7-day average +0.196% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.496%+$50 on $10k

Price spread, last 4 days (all we have)+0.172%+$17 · spread now +0.056%, 7d avg +0.196%

Together, before fees+0.668%+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.140% cheaper against SunX than usual: you would sell low and buy high (spread +0.056% now, against its 7-day average of +0.196%). If the spread goes back, that is −$14 on $10k: about 2.1 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PAXG-USDT	4,319.8	0	get 0.0000% / 4h	41m 09s	$2K	$3.2M	20x
Short	Coinbase International PAXG-PERP-INTX	4,322.2	0.0224	get 0.0028% / 1h	41m 09s	$949K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.056%Rate

Funding earned: $47.04
Price spread: +0.056% → +0.196%: −$13.99
Slippage, 4 orders: −$60.27
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$45.22
Costs to cover: 0.783%
Break-even: 13.7 days

Slippage from SunX: live order book, 7 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 SunX live order book, 7 min ago	21.54 bp	38.3 bp −$38	67.5 bp −$675	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.23 bp	7.2 bp −$7	13.6 bp −$136	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
Lighter PAXG	−0.0176%	1h	4,320.7	+0.023%	$1.4M	$482K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0102%	4h	4,319.3	−0.012%	$1.5M	$2.0M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0088%	1h	4,321.5	+0.039%	$41K	$168K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,323.1	+0.076%	$1.2M	$1.9M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,321.4	+0.039%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,324.6	+0.112%	$15.6M	$3.6M	100x	as long as short
SunX PAXG-USDTlong	0.0000%	4h	4,319.8	long leg	$2K	$3.2M	20x
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,326.9	+0.166%	$7.9M	$659K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,325.1	+0.124%	$903K	$783K	75x	as long as short
Extended PAXG-USD	+0.0008%	1h	4,321.5	+0.041%	$376K	$1.6M	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0008%	4h	4,327.8	+0.186%	$16.7M	$1.0M	100x	as long as short
Binance PAXGUSDT	+0.0010%	4h	4,322.8	+0.069%	$79.8M	$74.1M	75x	as long as short
Aster PAXGUSDT	+0.0021%	4h	4,322.2	+0.057%	$902K	$29K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.638%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0062%	1h	4,317.7	−0.048%	$261K	$775K	50x	as long as short
Bitget PAXGUSDT	+0.0080%	4h	4,322.3	+0.059%	$9.4M	$15.9M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0098%	8h	4,321.4	+0.038%	$85K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,321.6	+0.043%	$555	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,322.9	+0.072%	$20.8M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,324.2	+0.102%	$1.0M	$305K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,323.3	+0.082%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,324.7	+0.114%	$28.7M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,322.7	+0.068%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,322.4	+0.062%	$1.3M	$818K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,320	+0.006%	$12.3M	$223K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,323	+0.075%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,322.3	+0.058%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0224%	1h	4,322.2	+0.056%	$949K	$1.0M	50x
01 Exchange PAXGUSD	+0.0888%	1h	4,333.1	+0.309%	$29K	$23K	10x	as long as short