Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.018%

Price spread now: Hibachi against SunX+0.144%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$980.979% of the position

Long on SunX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.684%+$68 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.144%, 7d avg +0.104%

Together, before fees+0.558%+ Points / potential airdropHibachi: Active · farm board+$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.039% dearer against SunX than usual: you sell high and buy low (spread +0.144% now, against its 7-day average of +0.104%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 8.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.684%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PAXG-USDT	4,323.7	0	get 0.0000% / 4h	2h 59m	$2K	$3.1M	20x
Short	Hibachi PAXG/USDT-P	4,329.9	−0.0016	pay 0.0002% / 1h	59m 24s	$43K	$189K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.144%Rate

Funding earned: −$3.36
Price spread: +0.144% → +0.104%: $3.94
Slippage, 4 orders: −$80.89
Fee SunX: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$97.31
Costs to cover: 0.979%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Hibachi: live order book, 34 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, 9 min ago	21.54 bp	39.0 bp −$39	68.3 bp −$683	doesn't fit	doesn't fit
Sell Hibachi live order book, 34 min ago	0.44 bp	15.3 bp −$15	48.7 bp −$487	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	−0.0235%	1h	4,328.5	+0.112%	$115K	$15K	5x	as long as short
Lighter PAXG	−0.0128%	1h	4,327.1	+0.079%	$1.4M	$500K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0056%	4h	4,328.1	+0.104%	$1.5M	$2.0M	10x	as long as short
Hibachi PAXG/USDT-Pshort	−0.0016%	1h	4,329.9	+0.144%	$43K	$189K	20x
Gate PAXG_USDT	0.0000%	8h	4,331.1	+0.172%	$15.7M	$3.9M	100x	as long as short
SunX PAXG-USDTlong	0.0000%	4h	4,323.7	long leg	$2K	$3.1M	20x
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,331.9	+0.191%	$7.9M	$428K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,332.4	+0.203%	$910K	$823K	75x	as long as short
MEXC PAXG_USDT	+0.0022%	4h	4,334.7	+0.256%	$16.6M	$1.2M	100x	as long as short
Bitget PAXGUSDT	+0.0022%	4h	4,327.4	+0.087%	$9.2M	$16.3M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PAXGUSDT	+0.0022%	4h	4,328.6	+0.115%	$80.2M	$82.1M	75x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,327.3	+0.084%	$375K	$1.5M	25x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.547%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0040%	1h	4,328.1	+0.104%	$262K	$805K	50x	as long as short
Aster PAXGUSDT	+0.0041%	4h	4,330.1	+0.150%	$906K	$38K	50x	as long as short
Kraken Futures PF_PAXGUSD	+0.0085%	1h	4,328.1	+0.102%	$1.2M	$2.1M	20x	as long as short
Paradex PAXG-USD-PERP	+0.0087%	8h	4,328	+0.100%	$80K	$4.4M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,329.2	+0.128%	$21.3M	$2.6M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,330.3	+0.153%	$1.0M	$309K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,329.7	+0.140%	$15.0M	$4.6M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,332	+0.193%	$28.9M	$5.5M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,329.5	+0.135%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,329.4	+0.132%	$1.2M	$860K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,326.8	+0.074%	$12.2M	$291K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,328.4	+0.110%	$555	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,322	−0.038%	$1.5M	$80K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,327.9	+0.098%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,330.6	+0.161%	$933K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.4408%	1h	4,387.1	+1.468%	$29K	$24K	10x	as long as short