Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.025%

Price spread now: Injective against Variational Omni+0.191%91s7-day average +0.077% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.191%, 7d avg +0.077%

Together, before fees−0.161%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.114% dearer against Variational Omni than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of +0.077%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.7 days. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PAXG	4,339	0.0100	pay 0.0050% / 4h	51m 37s	$12.4M	$97K	—
Short	Injective PAXG/USDC PERP	4,347.3	0.0033	get 0.0004% / 1h	51m 37s	$1K	$151K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +0.191%Rate

Funding earned: −$14
Price spread: +0.191% → +0.077%: $11.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$2.64
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	2.84 bp	doesn't fit	8.9 bp −$89	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0128%	1h	4,338.9	−0.002%	$41K	$158K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.3	+0.052%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,340.4	+0.031%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,335.3	−0.086%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,342.2	+0.073%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,342.8	+0.087%	$904K	$672K	75x	as long as short
Injective PAXG/USDC PERPshort	+0.0033%	1h	4,347.3	+0.191%	$1K	$151K	30x
Lighter PAXG	+0.0088%	1h	4,336.6	−0.055%	$1.4M	$347K	25x	as long as short
GRVT PAXG_USDT_Perp	+0.0092%	4h	4,341.9	+0.066%	$1.5M	$1.9M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,336.9	−0.050%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,338.5	−0.012%	$20.7M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,339.8	+0.018%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,340.2	+0.026%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,337.7	−0.030%	$80.1M	$70.6M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,338.8	−0.004%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,340	+0.023%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,340.9	+0.043%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,337.7	−0.031%	$9.7M	$14.8M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,339.2	+0.003%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,339.3	+0.006%	$1.3M	$799K	50x	as long as short
Variational Omni PAXGlong	+0.0100%	4h	4,339	long leg	$12.4M	$97K	—
ApeX Omni PAXGUSDT	+0.0100%	1h	4,339.9	+0.020%	$262K	$790K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,338.5	−0.012%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.001%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,336.6	−0.056%	$380K	$1.4M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,338.3	−0.017%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0210%	1h	4,339.5	+0.011%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,342.3	+0.074%	$967K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0984%	1h	4,348.6	+0.220%	$29K	$23K	10x	as long as short