Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.004%

Price spread now: Lighter against Variational Omni−0.013%7-day average −0.006% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.013%, 7d avg −0.006%

Together, before fees+0.057%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.007% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni PAXG	4,336.2	0.0100	pay 0.0050% / 4h	3h 09m	$12.3M	$222K	—
Short	Lighter PAXG	4,335.7	−0.0152	pay 0.0019% / 1h	9m 46s	$1.4M	$368K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$52.92
Price spread: −0.013% → −0.006%: −$0.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$53.58
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 1 min ago. 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, 4 min ago	2.82 bp	doesn't fit	6.9 bp −$69	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	0.87 bp	1.5 bp −$1	3.7 bp −$37	20.3 bp −$2,029	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	−0.0176%	1h	4,336.7	+0.011%	$42K	$157K	20x	as long as short
Lighter PAXGshort	−0.0152%	1h	4,335.7	−0.013%	$1.4M	$368K	25x
ApeX Omni PAXGUSDT	−0.0025%	1h	4,335.7	−0.013%	$262K	$786K	50x	as long as short
GRVT PAXG_USDT_Perp	−0.0008%	4h	4,337.6	+0.032%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,338.3	+0.048%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,338.7	+0.057%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,332	−0.098%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,340.3	+0.093%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,340.4	+0.096%	$903K	$689K	75x	as long as short
Extended PAXG-USD	+0.0032%	1h	4,335.1	−0.026%	$379K	$1.5M	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.255%	$1K	$151K	30x	as long as short
Binance PAXGUSDT	+0.0034%	4h	4,336.7	+0.011%	$79.9M	$70.4M	75x	as long as short
MEXC PAXG_USDT	+0.0036%	4h	4,338.6	+0.054%	$16.1M	$1.0M	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,337.4	+0.027%	$1.3M	$1.4M	20x	as long as short
Aster PAXGUSDT	+0.0082%	4h	4,336.4	+0.003%	$905K	$27K	50x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,336.5	+0.006%	$81K	$3.4M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,336.9	+0.015%	$20.8M	$2.3M	10x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,334.7	−0.036%	$556	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,338.2	+0.045%	$1.0M	$340K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,337.5	+0.029%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,339.5	+0.075%	$28.6M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,337.3	+0.025%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,337	+0.016%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,337.1	+0.020%	$1.3M	$799K	50x	as long as short
Variational Omni PAXGlong	+0.0100%	4h	4,336.2	long leg	$12.3M	$222K	—
Phemex PAXGUSDT	+0.0100%	4h	4,335	−0.029%	$1.5M	$38K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,336.1	−0.005%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,339.1	+0.066%	$956K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0880%	1h	4,347.8	+0.266%	$29K	$24K	10x	as long as short