Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.002%

Price spread now: ApeX Omni against Backpack+0.056%84s7-day average −0.042% · 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—prices read too far apart to compare

costs, in and out, $10k−$260.262% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.056%, 7d avg −0.042%

Together, before fees−0.115%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.098% dearer against Backpack than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.042%. The two prices were read 84 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	Backpack PAXG_USDC_PERP	4,339.6	0.0100	pay 0.0013% / 1h	5m 40s	$1.3M	$801K	50x
Short	ApeX Omni PAXGUSDT	4,342	0.0100	get 0.0013% / 1h	5m 40s	$263K	$789K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now +0.056%Rate

Funding earned: $0
Price spread: +0.056% → −0.042%: $9.79
Slippage, 4 orders: −$6.16
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$16.37
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; ApeX Omni: live order book, 58 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	6.0 bp −$60	187.7 bp −$18.8K	doesn't fit
Sell ApeX Omni live order book, 58 min ago	2.78 bp	8.0 bp −$8	82.9 bp −$829	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	−0.0072%	1h	4,339.3	−0.006%	$41K	$158K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.3	+0.040%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,341.5	+0.044%	$15.6M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,335.9	−0.084%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,342.3	+0.063%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,347.9	+0.192%	$904K	$664K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.178%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0084%	4h	4,343	+0.079%	$1.5M	$1.9M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,338.5	−0.024%	$1.4M	$351K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,339.3	−0.006%	$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	4,340.3	+0.017%	$20.7M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,340	+0.010%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,340.6	+0.024%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.2	−0.008%	$80.1M	$70.7M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,340.8	+0.027%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,342.4	+0.066%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,342	+0.056%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.7	+0.025%	$9.6M	$14.9M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,340.4	+0.019%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERPlong	+0.0100%	1h	4,339.6	long leg	$1.3M	$801K	50x
Variational Omni PAXG	+0.0100%	4h	4,339.2	−0.008%	$12.4M	$99K	—	as long as short
ApeX Omni PAXGUSDTshort	+0.0100%	1h	4,342	+0.056%	$263K	$789K	50x
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,338.7	−0.020%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,337	−0.059%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,338.1	−0.034%	$380K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0173%	1h	4,339.8	+0.005%	$1.3M	$1.4M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339	−0.013%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,353	+0.309%	$972K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1008%	1h	4,350	+0.240%	$29K	$23K	10x	as long as short