Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0968%/8h= −106.0% APRpaid last 24h −0.031%

Price spread now: dYdX against Bitget+0.011%63s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as 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−$500.497% of the position

Long on Bitget Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now +0.011%, 7d avg +0.004%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$29 a day on $10k at the current rate. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.215% in total (about -11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PAXGUSDT	4,332.2	0.0100	pay 0.0050% / 4h	1h 49m	$9.2M	$16.8M	50x
Short	dYdX PAXG-USD	4,332.7	−0.0868	pay 0.0108% / 1h	49m 36s	$117K	$16K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bitget. 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 BitgetbpFee dYdXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$203.28
Price spread: +0.011% → +0.004%: $0.7
Slippage, 4 orders: −$27.7
Fee Bitget: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$252.28
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; dYdX: live order book, 62 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 Bitget live order book, 2 min ago	0.01 bp	7.2 bp −$7	9.9 bp −$99	doesn't fit	doesn't fit
Sell dYdX live order book, 62 min ago	8.11 bp	13.1 bp −$13	55.6 bp −$556	151.0 bp −$15.1K	858.7 bp −$429.3K

PAXG on 29 exchanges

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-USDshort	−0.0868%	1h	4,332.7	+0.011%	$117K	$16K	5x
Gate PAXG_USDT	0.0000%	8h	4,334.9	+0.061%	$15.7M	$4.0M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,330.8	−0.032%	$2K	$2.8M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,337.3	+0.118%	$7.9M	$180K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,338.7	+0.149%	$913K	$824K	75x	as long as short
Lighter PAXG	+0.0032%	1h	4,330.9	−0.032%	$1.4M	$499K	25x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.348%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0098%	8h	4,330.8	−0.033%	$80K	$4.3M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,332.6	+0.008%	$21.3M	$2.5M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,333.9	+0.037%	$907K	$41K	50x	as long as short

Show all 29 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PAXG	+0.0100%	1h	4,334.2	+0.044%	$1.0M	$306K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,332.4	+0.004%	$80.2M	$81.7M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,332.5	+0.005%	$14.9M	$4.7M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,336.2	+0.091%	$16.6M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,335.9	+0.083%	$28.9M	$5.9M	30x	as long as short
Bitget PAXGUSDTlong	+0.0100%	4h	4,332.2	long leg	$9.2M	$16.8M	50x
BingX PAXG-USDT	+0.0100%	4h	4,333.6	+0.031%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,333.6	+0.031%	$1.2M	$872K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,333.6	+0.032%	$12.2M	$279K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,333.3	+0.025%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,333.6	+0.031%	$262K	$798K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,334.9	+0.061%	$556	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,329	−0.075%	$1.5M	$82K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,331	−0.030%	$374K	$1.5M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0187%	1h	4,334.8	+0.058%	$1.2M	$2.1M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,333.6	+0.032%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0264%	1h	4,337.3	+0.116%	$928K	$1.1M	50x	as long as short
Hibachi PAXG/USDT-P	+0.0320%	1h	4,335.4	+0.074%	$43K	$181K	20x	as long as short
01 Exchange PAXGUSD	+0.0952%	1h	4,343	+0.248%	$29K	$23K	10x	as long as short