Funding you earn now, next payment 09:00 UTC−0.0132%/8h= −14.5% APRnext payment −$0.17 per $10,000 · paid last 24h −0.053%
Price spread now: Backpack against Coinbase International−0.296%7-day average −0.073% · you buy dearer than you sell
Net, funding: paid 7d − costs−$56as in the Funding arb table
Net, price: spread back to 7d avg − costs−$49as in the Price arb table
costs, in and out, $10k−$270.270% of the position
Funding, last 7 days−0.287%−$29 on $10k
+Price spread, last 4 days (all we have)+0.116%+$12 · spread now −0.296%, 7d avg −0.073%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Backpack is 0.223% cheaper against Coinbase International than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.073%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International PAXG-PERP-INTX | 4,330.6 | 0.0232 | pay 0.0029% / 1h | 54m 38s | $933K | $1.0M | 50x |
| Short | Backpack PAXG_USDC_PERP | 4,317.8 | 0.0100 | get 0.0013% / 1h | 54m 38s | $1.2M | $863K | 50x |
Coinbase International PAXG-PERP-INTX
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$27.72
- Price spread: −0.296% → −0.073%
- −$22.25
- Slippage, 4 orders
- −$6.98
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$76.96
- Costs to cover
- 0.270%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 4 min ago; Backpack: live order book, 4 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 Coinbase International live order book, 4 min ago | 3.34 bp | 8.6 bp −$9 | 10.6 bp −$106 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 6.0 bp −$60 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Lighter PAXG | −0.0056% | 1h | 4,316.2 | −0.332% | $1.4M | $500K | 25x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0030% | 4h | 4,326.2 | −0.103% | $1.5M | $2.0M | 10x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,320.8 | −0.227% | $115K | $15K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,319.6 | −0.254% | $15.6M | $3.9M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,315.2 | −0.356% | $2K | $3.1M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,323.3 | −0.169% | $7.9M | $428K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,325.6 | −0.116% | $910K | $825K | 75x | as long as short |
| Hibachi PAXG/USDT-P | +0.0016% | 1h | 4,323 | −0.175% | $41K | $190K | 20x | as long as short |
| Bitget PAXGUSDT | +0.0024% | 4h | 4,317.2 | −0.311% | $9.2M | $16.4M | 50x | as long as short |
| MEXC PAXG_USDT | +0.0028% | 4h | 4,323 | −0.177% | $16.6M | $1.3M | 100x | as long as short |
Lighter PAXG
GRVT PAXG_USDT_Perp
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Hibachi PAXG/USDT-P
Bitget PAXGUSDT
MEXC PAXG_USDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance PAXGUSDT | +0.0029% | 4h | 4,317.3 | −0.308% | $80.0M | $82.4M | 75x | as long as short |
| Extended PAXG-USD | +0.0032% | 1h | 4,315.8 | −0.343% | $375K | $1.5M | 25x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.385% | $1K | $151K | 30x | as long as short |
| Aster PAXGUSDT | +0.0047% | 4h | 4,319 | −0.268% | $904K | $38K | 50x | as long as short |
| ApeX Omni PAXGUSDT | +0.0069% | 1h | 4,323.3 | −0.169% | $261K | $805K | 50x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0085% | 1h | 4,319.6 | −0.255% | $1.2M | $2.1M | 20x | as long as short |
| Paradex PAXG-USD-PERP | +0.0087% | 8h | 4,316.4 | −0.329% | $80K | $4.4M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,317.5 | −0.303% | $21.2M | $2.6M | 10x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,319.2 | −0.265% | $1.0M | $309K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,317.3 | −0.308% | $14.9M | $4.6M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,319.7 | −0.251% | $28.8M | $5.5M | 30x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,318.6 | −0.278% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,317.8 | −0.296% | $1.2M | $863K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,321.7 | −0.206% | $12.2M | $293K | — | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,320.2 | −0.241% | $554 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,315 | −0.361% | $1.5M | $80K | 50x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,318.7 | −0.274% | $20K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTXlong | +0.0232% | 1h | 4,330.6 | long leg | $933K | $1.0M | 50x | |
| 01 Exchange PAXGUSD | +0.1784% | 1h | 4,328.4 | −0.051% | $29K | $24K | 10x | as long as short |
Binance PAXGUSDT
Extended PAXG-USD
Injective PAXG/USDC PERP
Aster PAXGUSDT
ApeX Omni PAXGUSDT
Kraken Futures PF_PAXGUSD
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
BingX PAXG-USDT
Variational Omni PAXG
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Reya PAXGRUSDPERP
01 Exchange PAXGUSD