Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.054%

Price spread now: Orderly against Coinbase International−0.070%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.070% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,333.5	0.0248	pay 0.0031% / 1h	6m 10s	$978K	$1.1M	50x
Short	Orderly PERP_PAXG_USDC_mythos	4,330.4	0.0100	get 0.0050% / 4h	2h 06m	$556	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.070%Rate

Funding earned: −$31.08
Price spread: −0.070% → 0.000%: −$7.04
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$54.12
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 2 min ago; Orderly: 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 Coinbase International live order book, 2 min ago	2.99 bp	8.0 bp −$8	11.7 bp −$117	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Lighter PAXG	−0.0128%	1h	4,328	−0.126%	$1.4M	$391K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0112%	1h	4,330.2	−0.075%	$42K	$165K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0101%	1h	4,330.6	−0.067%	$1.2M	$1.9M	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0060%	4h	4,327.9	−0.128%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	−0.0010%	1h	4,327.5	−0.138%	$262K	$784K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,328.9	−0.105%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,331.7	−0.040%	$15.6M	$3.8M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,326.7	−0.156%	$1K	$3.4M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,333.5	+0.002%	$7.9M	$835K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,333.2	−0.005%	$903K	$743K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PAXG-USD	+0.0016%	1h	4,328.7	−0.109%	$376K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0016%	4h	4,332.1	−0.032%	$16.4M	$1.1M	100x	as long as short
Binance PAXGUSDT	+0.0018%	4h	4,329.9	−0.083%	$79.8M	$74.2M	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.320%	$1K	$151K	30x	as long as short
Aster PAXGUSDT	+0.0046%	4h	4,330.9	−0.060%	$903K	$27K	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,330.1	−0.077%	$81K	$3.2M	50x	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,330.4	−0.070%	$556	—	10x
Hyperliquid PAXG	+0.0100%	1h	4,330	−0.080%	$20.8M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,332.1	−0.032%	$1.0M	$336K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,330.7	−0.063%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,332.2	−0.030%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,328.3	−0.119%	$9.3M	$16.1M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,330.2	−0.074%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,328.9	−0.104%	$1.3M	$810K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,325.9	−0.174%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,327	−0.149%	$1.5M	$45K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,329.5	−0.090%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0248%	1h	4,333.5	long leg	$978K	$1.1M	50x
01 Exchange PAXGUSD	+0.0856%	1h	4,341.6	+0.188%	$29K	$24K	10x	as long as short