Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.028%

Price spread now: Orderly against Deribit−0.082%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Orderly is 0.082% cheaper against Deribit than usual: you would sell low and buy high (spread −0.082% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit PAXG_USDC-PERPETUAL	4,343.4	0	get 0.0000% / 1h	40m 09s	$7.9M	$868K	50x
Short	Orderly PERP_PAXG_USDC_mythos	4,339.8	0.0100	get 0.0050% / 4h	40m 09s	$557	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.082%Rate

Funding earned: $21
Price spread: −0.082% → 0.000%: −$8.2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.2
Costs to cover: 0.130%
Break-even: 7.1 days

Slippage unknown: Deribit: live order book, 4 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 Deribit live order book, 4 min ago	3.69 bp	9.0 bp −$9	16.1 bp −$161	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
Hibachi PAXG/USDT-P	−0.0120%	1h	4,341.2	−0.050%	$42K	$159K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.9	−0.034%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,342.4	−0.022%	$15.6M	$3.3M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,336.9	−0.148%	$1K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUALlong	0.0000%	1h	4,343.4	long leg	$7.9M	$868K	50x
HTX PAXG-USDT	0.0000%	4h	4,343.8	+0.011%	$904K	$671K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.091%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0072%	1h	4,339.1	−0.098%	$1.4M	$347K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,341.5	−0.042%	$81K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,340.8	−0.059%	$20.8M	$2.4M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PAXGUSDT	+0.0100%	4h	4,342.2	−0.026%	$906K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,342.2	−0.027%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.7	−0.084%	$80.2M	$70.5M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,341.5	−0.043%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,341.6	−0.040%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,343.5	+0.003%	$28.6M	$5.4M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.7	−0.060%	$9.7M	$14.8M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,341.5	−0.042%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,340.7	−0.061%	$1.3M	$801K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,340.7	−0.060%	$12.4M	$97K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,341.5	−0.043%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,340.5	−0.067%	$262K	$788K	50x	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,339.8	−0.082%	$557	—	10x
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.100%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,339.2	−0.096%	$379K	$1.4M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.9	−0.080%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0210%	1h	4,341.2	−0.051%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,345.7	+0.053%	$968K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0896%	1h	4,352.1	+0.201%	$29K	$23K	10x	as long as short