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 +0.030%

Price spread now: Variational Omni against Deribit−0.085%7-day average −0.054% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.085%, 7d avg −0.054%

Together, before fees+0.102%+ Points / potential airdropVariational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.031% cheaper against Deribit than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of −0.054%). If the spread goes back, that is −$3 on $10k: about 25 hours 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	4,346.8	0	get 0.0000% / 1h	15m 34s	$7.9M	$868K	50x
Short	Variational Omni PAXG	4,343.1	0.0100	get 0.0050% / 4h	15m 34s	$12.5M	$97K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.085%Rate

Funding earned: $21
Price spread: −0.085% → −0.054%: −$3.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.85
Costs to cover: 0.070%
Break-even: 3.4 days

Slippage unknown: Deribit: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. 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	2.82 bp	9.9 bp −$10	16.1 bp −$161	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.82 bp	doesn't fit	6.5 bp −$65	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	−0.0136%	1h	4,342.8	−0.091%	$42K	$155K	20x	as long as short
Lighter PAXG	0.0000%	1h	4,338.5	−0.190%	$1.4M	$357K	25x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,342	−0.110%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,341.9	−0.113%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,339.7	−0.164%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUALlong	0.0000%	1h	4,346.8	long leg	$7.9M	$868K	50x
HTX PAXG-USDT	0.0000%	4h	4,348.9	+0.047%	$905K	$682K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.012%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0072%	4h	4,343.8	−0.069%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0091%	1h	4,340.9	−0.135%	$262K	$788K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex PAXG-USD-PERP	+0.0100%	8h	4,339.6	−0.164%	$81K	$3.7M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,342.7	−0.094%	$557	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,339.9	−0.159%	$20.8M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,340.9	−0.135%	$906K	$26K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,341.3	−0.126%	$1.0M	$340K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.4	−0.171%	$80.1M	$70.8M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,341.5	−0.122%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,342.5	−0.098%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,342.5	−0.099%	$28.6M	$5.4M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.6	−0.142%	$9.6M	$14.9M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,340.6	−0.143%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,341.1	−0.131%	$1.3M	$804K	50x	as long as short
Variational Omni PAXGshort	+0.0100%	4h	4,343.1	−0.085%	$12.5M	$97K	—
Phemex PAXGUSDT	+0.0100%	4h	4,343	−0.087%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,337.9	−0.204%	$379K	$1.5M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,343.2	−0.083%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0210%	1h	4,343	−0.087%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,346.5	−0.008%	$968K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0856%	1h	4,350	+0.074%	$29K	$23K	10x	as long as short