Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.01 per $10,000 · paid last 24h +0.039%
Price spread now: Backpack against Hibachi+0.042%7-day average +0.021% · you sell dearer than you buy
Net, funding: paid 7d − costs−$91as in the Funding arb table
Net, price: spread back to 7d avg − costs−$40as in the Price arb table
costs, in and out, $10k−$420.417% of the position
Funding, last 7 days−0.492%−$49 on $10k
+Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.042%, 7d avg +0.021%
=Together, before fees−0.499%+ Points / potential airdropHibachi: Active · farm board−$50 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.021% dearer against Hibachi than usual: you sell high and buy low (spread +0.042% now, against its 7-day average of +0.021%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 5.9 days. At the pace of the last 7 days (−0.492% in total) that is about 7 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi PAXG/USDT-P | 4,354.4 | 0.0112 | pay 0.0014% / 1h | 1m 35s | $42K | $154K | 20x |
| Short | Backpack PAXG_USDC_PERP | 4,356.3 | 0.0100 | get 0.0013% / 1h | 1m 35s | $1.4M | $831K | 50x |
Hibachi PAXG/USDT-P
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Hibachi. 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
- −$2.52
- Price spread: +0.042% → +0.021%
- $2.13
- Slippage, 4 orders
- −$22.7
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$42.09
- Costs to cover
- 0.417%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 7 min ago; Backpack: live order book, 2 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 Hibachi live order book, 7 min ago | 0.08 bp | 15.5 bp −$16 | 49.4 bp −$494 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 2 min ago | 0.01 bp | 5.0 bp −$5 | 6.4 bp −$64 | 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX PAXG-USD | 0.0000% | 1h | 4,354.3 | −0.004% | $102K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,356.1 | +0.038% | $15.7M | $3.5M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,352 | −0.057% | $2K | $3.8M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,359.2 | +0.108% | $7.9M | $873K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,357.3 | +0.066% | $906K | $643K | 75x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | −0.164% | $1K | $151K | 30x | as long as short |
| GRVT PAXG_USDT_Perp | +0.0086% | 4h | 4,354.7 | +0.007% | $1.6M | $2.0M | 10x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,353.7 | −0.017% | $1.4M | $270K | 25x | as long as short |
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,353.8 | −0.015% | $80K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,354.6 | +0.003% | $20.7M | $2.1M | 10x | as long as short |
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Injective PAXG/USDC PERP
GRVT PAXG_USDT_Perp
Lighter PAXG
Paradex PAXG-USD-PERP
Hyperliquid PAXGShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster PAXGUSDT | +0.0100% | 4h | 4,355 | +0.014% | $908K | $29K | 50x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,355.9 | +0.032% | $1.0M | $368K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,353.6 | −0.021% | $80.4M | $70.8M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,355.2 | +0.017% | $15.1M | $3.6M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,353.9 | −0.013% | $16.2M | $1.2M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,357.2 | +0.064% | $28.4M | $5.5M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,354.5 | +0.002% | $9.7M | $15.2M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,355 | +0.012% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,356.3 | +0.042% | $1.4M | $831K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,355.1 | +0.016% | $12.5M | $104K | — | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,352.8 | −0.037% | $263K | $787K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,354 | −0.010% | $559 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,353 | −0.033% | $1.5M | $39K | 50x | as long as short |
| Extended PAXG-USD | +0.0104% | 1h | 4,353.7 | −0.018% | $379K | $1.4M | 25x | as long as short |
| Hibachi PAXG/USDT-Plong | +0.0112% | 1h | 4,354.4 | long leg | $42K | $154K | 20x | |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,355.1 | +0.015% | $21K | — | 100x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0208% | 1h | 4,356.6 | +0.050% | $1.3M | $1.4M | 20x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0304% | 1h | 4,357.1 | +0.061% | $973K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0976% | 1h | 4,365 | +0.242% | $29K | $23K | 10x | as long as short |
Aster PAXGUSDT
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Extended PAXG-USD
Reya PAXGRUSDPERP
Kraken Futures PF_PAXGUSD
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD