Funding you earn now, next payment 01:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h +0.039%
Price spread now: Phemex against Hibachi+0.014%48s7-day average −0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$135as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$860.860% of the position
Funding, last 7 days−0.492%−$49 on $10k
+Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.014%, 7d avg −0.050%
=Together, before fees−0.545%+ Points / potential airdropHibachi: Active · farm board−$55 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phemex is 0.064% dearer against Hibachi than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.050%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 7 days (−0.492% in total) that is about 22 hours. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hibachi PAXG/USDT-P | 4,367.4 | 0.0128 | pay 0.0016% / 1h | 45m 28s | $42K | $155K | 20x |
| Short | Phemex PAXGUSDT | 4,368 | 0.0100 | get 0.0050% / 4h | 3h 45m | $1.5M | $38K | 50x |
Hibachi PAXG/USDT-P
Phemex PAXGUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$5.88
- Price spread: +0.014% → −0.050%
- $6.36
- Slippage, 4 orders
- −$64.98
- Fee Hibachi: 4.5 bp × 2 orders
- −$9
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$85.5
- Costs to cover
- 0.860%
- Break-even
- never at this rate
Slippage from Hibachi: live order book, 28 min ago; Phemex: 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, 28 min ago | 0.14 bp | 14.6 bp −$15 | 49.9 bp −$499 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 5.73 bp | 27.8 bp −$28 | doesn't fit | 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 | 4,367.1 | −0.007% | $102K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,369.5 | +0.048% | $15.8M | $3.4M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,362.3 | −0.117% | $2K | $3.9M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,371.4 | +0.091% | $8.0M | $871K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,370.2 | +0.064% | $911K | $661K | 75x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | −0.460% | $1K | $151K | 30x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,365.9 | −0.034% | $1.4M | $270K | 25x | as long as short |
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,366.3 | −0.025% | $81K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,367.3 | −0.003% | $20.8M | $2.1M | 10x | as long as short |
| Aster PAXGUSDT | +0.0100% | 4h | 4,367.8 | +0.008% | $911K | $30K | 50x | as long as short |
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
Injective PAXG/USDC PERP
Lighter PAXG
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Aster PAXGUSDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica PAXG | +0.0100% | 1h | 4,368.5 | +0.025% | $1.0M | $365K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,367.3 | −0.003% | $80.4M | $71.0M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,368.6 | +0.028% | $15.1M | $3.7M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,364.5 | −0.067% | $16.2M | $1.2M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,369.4 | +0.045% | $28.5M | $5.6M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,368.2 | +0.017% | $9.7M | $15.5M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,367.8 | +0.009% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERP | +0.0100% | 1h | 4,367.5 | +0.002% | $1.4M | $880K | 50x | as long as short |
| Variational Omni PAXG | +0.0100% | 4h | 4,367.4 | −0.001% | $12.5M | $104K | — | as long as short |
| GRVT PAXG_USDT_Perp | +0.0100% | 4h | 4,368.2 | +0.018% | $1.6M | $2.0M | 10x | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,364.8 | −0.061% | $264K | $791K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,367 | −0.009% | $560 | — | 10x | as long as short |
| Phemex PAXGUSDTshort | +0.0100% | 4h | 4,368 | +0.014% | $1.5M | $38K | 50x | |
| Extended PAXG-USD | +0.0104% | 1h | 4,366 | −0.032% | $379K | $1.4M | 25x | as long as short |
| Hibachi PAXG/USDT-Plong | +0.0128% | 1h | 4,367.4 | long leg | $42K | $155K | 20x | |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,367.4 | 0.000% | $21K | — | 100x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0207% | 1h | 4,368.1 | +0.016% | $1.3M | $1.4M | 20x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0304% | 1h | 4,371.6 | +0.096% | $977K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0992% | 1h | 4,377.8 | +0.238% | $29K | $23K | 10x | as long as short |
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Backpack PAXG_USDC_PERP
Variational Omni PAXG
GRVT PAXG_USDT_Perp
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Extended PAXG-USD
Reya PAXGRUSDPERP
Kraken Futures PF_PAXGUSD
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD