Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.035%

Price spread now: Variational Omni against Hibachi−0.003%7-day average +0.003% · you buy dearer than you sell

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now −0.003%, 7d avg +0.003%

Together, before fees+0.057%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.003% in total (about -0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi PAXG/USDT-P	4,340	−0.0096	get 0.0012% / 1h	1m 06s	$41K	$158K	20x
Short	Variational Omni PAXG	4,339.9	0.0100	get 0.0050% / 4h	1h 01m	$12.4M	$97K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hibachi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpFee Variational OmnibpOrdersPrice spread, now −0.003%Rate

Funding earned: $41.16
Price spread: −0.003% → +0.003%: −$0.61
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $31.55
Costs to cover: 0.090%
Break-even: 1.6 days

Slippage unknown: Hibachi: live order book, 63 min ago; Variational Omni: RFQ quote, 3 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 Hibachi live order book, 63 min ago	0.20 bp	16.7 bp −$17	52.2 bp −$522	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	2.82 bp	doesn't fit	7.8 bp −$78	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-Plong	−0.0096%	1h	4,340	long leg	$41K	$158K	20x
dYdX PAXG-USD	0.0000%	1h	4,341.3	+0.030%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,342	+0.046%	$15.6M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,335.7	−0.100%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,343.2	+0.073%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,346.2	+0.143%	$905K	$670K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.168%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0086%	4h	4,341	+0.024%	$1.5M	$1.9M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,338.8	−0.029%	$1.4M	$351K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,339.6	−0.009%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,340.7	+0.016%	$20.7M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,340	0.000%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,340.7	+0.017%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,339.8	−0.004%	$80.1M	$70.6M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,340.7	+0.016%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,341	+0.022%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,343.2	+0.075%	$28.6M	$5.4M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,341	+0.022%	$9.7M	$15.0M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,340.3	+0.006%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,340.7	+0.017%	$1.3M	$799K	50x	as long as short
Variational Omni PAXGshort	+0.0100%	4h	4,339.9	−0.003%	$12.4M	$97K	—
ApeX Omni PAXGUSDT	+0.0100%	1h	4,340	+0.001%	$262K	$790K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,338.8	−0.028%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,338	−0.046%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,338.5	−0.035%	$380K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0173%	1h	4,341.2	+0.027%	$1.3M	$1.4M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.8	−0.004%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,353	+0.299%	$972K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1016%	1h	4,350.6	+0.244%	$29K	$23K	10x	as long as short