PAXG

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.030%

Price spread now: Deribit against Hyperliquid+0.076%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)−0.025%−$3 · spread now +0.076%, 7d avg +0.050%

Together, before fees−0.185%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.026% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.076% now, against its 7-day average of +0.050%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PAXG	4,357.5	0.0100	pay 0.0013% / 1h	34m 50s	$20.8M	$2.1M	10x
Short	Deribit PAXG_USDC-PERPETUAL	4,360.8	0	get 0.0000% / 1h	34m 50s	$7.9M	$871K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Hyperliquid. 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 HyperliquidbpFee DeribitbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$21
Price spread: +0.076% → +0.050%: $2.6
Slippage, 4 orders: −$9.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$44.38
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Deribit: live order book, 4 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 Hyperliquid live order book, 8 min ago	0.12 bp	4.8 bp −$5	6.5 bp −$65	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	1.62 bp	10.8 bp −$11	17.2 bp −$172	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	4,359.2	+0.039%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,358.3	+0.018%	$15.7M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,352.9	−0.106%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,360.8	+0.076%	$7.9M	$871K	50x
HTX PAXG-USDT	0.0000%	4h	4,363.6	+0.139%	$907K	$659K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.234%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0096%	1h	4,356.1	−0.031%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,357	−0.012%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXGlong	+0.0100%	1h	4,357.5	long leg	$20.8M	$2.1M	10x
Aster PAXGUSDT	+0.0100%	4h	4,357.3	−0.006%	$909K	$29K	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PAXG	+0.0100%	1h	4,358.7	+0.027%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,357	−0.011%	$80.1M	$71.0M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,358.4	+0.021%	$15.1M	$3.7M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,357.4	−0.003%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,359.6	+0.048%	$28.4M	$5.6M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,357.6	+0.002%	$9.7M	$15.0M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,357.9	+0.009%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,358	+0.012%	$1.4M	$853K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,358.3	+0.018%	$12.5M	$104K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,356.3	−0.028%	$1.6M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,355.5	−0.047%	$263K	$785K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,357.5	0.000%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,355	−0.057%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,356	−0.035%	$379K	$1.6M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0136%	1h	4,358.1	+0.013%	$42K	$157K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,357.3	−0.005%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,357.7	+0.005%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0304%	1h	4,366.2	+0.199%	$976K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1024%	1h	4,368.7	+0.257%	$29K	$23K	10x	as long as short