Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.007%

Price spread now: BingX against Lighter+0.028%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$150.147% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 7 days−0.069%−$7 · spread now +0.028%, 7d avg +0.017%

Together, before fees−0.052%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.017%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.017% in total (about 0.9% 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	Lighter PAXG	4,328	−0.0128	get 0.0016% / 1h	5m 48s	$1.4M	$391K	25x
Short	BingX PAXG-USDT	4,329.2	0.0100	get 0.0050% / 4h	2h 05m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.028%Rate

Funding earned: $47.88
Price spread: +0.028% → +0.017%: $1.09
Slippage, 4 orders: −$4.69
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $34.29
Costs to cover: 0.147%
Break-even: 2.0 days

Slippage from Lighter: live order book, 5 min ago; BingX: live order book, 17 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 Lighter live order book, 5 min ago	1.95 bp	2.0 bp −$2	4.0 bp −$40	19.2 bp −$1,925	doesn't fit
Sell BingX live order book, 17 min ago	0.20 bp	5.2 bp −$5	5.7 bp −$57	10.3 bp −$1,032	35.0 bp −$17.5K

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
Lighter PAXGlong	−0.0128%	1h	4,328	long leg	$1.4M	$391K	25x
Hibachi PAXG/USDT-P	−0.0112%	1h	4,330.2	+0.051%	$42K	$165K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0101%	1h	4,330.6	+0.060%	$1.2M	$1.9M	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0060%	4h	4,327.9	−0.001%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	−0.0010%	1h	4,327.5	−0.012%	$262K	$784K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,328.9	+0.021%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,330.8	+0.065%	$15.6M	$3.8M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,326.7	−0.030%	$1K	$3.4M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,333.5	+0.128%	$7.9M	$835K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,333.2	+0.121%	$903K	$743K	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PAXG-USD	+0.0016%	1h	4,327.3	−0.015%	$376K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0016%	4h	4,330.5	+0.057%	$16.4M	$1.1M	100x	as long as short
Binance PAXGUSDT	+0.0018%	4h	4,328.3	+0.008%	$79.8M	$74.2M	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.446%	$1K	$151K	30x	as long as short
Aster PAXGUSDT	+0.0046%	4h	4,330.1	+0.049%	$903K	$27K	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,330.1	+0.049%	$81K	$3.2M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,330.4	+0.056%	$556	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,327.8	−0.004%	$20.8M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,332.1	+0.094%	$1.0M	$336K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,330.2	+0.051%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,331.2	+0.074%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,327.1	−0.021%	$9.3M	$16.1M	50x	as long as short
BingX PAXG-USDTshort	+0.0100%	4h	4,329.2	+0.028%	—	$6.8M	—
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,328.9	+0.022%	$1.3M	$810K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,330	+0.046%	$12.3M	$221K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,327	−0.023%	$1.5M	$45K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,329.5	+0.036%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,333.5	+0.126%	$978K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0856%	1h	4,341.6	+0.315%	$29K	$24K	10x	as long as short