Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0208%/8h= +22.8% APRpaid last 24h −0.013%

Price spread now: Gate against Lighter+0.092%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.092%, 7d avg +0.072%

Together, before fees−0.194%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Gate is 0.020% dearer against Lighter than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.072%. Mind the row above: over the last 7 days funding on this pair cost −0.142%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% 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	4,301.4	−0.0208	get 0.0026% / 1h	41m 19s	$1.4M	$611K	25x
Short	Gate PAXG_USDT	4,305.4	0	get 0.0000% / 8h	7h 41m	$15.6M	$3.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.092%Rate

Funding earned: $43.68
Price spread: +0.092% → +0.072%: $2.02
Slippage, 4 orders: −$6.8
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $23.9
Costs to cover: 0.218%
Break-even: 3.2 days

Slippage from Lighter: live order book, 5 min ago; Gate: 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 Lighter live order book, 5 min ago	0.73 bp	1.2 bp −$1	4.1 bp −$41	19.9 bp −$1,988	doesn't fit
Sell Gate live order book, 2 min ago	0.70 bp	10.0 bp −$10	14.0 bp −$140	25.6 bp −$2,558	57.9 bp −$28.9K

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	−0.0208%	1h	4,301.4	long leg	$1.4M	$611K	25x
GRVT PAXG_USDT_Perp	−0.0182%	4h	4,302.2	+0.017%	$1.5M	$1.9M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0176%	1h	4,302.3	+0.019%	$42K	$172K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0097%	1h	4,303.9	+0.056%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,306.2	+0.112%	$100K	$12K	5x	as long as short
Gate PAXG_USDTshort	0.0000%	8h	4,305.4	+0.092%	$15.6M	$3.8M	100x
SunX PAXG-USDT	0.0000%	4h	4,299	−0.057%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,307.1	+0.132%	$7.9M	$599K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,309.5	+0.188%	$905K	$817K	75x	as long as short
MEXC PAXG_USDT	+0.0012%	4h	4,312.4	+0.255%	$16.7M	$1.2M	100x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance PAXGUSDT	+0.0012%	4h	4,303.5	+0.048%	$80.1M	$79.8M	75x	as long as short
Extended PAXG-USD	+0.0016%	1h	4,301.6	+0.003%	$377K	$1.6M	25x	as long as short
Aster PAXGUSDT	+0.0023%	4h	4,302.8	+0.031%	$899K	$33K	50x	as long as short
Bitget PAXGUSDT	+0.0026%	4h	4,302.5	+0.024%	$9.4M	$15.6M	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+1.066%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0096%	8h	4,302.1	+0.016%	$91K	$4.2M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,302.5	+0.025%	$21.0M	$2.6M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,304.5	+0.071%	$1.0M	$304K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,303.8	+0.055%	$14.8M	$4.3M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,305.5	+0.095%	$28.7M	$5.4M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,304.6	+0.073%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,302.9	+0.034%	$1.2M	$856K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,310	+0.200%	$12.2M	$230K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,305.4	+0.092%	$261K	$771K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,302.7	+0.029%	$552	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,304	+0.060%	$1.5M	$67K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,302.3	+0.019%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,309	+0.176%	$934K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0816%	1h	4,313.8	+0.287%	$29K	$23K	10x	as long as short