Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Deribit against Orderly+0.090%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.090% dearer against Orderly than usual: you sell high and buy low (spread +0.090% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PAXG_USDC_mythos	4,365.8	0.0100	pay 0.0050% / 4h	3h 50m	$560	—	10x
Short	Deribit PAXG_USDC-PERPETUAL	4,369.7	0	get 0.0000% / 1h	50m 40s	$8.0M	$871K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.090%Rate

Funding earned: −$21
Price spread: +0.090% → 0.000%: $8.99
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.01
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 3 min ago	2.63 bp	9.7 bp −$10	111.9 bp −$1,119	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+0.030%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,369	+0.073%	$15.8M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,361.8	−0.093%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,369.7	+0.090%	$8.0M	$871K	50x
HTX PAXG-USDT	0.0000%	4h	4,368.3	+0.058%	$911K	$658K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.424%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0096%	1h	4,366.2	+0.010%	$1.4M	$269K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,367.2	+0.033%	$81K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,366.5	+0.016%	$20.7M	$2.1M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,367.3	+0.035%	$911K	$30K	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	4,368.4	+0.060%	$1.0M	$365K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,367.6	+0.040%	$80.3M	$70.9M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,368.9	+0.071%	$15.1M	$3.7M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,365.6	−0.004%	$16.2M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,369.7	+0.089%	$28.5M	$5.6M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,368.5	+0.062%	$9.7M	$15.4M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,368.2	+0.056%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,367.2	+0.033%	$1.4M	$973K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,367	+0.027%	$12.5M	$104K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,367.6	+0.041%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,366.4	+0.014%	$264K	$792K	50x	as long as short
Orderly PERP_PAXG_USDC_mythoslong	+0.0100%	4h	4,365.8	long leg	$560	—	10x
Phemex PAXGUSDT	+0.0100%	4h	4,363	−0.064%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,366.5	+0.016%	$379K	$1.3M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0128%	1h	4,367.5	+0.039%	$42K	$155K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,366.3	+0.012%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,367.3	+0.035%	$1.3M	$1.5M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0304%	1h	4,371.6	+0.133%	$977K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0984%	1h	4,397.3	+0.722%	$29K	$23K	10x	as long as short