Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.024%

Price spread now: Injective against Orderly+0.293%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 Injective

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. Injective is 0.293% dearer against Orderly than usual: you sell high and buy low (spread +0.293% now, against zero (this spread has no 7-day history yet)): +$29 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PAXG_USDC_mythos	4,334.6	0.0100	pay 0.0050% / 4h	3h 45m	$556	—	10x
Short	Injective PAXG/USDC PERP	4,347.3	0.0033	get 0.0004% / 1h	45m 01s	$1K	$151K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.293%Rate

Funding earned: −$14
Price spread: +0.293% → 0.000%: $29.3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $9.28
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
Lighter PAXG	−0.0160%	1h	4,334.7	+0.002%	$1.4M	$362K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0160%	1h	4,336	+0.032%	$42K	$154K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0144%	4h	4,333.7	−0.021%	$1.5M	$1.9M	10x	as long as short
ApeX Omni PAXGUSDT	−0.0086%	1h	4,335.3	+0.017%	$262K	$787K	50x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,334.8	+0.004%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,337	+0.055%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,328.7	−0.137%	$2K	$3.6M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,338.4	+0.087%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,340.6	+0.138%	$903K	$684K	75x	as long as short
Injective PAXG/USDC PERPshort	+0.0033%	1h	4,347.3	+0.293%	$1K	$151K	30x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended PAXG-USD	+0.0064%	1h	4,334.7	+0.002%	$378K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0065%	1h	4,335.6	+0.023%	$1.3M	$1.4M	20x	as long as short
Binance PAXGUSDT	+0.0066%	4h	4,336	+0.031%	$80.0M	$71.2M	75x	as long as short
MEXC PAXG_USDT	+0.0068%	4h	4,338	+0.078%	$16.1M	$1.0M	100x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,334	−0.015%	$81K	$3.7M	50x	as long as short
Orderly PERP_PAXG_USDC_mythoslong	+0.0100%	4h	4,334.6	long leg	$556	—	10x
Hyperliquid PAXG	+0.0100%	1h	4,336.3	+0.039%	$20.8M	$2.4M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,335.7	+0.025%	$905K	$27K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,336.6	+0.046%	$1.0M	$338K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,336.9	+0.053%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,339.3	+0.108%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,337	+0.056%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,336.5	+0.045%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,336.4	+0.041%	$1.3M	$800K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,336	+0.032%	$12.3M	$227K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,333	−0.037%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,333.4	−0.029%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,336.7	+0.048%	$987K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1024%	1h	4,345.3	+0.247%	$29K	$23K	10x	as long as short