Funding arb · Price arb /

PAXG

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.035%

Price spread now: Hibachi against Paradex+0.097%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$420.417% of the position

Long on Paradex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.067%+$7 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.097%, 7d avg +0.021%

Together, before fees−0.045%+ Points / potential airdropParadex: Active · Hibachi: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.076% dearer against Paradex than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of +0.021%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.1 days. Mind the row above: over the last 4 days funding on this pair paid +0.067%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex PAXG-USD-PERP	4,342.1	0.0100	pay 0.0100% / 8h	5h 50m	$80K	$3.7M	50x
Short	Hibachi PAXG/USDT-P	4,346.3	0.0072	get 0.0009% / 1h	50m 46s	$42K	$154K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ParadexbpFee HibachibpOrdersPrice spread, now +0.097%Rate

Funding earned: −$5.88
Price spread: +0.097% → +0.021%: $7.65
Slippage, 4 orders: −$28.68
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$39.91
Costs to cover: 0.417%
Break-even: never at this rate

Slippage from Paradex: live order book, 3 min ago; Hibachi: live order book, 13 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 Paradex live order book, 3 min ago	2.24 bp	4.2 bp −$4	103.0 bp −$1,030	doesn't fit	doesn't fit
Sell Hibachi live order book, 13 min ago	0.20 bp	16.5 bp −$16	50.6 bp −$506	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	4,344.3	+0.050%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,343.6	+0.035%	$15.7M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,335	−0.163%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,344.8	+0.061%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,347.7	+0.128%	$904K	$653K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.120%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0070%	4h	4,346.6	+0.103%	$1.5M	$1.9M	10x	as long as short
Hibachi PAXG/USDT-Pshort	+0.0072%	1h	4,346.3	+0.097%	$42K	$154K	20x
Lighter PAXG	+0.0096%	1h	4,341.2	−0.021%	$1.4M	$305K	25x	as long as short
Paradex PAXG-USD-PERPlong	+0.0100%	8h	4,342.1	long leg	$80K	$3.7M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,341.9	−0.005%	$20.7M	$2.2M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,343.3	+0.029%	$906K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,344.5	+0.055%	$1.0M	$340K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,341.2	−0.020%	$80.0M	$70.7M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,342.9	+0.018%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,341.9	−0.005%	$16.1M	$1.1M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,344.1	+0.046%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,341.9	−0.005%	$9.6M	$15.0M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,341.6	−0.011%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,342.4	+0.007%	$1.3M	$804K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,341	−0.025%	$12.4M	$104K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,344.3	+0.051%	$263K	$791K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,341.1	−0.023%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,340	−0.048%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,340.2	−0.044%	$382K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0173%	1h	4,342	−0.001%	$1.3M	$1.4M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.6	−0.057%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,349.7	+0.175%	$971K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1008%	1h	4,351.4	+0.214%	$29K	$23K	10x	as long as short