Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.053%

Price spread now: Coinbase International against Phemex+0.069%7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now +0.069%, 7d avg +0.142%

Together, before fees+0.368%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.073% cheaper against Phemex than usual: you would sell low and buy high (spread +0.069% now, against its 7-day average of +0.142%). If the spread goes back, that is −$7 on $10k: about 44 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PAXGUSDT	4,306	0.0100	pay 0.0050% / 4h	3h 21m	$1.5M	$78K	50x
Short	Coinbase International PAXG-PERP-INTX	4,309	0.0232	get 0.0029% / 1h	21m 13s	$932K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.069%Rate

Funding earned: $27.72
Price spread: +0.069% → +0.142%: −$7.33
Slippage, 4 orders: −$48.16
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$49.77
Costs to cover: 0.702%
Break-even: 19.6 days

Slippage from Phemex: live order book, 2 min ago; Coinbase International: 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 Phemex live order book, 2 min ago	5.81 bp	26.8 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	1.42 bp	6.4 bp −$6	11.7 bp −$117	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
Lighter PAXG	−0.0176%	1h	4,306	+0.001%	$1.4M	$626K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0168%	1h	4,306.5	+0.012%	$40K	$184K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0152%	4h	4,302.1	−0.091%	$1.5M	$1.9M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0097%	1h	4,308.9	+0.067%	$1.2M	$2.0M	20x	as long as short
dYdX PAXG-USD	−0.0053%	1h	4,306	0.000%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,309.2	+0.074%	$15.6M	$4.0M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,303.8	−0.051%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,311.5	+0.128%	$7.9M	$574K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,309	+0.069%	$905K	$833K	75x	as long as short
MEXC PAXG_USDT	+0.0004%	4h	4,313.1	+0.165%	$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	+0.0006%	4h	4,308.3	+0.053%	$80.2M	$81.1M	75x	as long as short
Extended PAXG-USD	+0.0008%	1h	4,306	−0.001%	$373K	$1.5M	25x	as long as short
ApeX Omni PAXGUSDT	+0.0014%	1h	4,300.3	−0.132%	$260K	$789K	50x	as long as short
Bitget PAXGUSDT	+0.0016%	4h	4,308.3	+0.053%	$9.5M	$16.1M	50x	as long as short
Aster PAXGUSDT	+0.0023%	4h	4,307.8	+0.043%	$901K	$37K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.959%	$1K	$151K	30x	as long as short
Hyperliquid PAXG	+0.0078%	1h	4,305.5	−0.012%	$21.1M	$2.7M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0085%	8h	4,304.9	−0.026%	$81K	$4.4M	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,306.5	+0.012%	$1.0M	$303K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,307.7	+0.040%	$14.8M	$4.4M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,309.4	+0.078%	$28.7M	$5.4M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,308.1	+0.049%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,305.7	−0.006%	$1.2M	$850K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,292.5	−0.313%	$12.2M	$231K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,305.9	−0.002%	$552	—	10x	as long as short
Phemex PAXGUSDTlong	+0.0100%	4h	4,306	long leg	$1.5M	$78K	50x
Reya PAXGRUSDPERP	+0.0189%	1h	4,306.2	+0.006%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0232%	1h	4,309	+0.069%	$932K	$1.0M	50x
01 Exchange PAXGUSD	+0.0856%	1h	4,317.2	+0.260%	$29K	$23K	10x	as long as short