Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.039%

Price spread now: Hibachi against Phemex−0.014%48s7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$860.860% of the position

Long on Phemex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.492%+$49 on $10k

Price spread, last 3 days (all we have)+0.054%+$5 · spread now −0.014%, 7d avg +0.050%

Together, before fees+0.545%+ Points / potential airdropHibachi: Active · farm board+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hibachi is 0.064% cheaper against Phemex than usual: you would sell low and buy high (spread −0.014% now, against its 7-day average of +0.050%). If the spread goes back, that is −$6 on $10k: about 7.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.492% in total) that is about 22 hours. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PAXGUSDT	4,368	0.0100	pay 0.0050% / 4h	3h 45m	$1.5M	$38K	50x
Short	Hibachi PAXG/USDT-P	4,367.4	0.0128	get 0.0016% / 1h	45m 24s	$42K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Phemex. 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 PhemexbpFee HibachibpOrdersPrice spread, now −0.014%Rate

Funding earned: $5.88
Price spread: −0.014% → +0.050%: −$6.36
Slippage, 4 orders: −$64.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$86.46
Costs to cover: 0.860%
Break-even: 109.9 days

Slippage from Phemex: live order book, 2 min ago; Hibachi: live order book, 28 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	5.73 bp	26.0 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Hibachi live order book, 28 min ago	0.14 bp	17.6 bp −$18	52.7 bp −$527	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	4,367.1	−0.021%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,369.9	+0.043%	$15.8M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,362.4	−0.128%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,371.1	+0.071%	$8.0M	$871K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,370.2	+0.050%	$911K	$661K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.474%	$1K	$151K	30x	as long as short
Lighter PAXG	+0.0096%	1h	4,365.9	−0.048%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,366.3	−0.038%	$81K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,367.3	−0.017%	$20.8M	$2.1M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,367.8	−0.005%	$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	4,368.5	+0.011%	$1.0M	$365K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,367.3	−0.016%	$80.4M	$71.0M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,368.6	+0.015%	$15.1M	$3.7M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,365	−0.068%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,369.5	+0.035%	$28.5M	$5.6M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,368	0.000%	$9.7M	$15.5M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,368	0.000%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,367.5	−0.012%	$1.4M	$880K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,367.4	−0.014%	$12.5M	$104K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,368.2	+0.004%	$1.6M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,364.8	−0.074%	$264K	$791K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,367.3	−0.016%	$560	—	10x	as long as short
Phemex PAXGUSDTlong	+0.0100%	4h	4,368	long leg	$1.5M	$38K	50x
Extended PAXG-USD	+0.0104%	1h	4,366.3	−0.038%	$379K	$1.5M	25x	as long as short
Hibachi PAXG/USDT-Pshort	+0.0128%	1h	4,367.4	−0.014%	$42K	$155K	20x
Reya PAXGRUSDPERP	+0.0189%	1h	4,367.4	−0.014%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,367.7	−0.006%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0304%	1h	4,371.6	+0.082%	$977K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0992%	1h	4,377.8	+0.224%	$29K	$23K	10x	as long as short