Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.006%

Price spread now: BingX against ApeX Omni+0.007%68s7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as 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−$260.260% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now +0.007%, 7d avg +0.039%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.032% cheaper against ApeX Omni than usual: you would sell low and buy high (spread +0.007% now, against its 7-day average of +0.039%). If the spread goes back, that is −$3 on $10k: about 5.6 days of funding at the current rate (+$1 a day). The two prices were read 68 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	ApeX Omni PAXGUSDT	4,322.3	0.0081	pay 0.0010% / 1h	36m 25s	$262K	$775K	50x
Short	BingX PAXG-USDT	4,322.6	0.0100	get 0.0050% / 4h	36m 25s	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX Omni. 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 ApeX OmnibpFee BingXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $4.02
Price spread: +0.007% → +0.039%: −$3.2
Slippage, 4 orders: −$5.96
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$25.14
Costs to cover: 0.260%
Break-even: 50.8 days

Slippage from ApeX Omni: live order book, 67 min ago; BingX: live order book, 1 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 ApeX Omni live order book, 67 min ago	2.52 bp	7.8 bp −$8	88.3 bp −$883	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	0.10 bp	5.1 bp −$5	7.6 bp −$76	10.2 bp −$1,024	33.7 bp −$16.8K

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	4,319.5	−0.066%	$1.4M	$482K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0104%	4h	4,321.8	−0.012%	$1.5M	$2.0M	10x	as long as short
Hibachi PAXG/USDT-P	−0.0104%	1h	4,322.4	+0.002%	$41K	$168K	20x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,322.1	−0.005%	$1.2M	$1.8M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,321.4	−0.020%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,323.6	+0.030%	$15.6M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,317.9	−0.102%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,325.5	+0.074%	$7.9M	$659K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,325.9	+0.083%	$903K	$783K	75x	as long as short
MEXC PAXG_USDT	+0.0012%	4h	4,327.1	+0.110%	$16.7M	$1.0M	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	+0.0013%	4h	4,321.4	−0.020%	$79.7M	$74.0M	75x	as long as short
Extended PAXG-USD	+0.0016%	1h	4,320.2	−0.050%	$376K	$1.6M	25x	as long as short
Aster PAXGUSDT	+0.0021%	4h	4,321.9	−0.011%	$902K	$29K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.578%	$1K	$151K	30x	as long as short
Bitget PAXGUSDT	+0.0076%	4h	4,321.2	−0.027%	$9.4M	$15.9M	50x	as long as short
ApeX Omni PAXGUSDTlong	+0.0081%	1h	4,322.3	long leg	$262K	$775K	50x
Paradex PAXG-USD-PERP	+0.0098%	8h	4,320.6	−0.040%	$85K	$3.5M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,320.4	−0.044%	$554	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,322.2	−0.003%	$20.8M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,323.2	+0.020%	$1.0M	$303K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,322	−0.007%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,323.4	+0.025%	$28.7M	$5.3M	30x	as long as short
BingX PAXG-USDTshort	+0.0100%	4h	4,322.6	+0.007%	—	$6.8M	—
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,321.8	−0.012%	$1.3M	$822K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,322.2	−0.003%	$12.3M	$223K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,322	−0.007%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,321	−0.030%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0224%	1h	4,325.9	+0.084%	$950K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0912%	1h	4,332.1	+0.226%	$29K	$23K	10x	as long as short