Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.030%
Price spread now: Deribit against Backpack+0.060%7-day average +0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$27as in the Price arb table
costs, in and out, $10k−$290.294% of the position
Funding, last 7 days−0.210%−$21 on $10k
+Price spread, last 3 days (all we have)+0.019%+$2 · spread now +0.060%, 7d avg +0.034%
=The price spread pays, funding is against you. Deribit is 0.026% dearer against Backpack than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.034%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack PAXG_USDC_PERP | 4,335.5 | 0.0100 | pay 0.0013% / 1h | 11m 28s | $1.4M | $1.3M | 50x |
| Short | Deribit PAXG_USDC-PERPETUAL | 4,338.1 | 0 | get 0.0000% / 1h | 11m 28s | $7.9M | $865K | 50x |
Backpack PAXG_USDC_PERP
Deribit PAXG_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: +0.060% → +0.034%
- $2.57
- Slippage, 4 orders
- −$12.43
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$47.86
- Costs to cover
- 0.294%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 3 min ago; Deribit: live order book, 3 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 Backpack live order book, 3 min ago | 0.56 bp | 6.9 bp −$7 | 9.4 bp −$94 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 3 min ago | 0.84 bp | 4.3 bp −$4 | 10.8 bp −$108 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective PAXG/USDC PERP | −0.0101% | 1h | 4,337 | +0.034% | $1K | $121K | 30x | as long as short |
| Hibachi PAXG/USDT-P | −0.0056% | 1h | 4,334 | −0.036% | $41K | $153K | 20x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,336.4 | +0.019% | $101K | $18K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,336.3 | +0.018% | $15.7M | $4.3M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,330 | −0.127% | $2K | $4.1M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUALshort | 0.0000% | 1h | 4,338.1 | +0.060% | $7.9M | $865K | 50x | |
| HTX PAXG-USDT | 0.0000% | 4h | 4,338.6 | +0.070% | $907K | $661K | 75x | as long as short |
| Lighter PAXG | +0.0096% | 1h | 4,332.7 | −0.064% | $1.4M | $521K | 25x | as long as short |
| Paradex PAXG-USD-PERP | +0.0100% | 8h | 4,333.7 | −0.041% | $80K | $3.7M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,334.1 | −0.033% | $20.2M | $1.9M | 10x | as long as short |
Injective PAXG/USDC PERP
Hibachi PAXG/USDT-P
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
HTX PAXG-USDT
Lighter PAXG
Paradex PAXG-USD-PERP
Hyperliquid PAXGShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster PAXGUSDT | +0.0100% | 4h | 4,334.9 | −0.014% | $905K | $75K | 50x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,334.7 | −0.019% | $1.0M | $365K | 10x | as long as short |
| Binance PAXGUSDT | +0.0100% | 4h | 4,334 | −0.036% | $79.8M | $70.7M | 75x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,334.9 | −0.015% | $15.1M | $3.9M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0100% | 4h | 4,334.9 | −0.014% | $15.9M | $1.2M | 100x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,336 | +0.011% | $26.7M | $5.5M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,334.6 | −0.022% | $9.2M | $14.3M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,335.6 | +0.001% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPlong | +0.0100% | 1h | 4,335.5 | long leg | $1.4M | $1.3M | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,335.8 | +0.005% | $12.4M | $114K | — | as long as short |
| GRVT PAXG_USDT_Perp | +0.0100% | 4h | 4,334.3 | −0.028% | $1.5M | $2.0M | 10x | as long as short |
| ApeX Omni PAXGUSDT | +0.0100% | 1h | 4,329.6 | −0.136% | $262K | $798K | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,334.1 | −0.033% | $556 | — | 10x | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,335 | −0.012% | $1.5M | $40K | 50x | as long as short |
| Extended PAXG-USD | +0.0104% | 1h | 4,333.5 | −0.046% | $377K | $1.2M | 25x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,334.3 | −0.028% | $20K | — | 100x | as long as short |
| Kraken Futures PF_PAXGUSD | +0.0224% | 1h | 4,334.7 | −0.018% | $1.3M | $1.6M | 20x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0320% | 1h | 4,337.8 | +0.052% | $1.0M | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.1440% | 1h | 4,353.4 | +0.412% | $29K | $21K | 10x | as long as short |
Aster PAXGUSDT
Pacifica PAXG
Binance PAXGUSDT
Bybit PAXGUSDT
MEXC PAXG_USDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
GRVT PAXG_USDT_Perp
ApeX Omni PAXGUSDT
Orderly PERP_PAXG_USDC_mythos
Phemex PAXGUSDT
Extended PAXG-USD
Reya PAXGRUSDPERP
Kraken Futures PF_PAXGUSD
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD