Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.025%
Price spread now: Injective against Backpack+0.478%72s7-day average +0.063% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.093%−$9 on $10k
+Price spread, last 4 days (all we have)−0.406%−$41 · spread now +0.478%, 7d avg +0.063%
=The price spread pays, funding is against you. Injective is 0.415% dearer against Backpack than usual: you sell high and buy low (spread +0.478% now, against its 7-day average of +0.063%): +$42 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 21 days. The two prices were read 72 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 | Backpack PAXG_USDC_PERP | 4,326.6 | 0.0100 | pay 0.0013% / 1h | 11m 51s | $1.3M | $810K | 50x |
| Short | Injective PAXG/USDC PERP | 4,347.3 | 0.0033 | get 0.0004% / 1h | 11m 51s | $1K | $151K | 30x |
Backpack PAXG_USDC_PERP
Injective PAXG/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$14
- Price spread: +0.478% → +0.063%
- $41.51
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $17.49
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Backpack: live order book, 2 min ago; Injective: no order-book sample. Net counts fees only.
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, 2 min ago | 0.01 bp | 5.0 bp −$5 | 6.0 bp −$60 | 34.5 bp −$3,448 | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | |
|---|---|---|---|---|---|---|---|---|
| Hibachi PAXG/USDT-P | −0.0144% | 1h | 4,322.1 | −0.105% | $42K | $165K | 20x | as long as short |
| Lighter PAXG | −0.0136% | 1h | 4,324 | −0.060% | $1.4M | $391K | 25x | as long as short |
| Kraken Futures PF_PAXGUSD | −0.0102% | 1h | 4,327 | +0.010% | $1.2M | $1.9M | 20x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0060% | 4h | 4,320.5 | −0.141% | $1.5M | $2.0M | 10x | as long as short |
| ApeX Omni PAXGUSDT | −0.0005% | 1h | 4,319.3 | −0.168% | $261K | $784K | 50x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,324.2 | −0.056% | $101K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,328 | +0.032% | $15.6M | $3.7M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,322.5 | −0.096% | $2K | $3.5M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,329.6 | +0.068% | $7.9M | $835K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,327.8 | +0.028% | $902K | $742K | 75x | as long as short |
Hibachi PAXG/USDT-P
Lighter PAXG
Kraken Futures PF_PAXGUSD
GRVT PAXG_USDT_Perp
ApeX Omni PAXGUSDT
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance PAXGUSDT | +0.0014% | 4h | 4,326 | −0.013% | $79.7M | $74.2M | 75x | as long as short |
| MEXC PAXG_USDT | +0.0014% | 4h | 4,325.1 | −0.036% | $16.4M | $1.1M | 100x | as long as short |
| Extended PAXG-USD | +0.0016% | 1h | 4,325 | −0.036% | $376K | $1.4M | 25x | as long as short |
| Injective PAXG/USDC PERPshort | +0.0033% | 1h | 4,347.3 | +0.478% | $1K | $151K | 30x | |
| Aster PAXGUSDT | +0.0042% | 4h | 4,325.3 | −0.031% | $902K | $27K | 50x | as long as short |
| Hyperliquid PAXG | +0.0096% | 1h | 4,325.9 | −0.016% | $20.8M | $2.4M | 10x | as long as short |
| Paradex PAXG-USD-PERP | +0.0097% | 8h | 4,324.3 | −0.054% | $81K | $3.3M | 50x | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,324.8 | −0.042% | $555 | — | 10x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,325.3 | −0.029% | $1.0M | $348K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,326.8 | +0.005% | $14.9M | $4.0M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,328.3 | +0.039% | $28.5M | $5.3M | 30x | as long as short |
| Bitget PAXGUSDT | +0.0100% | 4h | 4,326.3 | −0.008% | $9.3M | $16.1M | 50x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,325.6 | −0.023% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPlong | +0.0100% | 1h | 4,326.6 | long leg | $1.3M | $810K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,322.5 | −0.094% | $12.3M | $222K | — | as long as short |
| Phemex PAXGUSDT | +0.0100% | 4h | 4,323 | −0.083% | $1.5M | $45K | 50x | as long as short |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,325.2 | −0.032% | $20K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0248% | 1h | 4,325.6 | −0.024% | $977K | $1.1M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0840% | 1h | 4,335.5 | +0.205% | $29K | $24K | 10x | as long as short |
Binance PAXGUSDT
MEXC PAXG_USDT
Extended PAXG-USD
Aster PAXGUSDT
Hyperliquid PAXG
Paradex PAXG-USD-PERP
Orderly PERP_PAXG_USDC_mythos
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
Bitget PAXGUSDT
BingX PAXG-USDT
Variational Omni PAXG
Phemex PAXGUSDT
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD