Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.027%

Price spread now: Deribit against Bitget+0.097%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.170%−$17 on $10k

Price spread, last 4 days (all we have)+0.073%+$7 · spread now +0.097%, 7d avg +0.057%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.040% dearer against Bitget than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of +0.057%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.6 days. At the pace of the last 7 days (−0.170% in total) that is about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget PAXGUSDT	4,322.6	0.0024	pay 0.0012% / 4h	2h 56m	$9.2M	$16.4M	50x
Short	Deribit PAXG_USDC-PERPETUAL	4,326.8	0	get 0.0000% / 1h	56m 02s	$7.9M	$428K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$5.04
Price spread: +0.097% → +0.057%: $4.05
Slippage, 4 orders: −$12.84
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$32.83
Costs to cover: 0.318%
Break-even: never at this rate

Slippage from Bitget: 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 Bitget live order book, 3 min ago	0.01 bp	8.9 bp −$9	10.3 bp −$103	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	3.95 bp	8.5 bp −$8	15.3 bp −$153	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	−0.0056%	1h	4,320.9	−0.038%	$1.4M	$500K	25x	as long as short
GRVT PAXG_USDT_Perp	−0.0056%	4h	4,328.1	+0.129%	$1.5M	$2.0M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,325	+0.055%	$115K	$15K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,325	+0.056%	$15.7M	$3.9M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,318.7	−0.089%	$2K	$3.1M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,326.8	+0.097%	$7.9M	$428K	50x
HTX PAXG-USDT	0.0000%	4h	4,329.5	+0.159%	$910K	$824K	75x	as long as short
Hibachi PAXG/USDT-P	+0.0008%	1h	4,325.5	+0.069%	$41K	$190K	20x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,321	−0.037%	$375K	$1.5M	25x	as long as short
Bitget PAXGUSDTlong	+0.0024%	4h	4,322.6	long leg	$9.2M	$16.4M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0026%	4h	4,327.6	+0.117%	$16.6M	$1.3M	100x	as long as short
Binance PAXGUSDT	+0.0027%	4h	4,321.7	−0.020%	$80.1M	$82.3M	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.572%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0040%	1h	4,328.1	+0.129%	$262K	$805K	50x	as long as short
Aster PAXGUSDT	+0.0044%	4h	4,324	+0.034%	$905K	$38K	50x	as long as short
Kraken Futures PF_PAXGUSD	+0.0085%	1h	4,323.6	+0.024%	$1.2M	$2.1M	20x	as long as short
Paradex PAXG-USD-PERP	+0.0087%	8h	4,322	−0.014%	$80K	$4.4M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,322.4	−0.004%	$21.3M	$2.6M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,324.9	+0.054%	$1.0M	$309K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,321.5	−0.025%	$15.0M	$4.6M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,325.2	+0.062%	$28.8M	$5.5M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,323.6	+0.023%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,322.8	+0.005%	$1.2M	$862K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,326.8	+0.099%	$12.2M	$291K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,323.6	+0.024%	$555	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,321	−0.036%	$1.5M	$80K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,321.4	−0.026%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,330.6	+0.186%	$933K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.2224%	1h	4,334.3	+0.271%	$29K	$24K	10x	as long as short