Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.053%

Price spread now: Coinbase International against Bybit+0.021%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$28 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now +0.021%, 7d avg +0.073%

Together, before fees+0.347%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.052% cheaper against Bybit than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.073%). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PAXGUSDT	4,356.2	0.0100	pay 0.0050% / 4h	3h 03m	$15.1M	$3.6M	75x
Short	Coinbase International PAXG-PERP-INTX	4,357.1	0.0304	get 0.0038% / 1h	3m 30s	$973K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.021%Rate

Funding earned: $42.84
Price spread: +0.021% → +0.073%: −$5.16
Slippage, 4 orders: −$8.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $7.77
Costs to cover: 0.299%
Break-even: 5.7 days

Slippage from Bybit: live order book, 5 min ago; Coinbase International: live order book, 5 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 Bybit live order book, 5 min ago	0.12 bp	6.1 bp −$6	9.9 bp −$99	25.5 bp −$2,555	doesn't fit
Sell Coinbase International live order book, 5 min ago	2.63 bp	7.6 bp −$8	13.3 bp −$133	180.2 bp −$18.0K	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	4,354.3	−0.043%	$102K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,356.8	+0.015%	$15.7M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,350.9	−0.122%	$2K	$3.9M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,358.1	+0.044%	$7.9M	$873K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,356.5	+0.009%	$905K	$642K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	−0.203%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0086%	4h	4,354.7	−0.033%	$1.6M	$2.0M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,353.5	−0.061%	$1.4M	$270K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,354.1	−0.047%	$80K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,354.7	−0.034%	$20.7M	$2.1M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PAXGUSDT	+0.0100%	4h	4,354.7	−0.034%	$908K	$29K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,355.5	−0.014%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,354.5	−0.037%	$80.3M	$70.9M	75x	as long as short
Bybit PAXGUSDTlong	+0.0100%	4h	4,356.2	long leg	$15.1M	$3.6M	75x
MEXC PAXG_USDT	+0.0100%	4h	4,354.3	−0.043%	$16.2M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,357.3	+0.025%	$28.4M	$5.5M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,354.9	−0.029%	$9.7M	$15.1M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,355.3	−0.020%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,355.4	−0.018%	$1.4M	$831K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,355.1	−0.023%	$12.5M	$104K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,352.9	−0.076%	$263K	$787K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,353.8	−0.054%	$559	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,354	−0.050%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,353.5	−0.060%	$379K	$1.4M	25x	as long as short
Hibachi PAXG/USDT-P	+0.0112%	1h	4,354	−0.051%	$42K	$154K	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,354.7	−0.033%	$21K	—	100x	as long as short
Kraken Futures PF_PAXGUSD	+0.0208%	1h	4,355.4	−0.018%	$1.3M	$1.4M	20x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0304%	1h	4,357.1	+0.021%	$973K	$1.1M	50x
01 Exchange PAXGUSD	+0.0976%	1h	4,364.9	+0.201%	$29K	$23K	10x	as long as short