PAXG

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0329%/8h= −36.0% APRnext payment −$0.41 per $10,000 · paid last 24h −0.049%

Price spread now: Kraken Futures against Coinbase International+0.122%7-day average −0.070% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.122%, 7d avg −0.070%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.192% dearer against Coinbase International than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.070%): +$19 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 47 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,313.5	0.0232	pay 0.0029% / 1h	16m 49s	$931K	$1.0M	50x
Short	Kraken Futures PF_PAXGUSD	4,318.8	−0.0097	pay 0.0012% / 1h	16m 49s	$1.2M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$69.01
Price spread: +0.122% → −0.070%: $19.2
Slippage, 4 orders: −$13.28
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$83.09
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Coinbase International live order book, 2 min ago	3.46 bp	8.5 bp −$8	9.4 bp −$94	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.93 bp	8.4 bp −$8	13.7 bp −$137	44.7 bp −$4,465	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	−0.0235%	1h	4,318	+0.105%	$114K	$14K	5x	as long as short
Lighter PAXG	−0.0176%	1h	4,315.7	+0.049%	$1.4M	$626K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0160%	1h	4,314.1	+0.013%	$47K	$190K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0142%	4h	4,310.3	−0.076%	$1.5M	$1.9M	10x	as long as short
Kraken Futures PF_PAXGUSDshort	−0.0097%	1h	4,318.8	+0.122%	$1.2M	$2.0M	20x
Gate PAXG_USDT	0.0000%	8h	4,320.8	+0.169%	$15.7M	$4.0M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,313	−0.012%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,321.3	+0.181%	$7.9M	$438K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,318.2	+0.109%	$907K	$834K	75x	as long as short
MEXC PAXG_USDT	+0.0004%	4h	4,323.1	+0.222%	$16.8M	$1.2M	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	+0.0006%	4h	4,319.9	+0.148%	$80.4M	$81.3M	75x	as long as short
Extended PAXG-USD	+0.0008%	1h	4,317	+0.081%	$373K	$1.5M	25x	as long as short
Bitget PAXGUSDT	+0.0012%	4h	4,320.3	+0.158%	$9.5M	$16.2M	50x	as long as short
ApeX Omni PAXGUSDT	+0.0020%	1h	4,306.3	−0.167%	$261K	$789K	50x	as long as short
Aster PAXGUSDT	+0.0024%	4h	4,318.8	+0.122%	$904K	$37K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.783%	$1K	$151K	30x	as long as short
Hyperliquid PAXG	+0.0069%	1h	4,317.6	+0.094%	$21.2M	$2.7M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0085%	8h	4,316.3	+0.065%	$81K	$4.4M	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,318.8	+0.122%	$1.0M	$305K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,321.9	+0.194%	$15.0M	$4.5M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,320.5	+0.161%	$28.8M	$5.4M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,320.4	+0.159%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,318.5	+0.116%	$1.2M	$849K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,307.7	−0.135%	$12.2M	$231K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,317.2	+0.085%	$554	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,313	−0.012%	$1.5M	$79K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,316	+0.057%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0232%	1h	4,313.5	long leg	$931K	$1.0M	50x
01 Exchange PAXGUSD	+0.0864%	1h	4,328.5	+0.347%	$29K	$23K	10x	as long as short