Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h −0.052%

Price spread now: KuCoin against Coinbase International−0.337%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$29 on $10k

Price spread, last 4 days (all we have)+0.269%+$27 · spread now −0.337%, 7d avg −0.047%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.290% cheaper against Coinbase International than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.047%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,333.5	0.0232	pay 0.0029% / 1h	51m 52s	$978K	$1.1M	50x
Short	KuCoin PAXGUSDTM	4,318.8	0.0100	get 0.0050% / 4h	1h 51m	$28.4M	$5.3M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.337%Rate

Funding earned: −$27.72
Price spread: −0.337% → −0.047%: −$29.02
Slippage, 4 orders: −$9.37
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$88.12
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; KuCoin: live order book, 7 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	2.04 bp	7.0 bp −$7	10.8 bp −$108	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	1.01 bp	8.2 bp −$8	13.7 bp −$137	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	−0.0192%	1h	4,316.4	−0.394%	$1.4M	$427K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0168%	1h	4,318.9	−0.336%	$46K	$169K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0086%	4h	4,319.2	−0.330%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	−0.0066%	1h	4,319.2	−0.328%	$261K	$771K	50x	as long as short
Kraken Futures PF_PAXGUSD	−0.0044%	1h	4,318.3	−0.350%	$1.2M	$1.9M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,317.9	−0.359%	$101K	$12K	5x	as long as short
Extended PAXG-USD	0.0000%	1h	4,315.5	−0.415%	$378K	$1.5M	25x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,319.2	−0.329%	$15.6M	$3.7M	100x	as long as short
MEXC PAXG_USDT	0.0000%	4h	4,322.1	−0.262%	$16.5M	$1.0M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,314.5	−0.437%	$2K	$3.4M	20x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,321.7	−0.271%	$7.9M	$841K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,320.5	−0.299%	$906K	$761K	75x	as long as short
Binance PAXGUSDT	0.0000%	4h	4,316.5	−0.391%	$79.6M	$74.4M	75x	as long as short
Aster PAXGUSDT	+0.0024%	4h	4,319.3	−0.326%	$901K	$27K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.320%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,318.3	−0.350%	$85K	$3.2M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,316	−0.403%	$554	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,318.1	−0.354%	$20.7M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,320.4	−0.301%	$1.0M	$320K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,317.4	−0.371%	$14.9M	$4.1M	75x	as long as short
KuCoin PAXGUSDTMshort	+0.0100%	4h	4,318.8	−0.337%	$28.4M	$5.3M	30x
Bitget PAXGUSDT	+0.0100%	4h	4,316.2	−0.397%	$9.4M	$16.4M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,317.9	−0.358%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,318.1	−0.354%	$1.3M	$811K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,321.6	−0.274%	$12.3M	$221K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,317	−0.380%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,317.8	−0.360%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0232%	1h	4,333.5	long leg	$978K	$1.1M	50x
01 Exchange PAXGUSD	+0.0800%	1h	4,329.2	−0.098%	$29K	$23K	10x	as long as short