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 −0.054%

Price spread now: Orderly against Coinbase International−0.067%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.067% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International PAXG-PERP-INTX	4,319	0.0232	pay 0.0029% / 1h	45m 34s	$975K	$1.1M	50x
Short	Orderly PERP_PAXG_USDC_mythos	4,316.1	0.0100	get 0.0050% / 4h	1h 45m	$554	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.067%Rate

Funding earned: −$27.72
Price spread: −0.067% → 0.000%: −$6.71
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$50.44
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 3 min ago; Orderly: 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 Coinbase International live order book, 3 min ago	2.97 bp	8.0 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Lighter PAXG	−0.0208%	1h	4,315.5	−0.082%	$1.4M	$465K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0168%	1h	4,316.2	−0.065%	$46K	$169K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0096%	4h	4,316	−0.069%	$1.5M	$2.0M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0044%	1h	4,317.2	−0.041%	$1.2M	$1.9M	20x	as long as short
ApeX Omni PAXGUSDT	−0.0029%	1h	4,317.1	−0.045%	$261K	$771K	50x	as long as short
Extended PAXG-USD	−0.0008%	1h	4,316.3	−0.063%	$378K	$1.1M	25x	as long as short
Binance PAXGUSDT	−0.0006%	4h	4,317.3	−0.040%	$79.5M	$74.9M	75x	as long as short
MEXC PAXG_USDT	−0.0004%	4h	4,322.5	+0.081%	$16.5M	$1.0M	100x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,317.9	−0.026%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,318.8	−0.005%	$15.6M	$3.8M	100x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PAXG-USDT	0.0000%	4h	4,312.7	−0.146%	$2K	$3.4M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,320.7	+0.039%	$7.9M	$851K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,322	+0.070%	$904K	$767K	75x	as long as short
Aster PAXGUSDT	+0.0016%	4h	4,319.4	+0.009%	$901K	$27K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.655%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,317.3	−0.040%	$87K	$3.2M	50x	as long as short
Orderly PERP_PAXG_USDC_mythosshort	+0.0100%	4h	4,316.1	−0.067%	$554	—	10x
Hyperliquid PAXG	+0.0100%	1h	4,317.5	−0.034%	$20.7M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,319.2	+0.004%	$1.0M	$317K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,317.9	−0.025%	$14.9M	$4.1M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,319.5	+0.012%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,317.2	−0.041%	$9.4M	$16.5M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,318.8	−0.005%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,317	−0.047%	$1.3M	$814K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,316.5	−0.058%	$12.2M	$221K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,316	−0.069%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,316	−0.070%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXlong	+0.0232%	1h	4,319	long leg	$975K	$1.1M	50x
01 Exchange PAXGUSD	+0.0800%	1h	4,329	+0.232%	$29K	$23K	10x	as long as short