Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h −0.009%

Price spread now: Bitget against Kraken Futures+0.016%48s7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.306% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.016%, 7d avg −0.022%

Together, before fees−0.456%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bitget is 0.038% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.022%. Mind the row above: over the last 7 days funding on this pair cost −0.364%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_PAXGUSD	4,343.5	−0.0101	get 0.0013% / 1h	48m 26s	$1.3M	$1.5M	20x
Short	Bitget PAXGUSDT	4,344.2	0.0100	get 0.0050% / 4h	2h 48m	$9.7M	$15.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now +0.016%Rate

Funding earned: $42.24
Price spread: +0.016% → −0.022%: $3.82
Slippage, 4 orders: −$8.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $15.5
Costs to cover: 0.306%
Break-even: 4.4 days

Slippage from Kraken Futures: live order book, 5 min ago; Bitget: 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 Kraken Futures live order book, 5 min ago	0.46 bp	5.7 bp −$6	11.1 bp −$111	35.3 bp −$3,532	doesn't fit
Sell Bitget live order book, 5 min ago	0.01 bp	8.3 bp −$8	9.5 bp −$95	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
Hibachi PAXG/USDT-P	−0.0192%	1h	4,344.1	+0.013%	$45K	$160K	20x	as long as short
Kraken Futures PF_PAXGUSDlong	−0.0101%	1h	4,343.5	long leg	$1.3M	$1.5M	20x
Lighter PAXG	−0.0064%	1h	4,341.6	−0.044%	$1.4M	$365K	25x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.9	−0.039%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,345	+0.034%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,340.5	−0.071%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,347.2	+0.085%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,344.9	+0.030%	$905K	$691K	75x	as long as short
ApeX Omni PAXGUSDT	+0.0002%	1h	4,342.9	−0.014%	$263K	$783K	50x	as long as short
GRVT PAXG_USDT_Perp	+0.0018%	4h	4,343.8	+0.005%	$1.5M	$1.9M	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.087%	$1K	$151K	30x	as long as short
Extended PAXG-USD	+0.0040%	1h	4,342	−0.035%	$379K	$1.4M	25x	as long as short
MEXC PAXG_USDT	+0.0040%	4h	4,344.9	+0.032%	$16.2M	$1.0M	100x	as long as short
Binance PAXGUSDT	+0.0040%	4h	4,344	+0.010%	$80.2M	$70.5M	75x	as long as short
Aster PAXGUSDT	+0.0077%	4h	4,343.8	+0.006%	$906K	$26K	50x	as long as short
Hyperliquid PAXG	+0.0093%	1h	4,343.4	−0.003%	$20.8M	$2.3M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,343.1	−0.009%	$81K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,342.9	−0.015%	$557	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,344.7	+0.026%	$1.0M	$353K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,344.5	+0.022%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,346.6	+0.070%	$28.6M	$5.3M	30x	as long as short
Bitget PAXGUSDTshort	+0.0100%	4h	4,344.2	+0.016%	$9.7M	$15.2M	50x
BingX PAXG-USDT	+0.0100%	4h	4,344.4	+0.020%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,343.5	−0.002%	$1.3M	$795K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,342.8	−0.017%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.105%	$1.5M	$39K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,343.7	+0.004%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0248%	1h	4,347.5	+0.092%	$956K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0768%	1h	4,354.6	+0.255%	$29K	$24K	10x	as long as short