PAXG

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0289%/8h= −31.7% APRnext payment −$0.36 per $10,000 · paid last 24h −0.044%

Price spread now: Hibachi against Kraken Futures+0.005%50s7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as 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−$480.475% of the position

Long on Kraken Futures Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.155%+$16 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now +0.005%, 7d avg −0.023%

Together, before fees+0.057%+ Points / potential airdropHibachi: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.028% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.023%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. Mind the row above: over the last 7 days funding on this pair paid +0.155%, so the current rate has only just turned against you. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.155% in total (about 8.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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	Kraken Futures PF_PAXGUSD	4,339.6	0.0065	pay 0.0008% / 1h	4m 23s	$1.3M	$1.5M	20x
Short	Hibachi PAXG/USDT-P	4,339.8	−0.0224	pay 0.0028% / 1h	4m 23s	$46K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.005%Rate

Funding earned: −$60.73
Price spread: +0.005% → −0.023%: $2.81
Slippage, 4 orders: −$28.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$105.46
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Hibachi: live order book, 49 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, 4 min ago	0.58 bp	6.5 bp −$7	10.2 bp −$102	38.6 bp −$3,858	doesn't fit
Sell Hibachi live order book, 49 min ago	0.12 bp	17.6 bp −$18	52.8 bp −$528	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-Pshort	−0.0224%	1h	4,339.8	+0.005%	$46K	$161K	20x
Lighter PAXG	−0.0144%	1h	4,338.5	−0.026%	$1.4M	$368K	25x	as long as short
ApeX Omni PAXGUSDT	−0.0030%	1h	4,336.2	−0.079%	$262K	$785K	50x	as long as short
GRVT PAXG_USDT_Perp	−0.0008%	4h	4,338.3	−0.031%	$1.5M	$1.9M	10x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,338.3	−0.030%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,342	+0.055%	$15.6M	$3.4M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,335.4	−0.097%	$2K	$3.5M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,343	+0.078%	$7.9M	$843K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,341.5	+0.042%	$903K	$692K	75x	as long as short
Extended PAXG-USD	+0.0032%	1h	4,338.6	−0.024%	$379K	$1.4M	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC PAXG_USDT	+0.0032%	4h	4,341.5	+0.044%	$16.1M	$1.0M	100x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.177%	$1K	$151K	30x	as long as short
Binance PAXGUSDT	+0.0034%	4h	4,339.8	+0.004%	$80.0M	$70.4M	75x	as long as short
Kraken Futures PF_PAXGUSDlong	+0.0065%	1h	4,339.6	long leg	$1.3M	$1.5M	20x
Aster PAXGUSDT	+0.0079%	4h	4,339.5	−0.004%	$905K	$27K	50x	as long as short
Hyperliquid PAXG	+0.0097%	1h	4,339.8	+0.004%	$20.8M	$2.3M	10x	as long as short
Paradex PAXG-USD-PERP	+0.0099%	8h	4,340.1	+0.012%	$81K	$3.4M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,338.1	−0.035%	$557	—	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,341.6	+0.046%	$1.0M	$341K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,340.4	+0.018%	$14.9M	$3.8M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,342.9	+0.075%	$28.6M	$5.2M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,340.3	+0.016%	$9.7M	$15.2M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,340.3	+0.016%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,339.7	+0.002%	$1.3M	$799K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,338.7	−0.021%	$12.3M	$222K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,339	−0.014%	$1.5M	$38K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,339.6	0.000%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0296%	1h	4,342.3	+0.062%	$955K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0872%	1h	4,350.5	+0.251%	$29K	$24K	10x	as long as short