Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0211%/8h= +23.1% APRpaid last 24h +0.014%

Price spread now: Aster against Lighter+0.029%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$120.122% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now +0.029%, 7d avg +0.025%

Together, before fees−0.029%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% a year). A funding rate is set anew for every payment. 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	Lighter PAXG	4,296.2	−0.0184	get 0.0023% / 1h	27m 06s	$1.4M	$625K	25x
Short	Aster PAXGUSDT	4,297.5	0.0027	get 0.0014% / 4h	3h 27m	$898K	$37K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.029%Rate

Funding earned: $44.37
Price spread: +0.029% → +0.025%: $0.4
Slippage, 4 orders: −$4.17
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: $32.6
Costs to cover: 0.122%
Break-even: 1.9 days

Slippage from Lighter: live order book, 4 min ago; Aster: live order book, 6 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 Lighter live order book, 4 min ago	1.67 bp	1.8 bp −$2	4.0 bp −$40	21.1 bp −$2,112	doesn't fit
Sell Aster live order book, 6 min ago	0.10 bp	4.6 bp −$5	11.5 bp −$115	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 PAXGlong	−0.0184%	1h	4,296.2	long leg	$1.4M	$625K	25x
Hibachi PAXG/USDT-P	−0.0184%	1h	4,296.2	−0.001%	$42K	$174K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0122%	4h	4,302.6	+0.149%	$1.5M	$1.9M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0097%	1h	4,299.1	+0.068%	$1.3M	$1.8M	20x	as long as short
dYdX PAXG-USD	−0.0011%	1h	4,297.8	+0.036%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,299.6	+0.078%	$15.6M	$3.9M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,294.1	−0.051%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,303.2	+0.163%	$7.9M	$602K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,302.8	+0.154%	$904K	$824K	75x	as long as short
MEXC PAXG_USDT	+0.0012%	4h	4,305.8	+0.222%	$16.7M	$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	+0.0012%	4h	4,298	+0.041%	$79.9M	$80.8M	75x	as long as short
Extended PAXG-USD	+0.0016%	1h	4,296.4	+0.003%	$373K	$1.5M	25x	as long as short
Bitget PAXGUSDT	+0.0024%	4h	4,297.8	+0.037%	$9.5M	$16.0M	50x	as long as short
Aster PAXGUSDTshort	+0.0027%	4h	4,297.5	+0.029%	$898K	$37K	50x
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+1.189%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0074%	1h	4,302.6	+0.148%	$261K	$772K	50x	as long as short
Paradex PAXG-USD-PERP	+0.0093%	8h	4,295.8	−0.011%	$81K	$4.4M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,297.5	+0.030%	$21.0M	$2.6M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,298.1	+0.044%	$1.0M	$303K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,298.3	+0.048%	$14.8M	$4.4M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,300.6	+0.101%	$28.6M	$5.4M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,298.5	+0.054%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,298.5	+0.052%	$1.2M	$861K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,301.7	+0.128%	$12.2M	$230K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,296.5	+0.006%	$551	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,298	+0.041%	$1.5M	$78K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,293.7	−0.058%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,300.8	+0.106%	$932K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0840%	1h	4,307.5	+0.262%	$29K	$23K	10x	as long as short