Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0308%/8h= +33.7% APRpaid last 24h +0.010%

Price spread now: BingX against Lighter+0.077%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$160.155% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days−0.102%−$10 · spread now +0.077%, 7d avg +0.018%

Together, before fees−0.082%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BingX is 0.059% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.018%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.0% 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	4,315.5	−0.0208	get 0.0026% / 1h	45m 33s	$1.4M	$465K	25x
Short	BingX PAXG-USDT	4,318.8	0.0100	get 0.0050% / 4h	1h 45m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.077%Rate

Funding earned: $64.68
Price spread: +0.077% → +0.018%: $5.89
Slippage, 4 orders: −$5.53
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $55.03
Costs to cover: 0.155%
Break-even: 1.0 days

Slippage from Lighter: live order book, 6 min ago; BingX: 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 Lighter live order book, 6 min ago	1.87 bp	2.6 bp −$3	5.3 bp −$53	18.6 bp −$1,857	doesn't fit
Sell BingX live order book, 7 min ago	0.07 bp	5.1 bp −$5	5.5 bp −$55	9.8 bp −$976	27.0 bp −$13.5K

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	−0.0208%	1h	4,315.5	long leg	$1.4M	$465K	25x
Hibachi PAXG/USDT-P	−0.0168%	1h	4,316.2	+0.017%	$46K	$169K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0096%	4h	4,316	+0.013%	$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	+0.037%	$261K	$771K	50x	as long as short
Extended PAXG-USD	−0.0008%	1h	4,316.3	+0.019%	$378K	$1.1M	25x	as long as short
Binance PAXGUSDT	−0.0006%	4h	4,317.3	+0.042%	$79.5M	$74.9M	75x	as long as short
MEXC PAXG_USDT	−0.0004%	4h	4,322.5	+0.163%	$16.5M	$1.0M	100x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,317.9	+0.056%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,318.8	+0.077%	$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	−0.064%	$2K	$3.4M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,320.7	+0.121%	$7.9M	$851K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,322	+0.152%	$904K	$767K	75x	as long as short
Aster PAXGUSDT	+0.0016%	4h	4,319.4	+0.091%	$901K	$27K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.738%	$1K	$151K	30x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,317.3	+0.042%	$87K	$3.2M	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,316.1	+0.015%	$554	—	10x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,317.5	+0.047%	$20.7M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,319.2	+0.086%	$1.0M	$317K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,317.9	+0.056%	$14.9M	$4.1M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,319.5	+0.094%	$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-USDTshort	+0.0100%	4h	4,318.8	+0.077%	—	$6.8M	—
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,317	+0.035%	$1.3M	$814K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,316.5	+0.024%	$12.2M	$221K	—	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,316	+0.012%	$1.5M	$52K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,316	+0.012%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0232%	1h	4,319	+0.082%	$975K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.0800%	1h	4,329	+0.314%	$29K	$23K	10x	as long as short