Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0292%/8h= +32.0% APRpaid last 24h +0.014%

Price spread now: Bybit against Lighter+0.078%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

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

costs, in and out, $10k−$180.181% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 7 days−0.122%−$12 · spread now +0.078%, 7d avg +0.015%

Together, before fees−0.099%+ Points / potential airdropLighter: Season 3 · farm board−$10 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 Bybit is 0.063% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.015%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% 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	4,308.2	−0.0192	get 0.0024% / 1h	15m 04s	$1.4M	$496K	25x
Short	Bybit PAXGUSDT	4,311.6	0.0100	get 0.0050% / 4h	15m 04s	$14.9M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.078%Rate

Funding earned: $61.32
Price spread: +0.078% → +0.015%: $6.35
Slippage, 4 orders: −$7.06
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $49.61
Costs to cover: 0.181%
Break-even: 1.3 days

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 3 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	1.36 bp	1.7 bp −$2	3.7 bp −$37	19.9 bp −$1,985	doesn't fit
Sell Bybit live order book, 3 min ago	0.12 bp	7.6 bp −$8	10.6 bp −$106	28.7 bp −$2,872	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	−0.0192%	1h	4,308.2	long leg	$1.4M	$496K	25x
Hibachi PAXG/USDT-P	−0.0152%	1h	4,311.5	+0.076%	$41K	$170K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0110%	4h	4,313.2	+0.116%	$1.5M	$2.0M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,310.3	+0.050%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,313.4	+0.120%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,311.9	+0.086%	$15.5M	$3.7M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,306.9	−0.030%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,315.7	+0.175%	$7.9M	$594K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,313.6	+0.126%	$901K	$796K	75x	as long as short
MEXC PAXG_USDT	+0.0022%	4h	4,318.2	+0.233%	$16.6M	$1.1M	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	+0.0023%	4h	4,311.3	+0.072%	$79.6M	$76.0M	75x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,309.1	+0.021%	$376K	$1.5M	25x	as long as short
Aster PAXGUSDT	+0.0028%	4h	4,311.6	+0.079%	$899K	$30K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.908%	$1K	$151K	30x	as long as short
ApeX Omni PAXGUSDT	+0.0041%	1h	4,312.8	+0.106%	$261K	$774K	50x	as long as short
Bitget PAXGUSDT	+0.0056%	4h	4,310.6	+0.057%	$9.5M	$15.9M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,310.1	+0.044%	$85K	$3.8M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,310.3	+0.049%	$20.7M	$2.3M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,311.9	+0.086%	$1.0M	$302K	10x	as long as short
Bybit PAXGUSDTshort	+0.0100%	4h	4,311.6	+0.078%	$14.9M	$4.0M	75x
KuCoin PAXGUSDTM	+0.0100%	4h	4,311.7	+0.082%	$28.5M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,311	+0.066%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,311	+0.065%	$1.3M	$834K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,310.3	+0.049%	$12.2M	$218K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,311.3	+0.072%	$553	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,312	+0.089%	$1.5M	$53K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,309.8	+0.038%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0224%	1h	4,316.2	+0.186%	$953K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0928%	1h	4,321.7	+0.314%	$29K	$23K	10x	as long as short