Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h −0.014%

Price spread now: HTX against Lighter+0.210%7-day average +0.161% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now +0.210%, 7d avg +0.161%

Together, before fees−0.084%+ Points / potential airdropLighter: Season 3 · farm board−$8 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 HTX is 0.049% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.161%. Mind the row above: over the last 7 days funding on this pair cost −0.059%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.059% in total (about -3.1% 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	4,299	−0.0192	get 0.0024% / 1h	2m 09s	$1.4M	$608K	25x
Short	HTX PAXG-USDT	4,308	0	get 0.0000% / 4h	2m 09s	$903K	$802K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.210%Rate

Funding earned: $40.32
Price spread: +0.210% → +0.161%: $4.91
Slippage, 4 orders: −$24.7
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $8.53
Costs to cover: 0.367%
Break-even: 5.5 days

Slippage from Lighter: live order book, 4 min ago; HTX: live order book, 36 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	1.05 bp	1.6 bp −$2	5.8 bp −$58	21.5 bp −$2,155	doesn't fit
Sell HTX live order book, 36 min ago	1.02 bp	13.1 bp −$13	15.9 bp −$159	19.1 bp −$1,908	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	4,299	long leg	$1.4M	$608K	25x
Hibachi PAXG/USDT-P	−0.0160%	1h	4,303.3	+0.099%	$42K	$171K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0122%	4h	4,304.5	+0.128%	$1.5M	$2.0M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,301	+0.047%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,302.5	+0.082%	$100K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,302.7	+0.086%	$15.5M	$3.9M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,296.5	−0.057%	$2K	$3.2M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,305.5	+0.151%	$7.9M	$599K	50x	as long as short
HTX PAXG-USDTshort	0.0000%	4h	4,308	+0.210%	$903K	$802K	75x
MEXC PAXG_USDT	+0.0022%	4h	4,307.1	+0.189%	$16.6M	$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	+0.0023%	4h	4,301.1	+0.049%	$80.0M	$78.4M	75x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,299.9	+0.021%	$377K	$1.6M	25x	as long as short
ApeX Omni PAXGUSDT	+0.0027%	1h	4,304	+0.117%	$261K	$773K	50x	as long as short
Aster PAXGUSDT	+0.0029%	4h	4,302.2	+0.076%	$897K	$29K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+1.124%	$1K	$151K	30x	as long as short
Bitget PAXGUSDT	+0.0038%	4h	4,300.6	+0.037%	$9.4M	$16.0M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,300.9	+0.044%	$85K	$4.1M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,301	+0.047%	$20.7M	$2.4M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,303.1	+0.095%	$1.0M	$302K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,301.8	+0.066%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,302.7	+0.086%	$28.5M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,301.9	+0.069%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,301.5	+0.058%	$1.2M	$844K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,303.7	+0.109%	$12.2M	$219K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,301.4	+0.056%	$552	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,301	+0.047%	$1.5M	$66K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,300.4	+0.033%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0224%	1h	4,308	+0.210%	$946K	$1.0M	50x	as long as short
01 Exchange PAXGUSD	+0.0904%	1h	4,312.2	+0.307%	$29K	$23K	10x	as long as short