Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.057%

Price spread now: Coinbase International against MEXC+0.287%7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs+$11as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.339%+$34 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now +0.287%, 7d avg −0.038%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.325% dearer against MEXC than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC PAXG_USDT	4,340.5	0.0100	pay 0.0050% / 4h	1h 03m	$16.1M	$1.1M	100x
Short	Coinbase International PAXG-PERP-INTX	4,353	0.0320	get 0.0040% / 1h	3m 59s	$972K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.287%Rate

Funding earned: $46.2
Price spread: +0.287% → −0.038%: $32.46
Slippage, 4 orders: −$7.46
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $57.19
Costs to cover: 0.215%
Break-even: from the start

Slippage from MEXC: live order book, 5 min ago; Coinbase International: live order book, 4 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 MEXC live order book, 5 min ago	1.31 bp	4.1 bp −$4	23.2 bp −$232	65.5 bp −$6,548	137.2 bp −$68.6K
Sell Coinbase International live order book, 4 min ago	0.81 bp	5.8 bp −$6	16.1 bp −$161	155.8 bp −$15.6K	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-P	−0.0088%	1h	4,339	−0.036%	$41K	$158K	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,341.3	+0.018%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,340.1	−0.010%	$15.6M	$3.5M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,333.4	−0.164%	$2K	$3.7M	20x	as long as short
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,340.9	+0.008%	$7.9M	$868K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,345.1	+0.105%	$905K	$668K	75x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.156%	$1K	$151K	30x	as long as short
GRVT PAXG_USDT_Perp	+0.0084%	4h	4,343	+0.057%	$1.5M	$1.9M	10x	as long as short
Lighter PAXG	+0.0096%	1h	4,336.7	−0.089%	$1.4M	$351K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,338.1	−0.057%	$80K	$3.7M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PAXG	+0.0100%	1h	4,338.6	−0.045%	$20.7M	$2.3M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,339.6	−0.021%	$905K	$30K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,340.2	−0.008%	$1.0M	$339K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,337.6	−0.067%	$80.0M	$70.6M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,338.9	−0.038%	$14.9M	$3.8M	75x	as long as short
MEXC PAXG_USDTlong	+0.0100%	4h	4,340.5	long leg	$16.1M	$1.1M	100x
KuCoin PAXGUSDTM	+0.0100%	4h	4,340.6	+0.002%	$28.5M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,339.2	−0.030%	$9.6M	$14.9M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,339.4	−0.027%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,338.2	−0.054%	$1.3M	$801K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,339.2	−0.031%	$12.4M	$99K	—	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,342	+0.034%	$263K	$789K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,337.6	−0.068%	$557	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,336	−0.105%	$1.5M	$39K	50x	as long as short
Extended PAXG-USD	+0.0104%	1h	4,336.5	−0.092%	$380K	$1.4M	25x	as long as short
Kraken Futures PF_PAXGUSD	+0.0173%	1h	4,338.3	−0.051%	$1.3M	$1.4M	20x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,337.8	−0.064%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0320%	1h	4,353	+0.287%	$972K	$1.1M	50x
01 Exchange PAXGUSD	+0.1008%	1h	4,349.1	+0.197%	$29K	$23K	10x	as long as short