Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%
Price spread now: Backpack against Phemex+0.006%7-day average +0.070% · you sell dearer than you buy
Net, funding: paid 7d − costs−$61as in the Funding arb table
Net, price: spread back to 7d avg − costs−$67as in the Price arb table
costs, in and out, $10k−$610.610% of the position
Funding, last 7 days0.000%$0 on $10k
+Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.006%, 7d avg +0.070%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.063% cheaper against Phemex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.070%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex PAXGUSDT | 4,312 | 0.0100 | pay 0.0050% / 4h | 19m 27s | $1.5M | $53K | 50x |
| Short | Backpack PAXG_USDC_PERP | 4,312.3 | 0.0100 | get 0.0013% / 1h | 19m 27s | $1.3M | $840K | 50x |
Phemex PAXGUSDT
Backpack PAXG_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: +0.006% → +0.070%
- −$6.34
- Slippage, 4 orders
- −$39
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$67.34
- Costs to cover
- 0.610%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 3 min ago; Backpack: live order book, 5 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 Phemex live order book, 3 min ago | 2.32 bp | 24.1 bp −$24 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 5 min ago | 0.01 bp | 5.5 bp −$5 | 7.6 bp −$76 | 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 PAXG | −0.0192% | 1h | 4,310.7 | −0.031% | $1.4M | $494K | 25x | as long as short |
| Hibachi PAXG/USDT-P | −0.0144% | 1h | 4,313.4 | +0.033% | $42K | $170K | 20x | as long as short |
| GRVT PAXG_USDT_Perp | −0.0108% | 4h | 4,313.2 | +0.028% | $1.5M | $2.0M | 10x | as long as short |
| Kraken Futures PF_PAXGUSD | −0.0055% | 1h | 4,313.4 | +0.032% | $1.2M | $1.8M | 20x | as long as short |
| dYdX PAXG-USD | 0.0000% | 1h | 4,313.4 | +0.031% | $101K | $12K | 5x | as long as short |
| Gate PAXG_USDT | 0.0000% | 8h | 4,314.6 | +0.060% | $15.6M | $3.7M | 100x | as long as short |
| SunX PAXG-USDT | 0.0000% | 4h | 4,310 | −0.047% | $2K | $3.2M | 20x | as long as short |
| Deribit PAXG_USDC-PERPETUAL | 0.0000% | 1h | 4,317.2 | +0.121% | $7.9M | $659K | 50x | as long as short |
| HTX PAXG-USDT | 0.0000% | 4h | 4,315.6 | +0.083% | $902K | $794K | 75x | as long as short |
| MEXC PAXG_USDT | +0.0020% | 4h | 4,318.6 | +0.153% | $16.6M | $1.1M | 100x | as long as short |
Lighter PAXG
Hibachi PAXG/USDT-P
GRVT PAXG_USDT_Perp
Kraken Futures PF_PAXGUSD
dYdX PAXG-USD
Gate PAXG_USDT
SunX PAXG-USDT
Deribit PAXG_USDC-PERPETUAL
HTX PAXG-USDT
MEXC PAXG_USDTShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance PAXGUSDT | +0.0021% | 4h | 4,312.9 | +0.021% | $79.4M | $75.8M | 75x | as long as short |
| Extended PAXG-USD | +0.0024% | 1h | 4,311.7 | −0.007% | $376K | $1.5M | 25x | as long as short |
| Aster PAXGUSDT | +0.0027% | 4h | 4,312.6 | +0.013% | $899K | $30K | 50x | as long as short |
| ApeX Omni PAXGUSDT | +0.0032% | 1h | 4,312.8 | +0.017% | $261K | $773K | 50x | as long as short |
| Injective PAXG/USDC PERP | +0.0033% | 1h | 4,347.3 | +0.819% | $1K | $151K | 30x | as long as short |
| Bitget PAXGUSDT | +0.0060% | 4h | 4,313 | +0.023% | $9.5M | $15.9M | 50x | as long as short |
| Paradex PAXG-USD-PERP | +0.0097% | 8h | 4,312.2 | +0.005% | $85K | $3.6M | 50x | as long as short |
| Hyperliquid PAXG | +0.0100% | 1h | 4,312.7 | +0.016% | $20.7M | $2.3M | 10x | as long as short |
| Pacifica PAXG | +0.0100% | 1h | 4,314 | +0.046% | $1.0M | $302K | 10x | as long as short |
| Bybit PAXGUSDT | +0.0100% | 4h | 4,313.1 | +0.026% | $14.9M | $4.0M | 75x | as long as short |
| KuCoin PAXGUSDTM | +0.0100% | 4h | 4,314.2 | +0.051% | $28.6M | $5.3M | 30x | as long as short |
| BingX PAXG-USDT | +0.0100% | 4h | 4,313.8 | +0.041% | — | $6.8M | — | as long as short |
| Backpack PAXG_USDC_PERPshort | +0.0100% | 1h | 4,312.3 | +0.006% | $1.3M | $840K | 50x | |
| Variational Omni PAXG | +0.0100% | 4h | 4,312.7 | +0.016% | $12.2M | $218K | — | as long as short |
| Orderly PERP_PAXG_USDC_mythos | +0.0100% | 4h | 4,311.9 | −0.002% | $553 | — | 10x | as long as short |
| Phemex PAXGUSDTlong | +0.0100% | 4h | 4,312 | long leg | $1.5M | $53K | 50x | |
| Reya PAXGRUSDPERP | +0.0189% | 1h | 4,312.3 | +0.008% | $20K | — | 100x | as long as short |
| Coinbase International PAXG-PERP-INTX | +0.0224% | 1h | 4,316.2 | +0.097% | $953K | $1.0M | 50x | as long as short |
| 01 Exchange PAXGUSD | +0.0936% | 1h | 4,323.8 | +0.274% | $29K | $23K | 10x | as long as short |
Binance PAXGUSDT
Extended PAXG-USD
Aster PAXGUSDT
ApeX Omni PAXGUSDT
Injective PAXG/USDC PERP
Bitget PAXGUSDT
Paradex PAXG-USD-PERP
Hyperliquid PAXG
Pacifica PAXG
Bybit PAXGUSDT
KuCoin PAXGUSDTM
BingX PAXG-USDT
Variational Omni PAXG
Orderly PERP_PAXG_USDC_mythos
Reya PAXGRUSDPERP
Coinbase International PAXG-PERP-INTX
01 Exchange PAXGUSD