Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: Deribit against Phemex+0.228%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$640.638% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)−0.115%−$11 · spread now +0.228%, 7d avg +0.103%

Together, before fees−0.325%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.126% dearer against Phemex than usual: you sell high and buy low (spread +0.228% now, against its 7-day average of +0.103%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex PAXGUSDT	4,340	0.0100	pay 0.0050% / 4h	1h 45m	$1.5M	$38K	50x
Short	Deribit PAXG_USDC-PERPETUAL	4,349.9	0	get 0.0000% / 1h	45m 37s	$7.9M	$865K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpFee DeribitbpOrdersPrice spread, now +0.228%Rate

Funding earned: −$21
Price spread: +0.228% → +0.103%: $12.56
Slippage, 4 orders: −$44.83
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$72.27
Costs to cover: 0.638%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: 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 Phemex live order book, 2 min ago	1.15 bp	27.6 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	2.02 bp	9.4 bp −$9	15.7 bp −$157	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
dYdX PAXG-USD	0.0000%	1h	4,343.7	+0.086%	$101K	$13K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,347.9	+0.182%	$15.8M	$3.6M	100x	as long as short
SunX PAXG-USDT	0.0000%	4h	4,339.8	−0.004%	$2K	$4.0M	20x	as long as short
Deribit PAXG_USDC-PERPETUALshort	0.0000%	1h	4,349.9	+0.228%	$7.9M	$865K	50x
HTX PAXG-USDT	0.0000%	4h	4,347.6	+0.176%	$909K	$655K	75x	as long as short
Hibachi PAXG/USDT-P	+0.0032%	1h	4,345.5	+0.128%	$47K	$146K	20x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,337	−0.069%	$1K	$121K	30x	as long as short
Kraken Futures PF_PAXGUSD	+0.0080%	1h	4,347.2	+0.166%	$1.3M	$1.4M	20x	as long as short
Lighter PAXG	+0.0096%	1h	4,344.5	+0.103%	$1.4M	$273K	25x	as long as short
Paradex PAXG-USD-PERP	+0.0100%	8h	4,345.6	+0.130%	$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	4,345.6	+0.129%	$20.3M	$1.8M	10x	as long as short
Aster PAXGUSDT	+0.0100%	4h	4,345.9	+0.135%	$907K	$28K	50x	as long as short
Pacifica PAXG	+0.0100%	1h	4,346.5	+0.150%	$1.0M	$368K	10x	as long as short
Binance PAXGUSDT	+0.0100%	4h	4,346	+0.138%	$80.0M	$67.8M	75x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,346.6	+0.153%	$15.2M	$3.6M	75x	as long as short
MEXC PAXG_USDT	+0.0100%	4h	4,342.7	+0.061%	$16.0M	$1.2M	100x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,348.2	+0.188%	$26.8M	$5.3M	30x	as long as short
Bitget PAXGUSDT	+0.0100%	4h	4,346.8	+0.157%	$9.3M	$13.3M	50x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,345.6	+0.129%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,346.6	+0.152%	$1.4M	$955K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,344	+0.092%	$12.4M	$114K	—	as long as short
GRVT PAXG_USDT_Perp	+0.0100%	4h	4,345.5	+0.126%	$1.5M	$2.0M	10x	as long as short
ApeX Omni PAXGUSDT	+0.0100%	1h	4,343.6	+0.082%	$263K	$798K	50x	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,343.3	+0.076%	$557	—	10x	as long as short
Phemex PAXGUSDTlong	+0.0100%	4h	4,340	long leg	$1.5M	$38K	50x
Extended PAXG-USD	+0.0104%	1h	4,345.2	+0.119%	$378K	$1.2M	25x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,345.7	+0.132%	$21K	—	100x	as long as short
Coinbase International PAXG-PERP-INTX	+0.0320%	1h	4,347.6	+0.175%	$976K	$1.1M	50x	as long as short
01 Exchange PAXGUSD	+0.1416%	1h	4,363.4	+0.539%	$29K	$21K	10x	as long as short