Funding arb · Price arb /

PAXG

all PAXG markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0224%/8h= +24.5% APRpaid last 24h +0.082%

Price spread now: Coinbase International against SunX+0.154%7-day average +0.196% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$820.821% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.496%+$50 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now +0.154%, 7d avg +0.196%

Together, before fees+0.570%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.041% cheaper against SunX than usual: you would sell low and buy high (spread +0.154% now, against its 7-day average of +0.196%). If the spread goes back, that is −$4 on $10k: about 15 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX PAXG-USDT	4,309.5	0	get 0.0000% / 4h	17m 33s	$2K	$3.2M	20x
Short	Coinbase International PAXG-PERP-INTX	4,316.2	0.0224	get 0.0028% / 1h	17m 33s	$953K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.154%Rate

Funding earned: $47.04
Price spread: +0.154% → +0.196%: −$4.14
Slippage, 4 orders: −$64.13
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$39.23
Costs to cover: 0.821%
Break-even: 12.8 days

Slippage from SunX: live order book, 10 min ago; Coinbase International: live order book, 1 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 SunX live order book, 10 min ago	21.53 bp	38.3 bp −$38	67.6 bp −$676	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	2.51 bp	10.8 bp −$11	16.8 bp −$168	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	+0.011%	$1.4M	$495K	25x	as long as short
Hibachi PAXG/USDT-P	−0.0144%	1h	4,313.3	+0.087%	$42K	$170K	20x	as long as short
GRVT PAXG_USDT_Perp	−0.0108%	4h	4,313.2	+0.085%	$1.5M	$2.0M	10x	as long as short
Kraken Futures PF_PAXGUSD	−0.0055%	1h	4,313.3	+0.088%	$1.2M	$1.7M	20x	as long as short
dYdX PAXG-USD	0.0000%	1h	4,313.4	+0.089%	$101K	$12K	5x	as long as short
Gate PAXG_USDT	0.0000%	8h	4,313.3	+0.087%	$15.6M	$3.7M	100x	as long as short
SunX PAXG-USDTlong	0.0000%	4h	4,309.5	long leg	$2K	$3.2M	20x
Deribit PAXG_USDC-PERPETUAL	0.0000%	1h	4,317.4	+0.182%	$7.9M	$659K	50x	as long as short
HTX PAXG-USDT	0.0000%	4h	4,315.7	+0.143%	$902K	$794K	75x	as long as short
MEXC PAXG_USDT	+0.0020%	4h	4,317.5	+0.184%	$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	+0.0022%	4h	4,311.4	+0.044%	$79.6M	$75.8M	75x	as long as short
Extended PAXG-USD	+0.0024%	1h	4,310.2	+0.016%	$376K	$1.5M	25x	as long as short
Aster PAXGUSDT	+0.0028%	4h	4,312.7	+0.074%	$899K	$30K	50x	as long as short
ApeX Omni PAXGUSDT	+0.0032%	1h	4,312.8	+0.075%	$261K	$773K	50x	as long as short
Injective PAXG/USDC PERP	+0.0033%	1h	4,347.3	+0.876%	$1K	$151K	30x	as long as short
Bitget PAXGUSDT	+0.0058%	4h	4,310.9	+0.031%	$9.5M	$15.9M	50x	as long as short
Paradex PAXG-USD-PERP	+0.0097%	8h	4,311.5	+0.047%	$85K	$3.7M	50x	as long as short
Hyperliquid PAXG	+0.0100%	1h	4,311.8	+0.053%	$20.7M	$2.3M	10x	as long as short
Pacifica PAXG	+0.0100%	1h	4,313.4	+0.090%	$1.0M	$302K	10x	as long as short
Bybit PAXGUSDT	+0.0100%	4h	4,312.2	+0.062%	$14.9M	$4.0M	75x	as long as short
KuCoin PAXGUSDTM	+0.0100%	4h	4,312.9	+0.078%	$28.6M	$5.3M	30x	as long as short
BingX PAXG-USDT	+0.0100%	4h	4,312.5	+0.069%	—	$6.8M	—	as long as short
Backpack PAXG_USDC_PERP	+0.0100%	1h	4,313.1	+0.082%	$1.3M	$839K	50x	as long as short
Variational Omni PAXG	+0.0100%	4h	4,312.7	+0.073%	$12.2M	$218K	—	as long as short
Orderly PERP_PAXG_USDC_mythos	+0.0100%	4h	4,311.6	+0.048%	$553	—	10x	as long as short
Phemex PAXGUSDT	+0.0100%	4h	4,312	+0.057%	$1.5M	$53K	50x	as long as short
Reya PAXGRUSDPERP	+0.0189%	1h	4,312	+0.056%	$20K	—	100x	as long as short
Coinbase International PAXG-PERP-INTXshort	+0.0224%	1h	4,316.2	+0.154%	$953K	$1.0M	50x
01 Exchange PAXGUSD	+0.0936%	1h	4,322.2	+0.294%	$29K	$23K	10x	as long as short