As Filed with the Securities and Exchange Commission on January 6, 2011

File Nos. 333-80205

811-09381

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Post-Effective Amendment No. 24

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 25

PAYPAL FUNDS

(Exact name of Registrant as specified in charter)

2211 North First Street

San Jose, CA 95131

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (408) 967-7000

Dana E. Schmidt

PayPal Funds

2211 North First Street

San Jose, CA 95131

(Name and address of agent for service)

Please send copy of all communications to:

David A. Hearth

Paul, Hastings, Janofsky & Walker LLP

55 Second Street, 24th Floor

San Francisco, California 94105-3441

(415) 856-7000

 It is proposed that this filing will become effective:

	immediately upon filing pursuant to paragraph (b)
X	on February 4, 2011 pursuant to paragraph (b)
	60 days after filing pursuant to paragraph (a)(1)
	on (date) pursuant to paragraph (a)(1)
	75 days after filing pursuant to paragraph (a)(2)
	on (date) pursuant to (a)(2) of Rule 485

If appropriate, check the following box:

x The post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note

This Post-Effective Amendment No. 24 to the Registrant’s Registration Statement on Form N-1A is being filed pursuant to paragraph (b)(1)(iii) of Rule 485 of the Securities Act of 1933, as amended (the “1933 Act”), solely for the purpose of delaying, until February 4, 2011, the effectiveness of the Registration Statement for the PayPal Fund for Good (the “Fund”), filed in Post-Effective Amendment No. 18 on June 8, 2010, pursuant to paragraph (a) of Rule 485 of the 1933 Act. The effectiveness of the Registration Statement was delayed in Post-Effective Amendment No. 19 on August 20, 2010, Post-Effective Amendment No. 20 on September 16, 2010, Post-Effective Amendment No. 21 on October 14, 2010, Post-Effective Amendment No. 22 on November 10, 2010 and Post-Effective Amendment No. 23 on December 9, 2010, each pursuant to paragraph (b)(1)(iii) of Rule 485 of the 1933 Act.

This Post-Effective Amendment No. 24 incorporates by reference the information contained in Parts A, B and C of Post-Effective Amendment No. 18.

 SIGNATURES FOR THE REGISTRANT

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b)(1)(iii) of the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 24 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of San Francisco and the State of California on this 6th day of January 2011.

PAYPAL FUNDS

(Registrant)

By:           /s/ Dana E. Schmidt

Name:      Dana E. Schmidt

Title:        President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 24 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

Signature	Title	Date
/s/ Dana E. Schmidt	President and Principal Executive Officer	January 6, 2011
Dana E. Schmidt
/s/ Omar J. Paz	Treasurer and	January 6, 2011
Omar J. Paz	Chief Financial Officer
*	Trustee	January 6, 2011
Richard D. Kernan
**	Trustee	January 6, 2011
John P. McGonigle
*	Trustee and Chairman	January 6, 2011
Kevin T. Hamilton

*,** By: /s/ David A. Hearth                         

David A. Hearth,

As Attorney-in-Fact

________________________

* Pursuant to Powers of Attorney, each dated February 25, 2003, for Richard D. Kernan and  Kevin T. Hamilton are incorporated herein by reference to PEA No. 7.

** Pursuant to Power of Attorney, dated September 18, 2008, for John P. McGonigle is incorporated herein by reference to PEA No. 15.