That's because a refund returns to the source where the original payment was made from.
Possibly it was your credit card, if no instant funds to PayPal balance has been returned.
Credit card return transaction can take days. About a 5-7 business (banking) days. Or even a bit more.
If you PayPal statement says the refund currently goes ok, that means all you have to do is wait and patient.
Cards and banks technically are not working instantly in payments or refunds.
