Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.118%

Price spread now: Phemex against Aevo+0.128%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1061.060% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.128%, 7d avg +0.050%

Together, before fees+0.138%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phemex is 0.078% dearer against Aevo than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.050%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.216% in total (about 11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo XAU-PERP	4,307	0.0112	pay 0.0014% / 1h	21m 55s	$160K	$87	10x
Short	Phemex XAUUSDT	4,312.5	0.0547	get 0.0273% / 4h	3h 21m	$2.2M	$987K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.128%Rate

Funding earned: $91.29
Price spread: +0.128% → +0.050%: $7.8
Slippage, 4 orders: −$77.98
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$6.89
Costs to cover: 1.060%
Break-even: 7.5 days

Slippage from Aevo: live order book, 12 min ago; Phemex: live order book, 2 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 Aevo live order book, 12 min ago	15.69 bp	24.4 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.93 bp	27.7 bp −$28	doesn't fit	doesn't fit	doesn't fit

XAU on 39 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
SunX XAU-USDT	0.0000%	4h	4,313.5	+0.150%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,305.5	−0.035%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.007%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,340.1	+0.768%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,308.3	+0.029%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,306	−0.024%	$290.8M	$54.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,305.5	−0.036%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,305.1	−0.046%	$15.0M	$55.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,300.9	−0.142%	$2.0M	$5.1M	25x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,309.7	+0.061%	$73.5M	$271.5M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0058%	1h	4,302.9	−0.096%	$3.8M	$4.5M	40x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,308.9	+0.044%	$2K	$13K	5x	as long as short
Lighter XAU	+0.0080%	1h	4,308.7	+0.038%	$20.2M	$29.6M	25x	as long as short
Phoenix GOLD	+0.0095%	1h	4,298.2	−0.205%	$42K	$86K	25x	as long as short
Variational Omni XAU	+0.0095%	4h	4,295.8	−0.261%	$46.6M	$29.4M	—	as long as short
Extended XAU-USD	+0.0096%	1h	4,306.5	−0.013%	$12.9M	$36.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,305.2	−0.042%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,297.8	−0.214%	$273K	$219K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,311.2	+0.097%	$19.8M	$40.5M	25x	as long as short
Bybit XAUUSDT	+0.0111%	4h	4,311.3	+0.099%	$78.0M	$160.8M	150x	as long as short
MEXC XAU_USDT	+0.0112%	4h	4,310.4	+0.079%	$360.1M	$346.8M	1000x	as long as short
Aevo XAU-PERPlong	+0.0112%	1h	4,307	long leg	$160K	$87	10x
Kalshi KXGOLDPERP	+0.0113%	24h	4,310.2	+0.073%	$3.6M	$47.1M	15x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,294.8	−0.284%	$29.9M	$62.3M	50x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,310.1	+0.070%	$437.1M	$2.26B	100x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,308.8	+0.040%	$4.5M	$13.4M	25x	as long as short
Hotstuff GOLD-PERP	+0.0136%	1h	4,302.9	−0.096%	$32K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,299.3	−0.180%	$1.4M	$3.1M	25x	as long as short
Gate XAU_USDT	+0.0180%	4h	4,311.9	+0.112%	$302.1M	$435.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0191%	1h	4,308.5	+0.034%	$133K	$853K	25x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,309.5	+0.057%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0198%	4h	4,310.8	+0.088%	$70.1M	$127.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0250%	8h	4,310.7	+0.085%	$170.6M	$341.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,307.4	+0.009%	$573K	$139K	25x	as long as short
BloFin XAU-USDT	+0.0412%	4h	4,305.5	−0.035%	$16.3M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0312%	1h	4,305.8	−0.029%	$254K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0547%	4h	4,312.5	+0.128%	$2.2M	$987K	100x
HTX XAU-USDT	+0.1185%	4h	4,313.5	+0.150%	$3.2M	$6.8M	75x	as long as short
Bluefin GOLD-PERP	+0.2566%	1h	4,303.2	−0.090%	$25K	$1K	20x	as long as short