Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.094%

Price spread now: QFEX against BloFin−0.048%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.328%−$33 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now −0.048%, 7d avg −0.020%

Together, before fees−0.314%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and QFEX is 0.028% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XAU-USDT	4,326.7	0.0339	pay 0.0169% / 4h	36m 25s	$16.4M	$4.6M	100x
Short	QFEX GOLD-USD	4,324.6	0.0045	get 0.0006% / 1h	36m 25s	$5.4M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$61.81
Price spread: −0.048% → −0.020%: −$2.84
Slippage, 4 orders: −$5.82
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$92.46
Costs to cover: 0.278%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; QFEX: live order book, 7 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 BloFin live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.6 bp −$760	doesn't fit
Sell QFEX live order book, 7 min ago	2.89 bp	7.9 bp −$8	7.9 bp −$79	10.4 bp −$1,044	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
Bluefin GOLD-PERP	−0.0150%	1h	4,320.5	−0.143%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,322.7	−0.092%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,330.5	+0.089%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,322.7	−0.092%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.548%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.8	+0.026%	$3.8M	$4.5M	40x	as long as short
Bybit XAUUSDT	+0.0044%	4h	4,327.7	+0.023%	$77.6M	$153.1M	150x	as long as short
QFEX GOLD-USDshort	+0.0045%	1h	4,324.6	−0.048%	$5.4M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,359.5	+0.758%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,323.2	−0.081%	$291.8M	$51.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,322.4	−0.100%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,327.9	+0.028%	$72.9M	$272.0M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,325.7	−0.023%	$20.4M	$29.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,325.7	−0.022%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.8	−0.090%	$2.1M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0091%	24h	4,327.8	+0.026%	$3.8M	$44.5M	15x	as long as short
Variational Omni XAU	+0.0091%	4h	4,327	+0.007%	$47.2M	$29.3M	—	as long as short
Phoenix GOLD	+0.0096%	1h	4,323.8	−0.067%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,326.8	+0.001%	$364.1M	$327.0M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,326.6	−0.002%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,326.7	+0.001%	$425.7M	$2.13B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.9	−0.088%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,324.3	−0.056%	$272K	$208K	50x	as long as short
Gate XAU_USDT	+0.0104%	4h	4,328.9	+0.051%	$281.8M	$414.6M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,325.9	−0.019%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0113%	4h	4,323.5	−0.074%	$30.1M	$59.5M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,328.2	+0.034%	$20.0M	$39.0M	25x	as long as short
Extended XAU-USD	+0.0136%	1h	4,322.8	−0.091%	$13.2M	$36.7M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,326.9	+0.004%	$70.2M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0204%	1h	4,326.8	+0.003%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,327	+0.007%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,323.6	−0.070%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,325.3	−0.032%	$163K	$870K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0277%	8h	4,327	+0.007%	$173.8M	$299.4M	100x	as long as short
BloFin XAU-USDTlong	+0.0339%	4h	4,326.7	long leg	$16.4M	$4.6M	100x
Phemex XAUUSDT	+0.0358%	4h	4,329.5	+0.065%	$2.2M	$974K	100x	as long as short
HTX XAU-USDT	+0.0401%	4h	4,331.9	+0.119%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,326.7	0.000%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,326.7	+0.001%	$4.6M	$13.3M	25x	as long as short