Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0504%/8h= −55.2% APRpaid last 24h −0.106%

Price spread now: Phemex against Bluefin+0.178%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phemex is 0.178% dearer against Bluefin than usual: you sell high and buy low (spread +0.178% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin GOLD-PERP	4,349.1	0.0641	pay 0.0080% / 1h	26m 43s	$25K	$14K	20x
Short	Phemex XAUUSDT	4,356.8	0.0137	get 0.0069% / 4h	1h 26m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now +0.178%Rate

Funding earned: −$105.78
Price spread: +0.178% → 0.000%: $17.75
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$107.03
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Phemex: live order book, 2 min ago. Net counts fees only.

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 Bluefin no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	2.36 bp	31.1 bp −$31	doesn't fit	doesn't fit	doesn't fit

Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4,359.8	+0.245%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,353.2	+0.095%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,358.3	+0.211%	$265.1M	$412.1M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,356.7	+0.175%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,353.3	+0.097%	$13.6M	$39.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.031%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0039%	24h	4,353.6	+0.104%	$4.1M	$37.0M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,354.2	+0.117%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0043%	4h	4,357.4	+0.192%	$70.5M	$333.8M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,388.9	+0.915%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0046%	1h	4,353	+0.090%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,352.2	+0.072%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,353.2	+0.095%	$294.1M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,353.8	+0.109%	$15.1M	$57.3M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0052%	4h	4,353.7	+0.105%	$1.4M	$3.0M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,356.6	+0.172%	$20.7M	$42.3M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,353	+0.089%	$48.3M	$27.8M	—	as long as short
Lighter RH XAU	+0.0064%	1h	4,358.4	+0.213%	$20.2M	$39.7M	25x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,357.2	+0.186%	$372.2M	$318.7M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,357.4	+0.192%	$413.1M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,357.7	+0.198%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0087%	4h	4,349.1	0.000%	$30.3M	$58.2M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,355	+0.135%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.3	+0.097%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,351	+0.043%	$275K	$202K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0127%	1h	4,355.4	+0.145%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.3	+0.028%	$47K	$77K	25x	as long as short
Phemex XAUUSDTshort	+0.0137%	4h	4,356.8	+0.178%	$2.2M	$1.1M	100x
Deribit GOLD_USDC-PERPETUAL	+0.0140%	1h	4,355.1	+0.138%	$258K	$707K	25x	as long as short
Bybit XAUUSDT	+0.0197%	4h	4,359	+0.228%	$84.6M	$145.6M	150x	as long as short
Hotstuff GOLD-PERP	+0.0200%	1h	4,351.2	+0.049%	$33K	—	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,357.7	+0.198%	$70.3M	$109.4M	100x	as long as short
Bullet GOLD-USD	+0.0212%	1h	4,356.1	+0.161%	$59K	$83K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,358.3	+0.212%	$165.1M	$282.2M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,353.4	+0.099%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0298%	4h	4,356	+0.159%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0401% / S −0.0212%	1h	4,356.7	+0.176%	$249K	—	111x	as long as short
HTX XAU-USDT	+0.0565%	4h	4,359.9	+0.248%	$2.9M	$4.2M	75x	as long as short
Bluefin GOLD-PERPlong	+0.0641%	1h	4,349.1	long leg	$25K	$14K	20x