Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0153%/8h= +16.8% APRpaid last 24h +0.125%

Price spread now: Phemex against Coinbase International+0.159%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$720.725% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.159%, 7d avg +0.132%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phemex is 0.027% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.132%. Mind the row above: over the last 7 days funding on this pair cost −0.126%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International GOLD-PERP-INTX	4,343	0.0048	pay 0.0006% / 1h	4m 40s	$2.0M	$4.9M	25x
Short	Phemex XAUUSDT	4,349.9	0.0201	get 0.0101% / 4h	1h 04m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.159%Rate

Funding earned: $32.15
Price spread: +0.159% → +0.132%: $2.74
Slippage, 4 orders: −$50.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.61
Costs to cover: 0.725%
Break-even: 15.2 days

Slippage from Coinbase International: live order book, 4 min ago; Phemex: live order book, 4 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 Coinbase International live order book, 4 min ago	0.34 bp	7.2 bp −$7	8.4 bp −$84	42.3 bp −$4,226	doesn't fit
Sell Phemex live order book, 4 min ago	2.19 bp	35.6 bp −$36	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	4,352	+0.207%	$92K	$9.1M	20x	as long as short
Gate XAU_USDT	+0.0002%	4h	4,348.1	+0.117%	$265.4M	$417.6M	100x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.5	+0.011%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,345.8	+0.064%	$3.4M	$12.3M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,341.9	−0.025%	$13.4M	$38.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.171%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0040%	4h	4,346.6	+0.083%	$70.8M	$334.0M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.4	+0.124%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0041%	24h	4,344.4	+0.032%	$4.1M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.3	+0.859%	—	$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	4,347.3	+0.099%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,344.9	+0.043%	$20.6M	$42.6M	25x	as long as short
Coinbase International GOLD-PERP-INTXlong	+0.0048%	1h	4,343	long leg	$2.0M	$4.9M	25x
tradeXYZ xyz:GOLD	+0.0050%	1h	4,343.7	+0.016%	$293.7M	$48.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.4	−0.014%	$15.1M	$56.7M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,350.1	+0.164%	$1.4M	$2.9M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,347.2	+0.096%	$20.1M	$39.9M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,346	+0.070%	$48.5M	$27.7M	—	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,344	+0.023%	$33K	—	25x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,346.2	+0.074%	$370.8M	$320.6M	1000x	as long as short
Binance XAUUSDT	+0.0075%	4h	4,346.2	+0.073%	$410.3M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0078%	8h	4,345.9	+0.067%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0085%	4h	4,343.7	+0.016%	$30.2M	$58.5M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,346.8	+0.087%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.5	−0.012%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347	+0.092%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,346.8	+0.087%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,346	+0.069%	$47K	$77K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0187%	1h	4,345.3	+0.053%	$254K	$752K	25x	as long as short
Bullet GOLD-USD	+0.0192%	1h	4,347.4	+0.102%	$60K	$83K	10x	as long as short
Phemex XAUUSDTshort	+0.0201%	4h	4,349.9	+0.159%	$2.2M	$1.1M	100x
Bybit XAUUSDT	+0.0208%	4h	4,347.5	+0.104%	$84.4M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0216%	4h	4,346.5	+0.081%	$70.2M	$109.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0260%	8h	4,347.5	+0.104%	$165.3M	$283.1M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344.7	+0.040%	$593K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0297%	4h	4,347.2	+0.096%	$15.7M	$4.6M	100x	as long as short
Bluefin GOLD-PERP	+0.0403%	1h	4,342.3	−0.016%	$25K	$14K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0405% / S −0.0220%	1h	4,347.4	+0.102%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0590%	4h	4,352.4	+0.217%	$2.9M	$4.2M	75x	as long as short