Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.078%

Price spread now: Phemex against Deribit+0.059%7-day average +0.144% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$690.690% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.615%−$61 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.059%, 7d avg +0.144%

Together, before fees−0.526%−$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.085% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.144%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,349.1	0.0302	pay 0.0038% / 1h	15m 27s	$206K	$824K	25x
Short	Phemex XAUUSDT	4,351.7	0.0218	get 0.0109% / 4h	15m 27s	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$17.64
Price spread: +0.059% → +0.144%: −$8.54
Slippage, 4 orders: −$50.03
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95.21
Costs to cover: 0.690%
Break-even: never at this rate

Slippage from Deribit: live order book, 43 min ago; Phemex: live order book, 3 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 Deribit live order book, 43 min ago	0.12 bp	3.6 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.54 bp	32.9 bp −$33	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
RISEx XAU/USDC	0.0000%	1h	4,346	−0.072%	$3.4M	$12.2M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,347.7	−0.032%	$265.2M	$416.4M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,354.4	+0.123%	$93K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.8	−0.145%	$272K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,343.8	−0.122%	$33K	—	25x	as long as short
Lighter XAU	+0.0032%	1h	4,345.6	−0.082%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.3	−0.156%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.030%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,346.7	−0.054%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.7	+0.037%	$3.8M	$4.5M	40x	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	+0.0041%	1h	4,345.7	−0.078%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.1	+0.713%	—	$1.0M	25x	as long as short
Kalshi KXGOLDPERP	+0.0048%	24h	4,347.8	−0.030%	$4.2M	$37.3M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.2	−0.067%	$2.0M	$4.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344	−0.117%	$293.7M	$48.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.6	−0.149%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,347.2	−0.043%	$71.2M	$333.2M	20x	as long as short
Variational Omni XAU	+0.0075%	4h	4,349.4	+0.008%	$48.4M	$28.0M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,346.3	−0.065%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,346.5	−0.060%	$371.5M	$319.1M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0088%	4h	4,350.2	+0.025%	$1.4M	$2.9M	25x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,346.6	−0.057%	$413.4M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.5	−0.152%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,348.6	−0.011%	$275K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.3	−0.203%	$25K	$14K	20x	as long as short
edgeX XAUUSDC	+0.0103%	4h	4,345.6	−0.080%	$30.2M	$58.2M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,345.7	−0.079%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,349	−0.002%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0158%	1h	4,346.5	−0.060%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0185%	1h	4,346.5	−0.060%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,347.1	−0.047%	$593K	$132K	25x	as long as short
Phemex XAUUSDTshort	+0.0218%	4h	4,351.7	+0.059%	$2.2M	$967K	100x
Bitget XAUUSDT	+0.0230%	4h	4,347	−0.048%	$70.0M	$109.4M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,347.7	−0.031%	$85.1M	$145.5M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0295%	8h	4,347.9	−0.028%	$165.4M	$282.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0302%	1h	4,349.1	long leg	$206K	$824K	25x
BloFin XAU-USDT	+0.0329%	4h	4,349.5	+0.009%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0417% / S −0.0237%	1h	4,346.5	−0.060%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0623%	4h	4,352.1	+0.068%	$2.9M	$4.5M	75x	as long as short