Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0364%/8h= −39.8% APRpaid last 24h −0.079%

Price spread now: MEXC against GMX−0.002%7-day average −0.010% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.325%−$32 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.002%, 7d avg −0.010%

Together, before fees−0.352%−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,322.8	L +0.0462% / S −0.0307%	pay 0.0058% / 1h	49m 36s	$252K	—	111x
Short	MEXC XAU_USDT	4,322.7	0.0098	get 0.0049% / 4h	49m 36s	$364.6M	$325.3M	1000x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$76.39
Price spread: −0.002% → −0.010%: $0.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$91.52
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	6.6 bp −$660	18.0 bp −$9,002

GMX: 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
Bluefin GOLD-PERP	−0.0051%	1h	4,315.1	−0.177%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.8	+0.093%	$92K	$7.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.7	−0.096%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0027%	4h	4,323.4	+0.015%	$76.9M	$153.0M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.639%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.1	+0.030%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,321.6	−0.027%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.5	+0.734%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.4	−0.055%	$291.7M	$51.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319	−0.088%	$15.0M	$55.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAUUSD1	+0.0061%	4h	4,324.4	+0.038%	$72.7M	$272.7M	20x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,320.3	−0.057%	$32K	—	25x	as long as short
Paradex XAU-USD-PERP	+0.0070%	8h	4,323.2	+0.011%	$2K	$14K	5x	as long as short
Lighter XAU	+0.0072%	1h	4,322.4	−0.010%	$20.3M	$28.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.2	−0.106%	$2.1M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0087%	24h	4,323.7	+0.021%	$3.8M	$44.4M	15x	as long as short
Variational Omni XAU	+0.0092%	4h	4,321	−0.041%	$47.3M	$29.0M	—	as long as short
Phoenix GOLD	+0.0096%	1h	4,320.8	−0.046%	$47K	$79K	25x	as long as short
MEXC XAU_USDTshort	+0.0098%	4h	4,322.7	−0.002%	$364.6M	$325.3M	1000x
Binance XAUUSDT	+0.0100%	4h	4,322.4	−0.008%	$425.3M	$2.14B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.9	−0.067%	$1.4M	$1.2M	10x	as long as short
Gate XAU_USDT	+0.0100%	4h	4,325.9	+0.072%	$279.5M	$410.6M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,323.9	+0.026%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,318.5	−0.100%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322	−0.018%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0106%	4h	4,317.6	−0.121%	$30.0M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0136%	1h	4,324	+0.028%	$20.0M	$38.7M	25x	as long as short
Extended XAU-USD	+0.0160%	1h	4,320.1	−0.062%	$13.1M	$36.8M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0190%	1h	4,322.5	−0.007%	$163K	$864K	25x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,322.3	−0.012%	$70.2M	$119.1M	100x	as long as short
Bullet GOLD-USD	+0.0207%	1h	4,322.8	0.000%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0221%	1h	4,322.6	−0.004%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,320.1	−0.063%	$577K	$136K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0288%	8h	4,323.2	+0.010%	$173.4M	$300.5M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,322.3	−0.011%	$16.4M	$4.6M	100x	as long as short
HTX XAU-USDT	+0.0366%	4h	4,327.4	+0.106%	$3.2M	$5.8M	75x	as long as short
Phemex XAUUSDT	+0.0385%	4h	4,325.9	+0.073%	$2.2M	$975K	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0462% / S −0.0307%	1h	4,322.8	long leg	$252K	—	111x
RISEx XAU/USDC	+0.0643%	1h	4,323.5	+0.017%	$4.4M	$13.3M	25x	as long as short