Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0132%/8h= −14.4% APRpaid last 24h +0.033%

Price spread now: Phemex against GMX+0.016%7-day average +0.023% · you sell dearer than you buy

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.182%−$18 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now +0.016%, 7d avg +0.023%

Together, before fees−0.159%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: −$4 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]	4,353.4	L +0.0450% / S −0.0246%	pay 0.0056% / 1h	47m 25s	$251K	—	29x
Short	Phemex XAUUSDT	4,354.1	0.0318	get 0.0159% / 4h	1h 47m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$27.69
Price spread: +0.016% → +0.023%: −$0.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.33
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	2.04 bp	33.5 bp −$33	doesn't fit	doesn't fit	doesn't fit

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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,351.1	−0.053%	$600K	$160K	25x	as long as short
tradeXYZ xyz:GOLD	−0.0062%	1h	4,348.8	−0.106%	$292.8M	$53.5M	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,353.3	−0.003%	$71.3M	$238.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,353.4	0.000%	$410.1M	$2.09B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,353.8	+0.008%	$82.5M	$141.8M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,353.5	+0.002%	$3.4M	$12.5M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,354.4	+0.023%	$271.0M	$406.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,353.5	+0.002%	$375.2M	$349.1M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,353.8	+0.009%	$67.3M	$110.8M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,351.3	−0.048%	$47.9M	$32.5M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,352.5	−0.022%	$1.4M	$3.2M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,351.1	−0.053%	$3.9M	$34.0M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,357.4	+0.092%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.9	−0.080%	$267K	—	10x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,352	−0.033%	$5.5M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0014%	4h	4,346.6	−0.157%	$30.3M	$58.2M	50x	as long as short
Lighter XAU	+0.0032%	1h	4,351.8	−0.038%	$20.8M	$43.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,353.6	+0.003%	$20.2M	$41.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.9	−0.081%	$13.0M	$49.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.069%	$619	$54	52x	as long as short
HTX XAU-USDT	+0.0033%	4h	4,356.9	+0.081%	$2.8M	$3.8M	75x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.4	−0.069%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,387.3	+0.778%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,348.5	−0.113%	$33K	—	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,351.8	−0.037%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349.1	−0.099%	$14.5M	$55.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,353.5	+0.002%	$19K	$6K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,352.7	−0.016%	$161K	$87	10x	as long as short
Bullet GOLD-USD	+0.0091%	1h	4,353.4	0.000%	$59K	$84K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,350.1	−0.076%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,349.7	−0.086%	$273K	$204K	50x	as long as short
Phoenix GOLD	+0.0109%	1h	4,348.8	−0.106%	$47K	$65K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0118%	1h	4,351.8	−0.037%	$221K	$853K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0164%	8h	4,354.2	+0.018%	$158.6M	$268.3M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,350.8	−0.060%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,352.7	−0.017%	$14.7M	$4.3M	100x	as long as short
Phemex XAUUSDTshort	+0.0318%	4h	4,354.1	+0.016%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]long	L +0.0450% / S −0.0246%	1h	4,353.4	long leg	$251K	—	29x
Bluefin GOLD-PERP	+0.0660%	1h	4,349.9	−0.082%	$26K	$21K	20x	as long as short