Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h −0.035%

Price spread now: QFEX against HTX−0.090%7-day average −0.061% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on HTX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now −0.090%, 7d avg −0.061%

Together, before fees−0.036%−$4 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 QFEX is 0.029% cheaper against HTX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XAU-USDT	4,358.7	0.0106	pay 0.0053% / 4h	1h 14m	$2.8M	$3.8M	75x
Short	QFEX GOLD-USD	4,354.8	0.0002	get 0.0000% / 1h	14m 46s	$5.6M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against HTX. 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 HTXbpFee QFEXbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$21.73
Price spread: −0.090% → −0.061%: −$2.89
Slippage, 4 orders: −$8.63
Fee HTX: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$55.25
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; QFEX: 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 HTX live order book, 4 min ago	0.01 bp	8.5 bp −$9	11.5 bp −$115	17.1 bp −$1,711	doesn't fit
Sell QFEX live order book, 4 min ago	1.26 bp	8.5 bp −$9	8.6 bp −$86	10.5 bp −$1,046	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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,353.6	−0.117%	$601K	$139K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356.9	−0.043%	$71.4M	$234.1M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,355.9	−0.065%	$409.7M	$2.08B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,357.2	−0.036%	$82.7M	$141.3M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,355.9	−0.066%	$3.5M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,357.6	−0.027%	$271.9M	$409.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,355.9	−0.065%	$378.2M	$352.4M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,356.1	−0.061%	$67.1M	$109.5M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,355.2	−0.080%	$48.5M	$31.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,355.5	−0.073%	$1.4M	$3.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,353.3	−0.125%	$4.0M	$34.4M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,360.2	+0.033%	$93K	$10.7M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	0.0000%	1h	4,354	−0.109%	$235K	$734K	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.9	−0.133%	$267K	—	250x	as long as short
QFEX GOLD-USDshort	+0.0002%	1h	4,354.8	−0.090%	$5.6M	$1.7M	20x
edgeX XAUUSDC	+0.0017%	4h	4,350.9	−0.181%	$30.3M	$58.3M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0018%	1h	4,351.9	−0.157%	$292.8M	$52.9M	25x	as long as short
Lighter XAU	+0.0032%	1h	4,355.5	−0.073%	$21.0M	$44.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,357.6	−0.026%	$20.3M	$42.0M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,352.8	−0.136%	$13.0M	$49.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.191%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,356.1	−0.061%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,390.5	+0.729%	—	$1.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,356.2	−0.059%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,352.5	−0.142%	$14.4M	$55.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0053%	1h	4,356	−0.063%	$4.3M	$1.7M	20x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,351.9	−0.157%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,355.2	−0.082%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.1	−0.130%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.2	−0.127%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348.5	−0.235%	$26K	$21K	20x	as long as short
Bullet GOLD-USD	+0.0101%	1h	4,356.2	−0.058%	$60K	$85K	10x	as long as short
HTX XAU-USDTlong	+0.0106%	4h	4,358.7	long leg	$2.8M	$3.8M	75x
Phoenix GOLD	+0.0109%	1h	4,352.2	−0.150%	$48K	$65K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0157%	8h	4,357.5	−0.028%	$159.0M	$266.8M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,353	−0.132%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,355.9	−0.066%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0309%	4h	4,358.1	−0.014%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,355.9	−0.066%	$251K	—	111x	as long as short