Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0293%/8h= +32.0% APRpaid last 24h +0.122%

Price spread now: Phemex against Injective+0.388%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phemex is 0.388% dearer against Injective than usual: you sell high and buy low: +$39 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XAU/USDC PERP	4,350.4	0.0033	pay 0.0004% / 1h	20m 25s	$619	$54	52x
Short	Phemex XAUUSDT	4,367.3	0.0326	get 0.0163% / 4h	20m 25s	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.388%Rate

Funding earned: $61.43
Price spread: +0.388% → 0.000%: $38.82
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $88.23
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.76 bp	31.6 bp −$32	doesn't fit	doesn't fit	doesn't fit

Injective: 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	−0.0215%	1h	4,360.5	+0.231%	$26K	$22K	20x	as long as short
Hotstuff GOLD-PERP	−0.0104%	1h	4,362.3	+0.273%	$33K	—	25x	as long as short
Phoenix GOLD	−0.0004%	1h	4,360.3	+0.227%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,367.1	+0.384%	$71.7M	$225.4M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,367.7	+0.398%	$410.3M	$2.13B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,368.3	+0.410%	$82.6M	$142.3M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,366.9	+0.379%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,368.2	+0.409%	$269.3M	$414.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,366.8	+0.376%	$376.5M	$323.2M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,366.7	+0.374%	$69.6M	$113.4M	100x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XAU	0.0000%	4h	4,366.6	+0.371%	$48.5M	$30.2M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,364.9	+0.333%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,365.8	+0.354%	$4.1M	$36.0M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,371.4	+0.483%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,363.7	+0.305%	$268K	—	250x	as long as short
edgeX XAUUSDC	+0.0008%	4h	4,359.1	+0.199%	$30.3M	$58.8M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,366	+0.358%	$5.4M	$1.9M	20x	as long as short
Injective XAU/USDC PERPlong	+0.0033%	1h	4,350.4	long leg	$619	$54	52x
Lighter XAU	+0.0040%	1h	4,366	+0.359%	$20.7M	$44.8M	25x	as long as short
Extended XAU-USD	+0.0040%	1h	4,362.7	+0.282%	$13.1M	$45.5M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,367.1	+0.383%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,400.4	+1.149%	—	$1.0M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,368.5	+0.415%	$20.3M	$42.1M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,362.9	+0.287%	$293.7M	$52.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,363.3	+0.297%	$14.6M	$56.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0053%	8h	4,366.8	+0.376%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,366.7	+0.375%	$162K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0098%	1h	4,366.3	+0.365%	$4.3M	$1.8M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,363.7	+0.305%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,362.3	+0.273%	$277K	$204K	50x	as long as short
Bullet GOLD-USD	+0.0102%	1h	4,367.2	+0.386%	$59K	$81K	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,364.3	+0.319%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0161%	8h	4,368.9	+0.425%	$159.0M	$274.0M	100x	as long as short
HTX XAU-USDT	+0.0168%	4h	4,369.8	+0.445%	$2.8M	$3.7M	75x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0208%	1h	4,365.6	+0.349%	$235K	$736K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0220%	1h	4,364.5	+0.324%	$602K	$136K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,367.2	+0.385%	$14.8M	$4.5M	100x	as long as short
Phemex XAUUSDTshort	+0.0326%	4h	4,367.3	+0.388%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,368.2	+0.408%	$252K	—	111x	as long as short