Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h +0.074%

Price spread now: Phemex against Kraken Futures+0.134%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$800.798% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.134%, 7d avg +0.101%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.034% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.134% now, against its 7-day average of +0.101%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.061%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XAUUSD	4,333.8	0.0253	pay 0.0032% / 1h	46m 42s	$584K	$169K	25x
Short	Phemex XAUUSDT	4,339.6	0.0214	get 0.0107% / 4h	1h 46m	$2.3M	$784K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.134%Rate

Funding earned: −$8.28
Price spread: +0.134% → +0.101%: $3.36
Slippage, 4 orders: −$57.76
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$84.69
Costs to cover: 0.798%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; Phemex: live order book, 5 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 Kraken Futures live order book, 64 min ago	3.24 bp	9.5 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.18 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit

XAU on 39 exchanges

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
Hotstuff GOLD-PERP	−3.0304%	1h	4,318.3	−0.358%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0059%	1h	4,331.1	−0.062%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,340.7	+0.160%	$92K	$5.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	0.0000%	1h	4,333.4	−0.009%	$2.1M	$5.3M	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,333.5	−0.008%	$304K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.384%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,338.4	+0.106%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,336.5	+0.062%	$6.7M	$3.2M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,370.3	+0.842%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,333.2	−0.014%	$292.5M	$51.5M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,331.2	−0.059%	$15.1M	$59.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0054%	8h	4,335.4	+0.036%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,337.3	+0.082%	$72.4M	$276.0M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0064%	1h	4,336.1	+0.053%	$4.3M	$1.7M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0073%	1h	4,335.2	+0.032%	$135K	$707K	25x	as long as short
Variational Omni XAU	+0.0079%	4h	4,338.5	+0.109%	$47.3M	$29.2M	—	as long as short
Lighter XAU	+0.0080%	1h	4,335.3	+0.036%	$20.2M	$30.4M	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,337.1	+0.076%	$298.5M	$444.2M	100x	as long as short
Lighter RH XAU	+0.0088%	1h	4,337.8	+0.091%	$19.7M	$39.9M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0096%	4h	4,337.9	+0.094%	$1.4M	$3.1M	25x	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,336	+0.050%	$368.0M	$352.6M	1000x	as long as short
Binance XAUUSDT	+0.0096%	4h	4,336	+0.051%	$442.7M	$2.43B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,332.4	−0.033%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,336.2	+0.055%	$285K	$223K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,335.9	+0.049%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,335.5	+0.039%	$30.3M	$67.5M	50x	as long as short
Bybit XAUUSDT	+0.0120%	4h	4,337.3	+0.080%	$82.4M	$172.6M	150x	as long as short
Extended XAU-USD	+0.0120%	1h	4,332.3	−0.035%	$12.5M	$34.7M	25x	as long as short
Phoenix GOLD	+0.0127%	1h	4,334.2	+0.009%	$43K	$71K	25x	as long as short
Kalshi KXGOLDPERP	+0.0137%	24h	4,338.7	+0.113%	$3.5M	$51.1M	15x	as long as short
Bullet GOLD-USD	+0.0167%	1h	4,336.9	+0.072%	$59K	$76K	10x	as long as short
RISEx XAU/USDC	+0.0205%	1h	4,335.8	+0.047%	$4.7M	$13.2M	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,336.2	+0.056%	$72.8M	$139.6M	100x	as long as short
Phemex XAUUSDTshort	+0.0214%	4h	4,339.6	+0.134%	$2.3M	$784K	100x
OKX XAU-USDT-SWAP	+0.0238%	8h	4,337.5	+0.085%	$170.8M	$361.6M	100x	as long as short
Kraken Futures PF_XAUUSDlong	+0.0253%	1h	4,333.8	long leg	$584K	$169K	25x
BloFin XAU-USDT	+0.0338%	4h	4,337.1	+0.076%	$16.3M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0461% / S −0.0308%	1h	4,336.9	+0.072%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.1085%	4h	4,344.4	+0.245%	$3.2M	$7.1M	75x	as long as short