Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0290%/8h= +31.7% APRpaid last 24h +0.110%

Price spread now: Phemex against Lighter+0.054%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now +0.054%, 7d avg +0.075%

Together, before fees+0.291%+ Points / potential airdropLighter: Season 3 · farm board+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.021% cheaper against Lighter than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.075%). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.263% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XAU	4,351.8	0.0032	pay 0.0004% / 1h	47m 43s	$20.8M	$43.4M	25x
Short	Phemex XAUUSDT	4,354.1	0.0322	get 0.0161% / 4h	1h 47m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.054%Rate

Funding earned: $60.81
Price spread: +0.054% → +0.075%: −$2.14
Slippage, 4 orders: −$47.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1.2
Costs to cover: 0.599%
Break-even: 7.1 days

Slippage from Lighter: live order book, 6 min ago; Phemex: live order book, 6 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 Lighter live order book, 6 min ago	0.44 bp	0.8 bp −$1	2.0 bp −$20	7.4 bp −$736	17.3 bp −$8,648
Sell Phemex live order book, 6 min ago	1.83 bp	34.5 bp −$35	doesn't fit	doesn't fit	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	4,350.5	−0.029%	$600K	$160K	25x	as long as short
tradeXYZ xyz:GOLD	−0.0063%	1h	4,348.5	−0.075%	$292.8M	$53.5M	25x	as long as short
Hotstuff GOLD-PERP	−0.0008%	1h	4,347.8	−0.091%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,353.2	+0.033%	$71.3M	$238.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,353.4	+0.037%	$410.1M	$2.09B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,353.9	+0.049%	$82.5M	$141.8M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,353.5	+0.040%	$3.4M	$12.5M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,354.5	+0.063%	$271.1M	$406.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,353.6	+0.041%	$375.2M	$349.1M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,354.1	+0.054%	$67.3M	$110.8M	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	4,351.3	−0.010%	$47.9M	$32.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,352.5	+0.016%	$1.4M	$3.2M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,351.1	−0.016%	$3.9M	$34.0M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,357	+0.119%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.2	−0.058%	$267K	—	10x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,352	+0.005%	$5.5M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0014%	4h	4,346.6	−0.120%	$30.3M	$58.2M	50x	as long as short
Lighter XAUlong	+0.0032%	1h	4,351.8	long leg	$20.8M	$43.4M	25x
Lighter RH XAU	+0.0032%	1h	4,353.6	+0.041%	$20.2M	$41.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350	−0.040%	$13.0M	$49.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.031%	$619	$54	52x	as long as short
HTX XAU-USDT	+0.0033%	4h	4,356.9	+0.118%	$2.8M	$3.8M	75x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.4	−0.032%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.9	+0.807%	—	$995K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,351.6	−0.004%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349.1	−0.062%	$14.5M	$55.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,353.5	+0.040%	$19K	$6K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,351.9	+0.003%	$161K	$87	10x	as long as short
Bullet GOLD-USD	+0.0086%	1h	4,352.8	+0.024%	$59K	$84K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,350.1	−0.039%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.4	−0.101%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,392.7	+0.940%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,348.1	−0.085%	$47K	$65K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0118%	1h	4,351.2	−0.013%	$221K	$853K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0164%	8h	4,354.1	+0.053%	$158.6M	$268.3M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,350	−0.041%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,352.7	+0.021%	$14.7M	$4.3M	100x	as long as short
Phemex XAUUSDTshort	+0.0322%	4h	4,354.1	+0.054%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0450% / S −0.0246%	1h	4,352.8	+0.024%	$251K	—	29x	as long as short