Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h +0.118%

Price spread now: Phemex against Lighter RH−0.052%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$770.774% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.310%+$31 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.052%, 7d avg +0.016%

Together, before fees+0.500%+ Points / potential airdropLighter RH: Points live · farm board+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.068% cheaper against Lighter RH than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of +0.016%). If the spread goes back, that is −$7 on $10k: about 3.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.310% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH XAU	4,355.7	0.0072	pay 0.0009% / 1h	28m 18s	$20.1M	$39.7M	25x
Short	Phemex XAUUSDT	4,353.5	0.0141	get 0.0071% / 4h	1h 28m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now −0.052%Rate

Funding earned: $14.59
Price spread: −0.052% → +0.016%: −$6.79
Slippage, 4 orders: −$65.38
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$69.58
Costs to cover: 0.774%
Break-even: 40.4 days

Slippage from Lighter RH: live order book, 6 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 Lighter RH live order book, 6 min ago	0.71 bp	0.8 bp −$1	0.8 bp −$8	13.3 bp −$1,330	doesn't fit
Sell Phemex live order book, 5 min ago	1.52 bp	33.7 bp −$34	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
SunX XAU-USDT	0.0000%	4h	4,358.7	+0.069%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,350.9	−0.110%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0008%	4h	4,356	+0.006%	$264.9M	$411.7M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,354.2	−0.036%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.6	−0.118%	$13.6M	$39.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.122%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0039%	24h	4,352.3	−0.079%	$4.1M	$36.9M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,354.2	−0.035%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0042%	4h	4,355.1	−0.015%	$70.5M	$333.7M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,387.7	+0.734%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0046%	1h	4,353	−0.062%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,351.1	−0.106%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,351.2	−0.104%	$293.9M	$48.7M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0050%	4h	4,354.7	−0.022%	$1.4M	$3.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.9	−0.110%	$15.1M	$57.5M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,353.4	−0.053%	$20.6M	$42.2M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,353	−0.064%	$48.3M	$27.8M	—	as long as short
Lighter RH XAUlong	+0.0072%	1h	4,355.7	long leg	$20.1M	$39.7M	25x
MEXC XAU_USDT	+0.0074%	4h	4,354.7	−0.023%	$373.0M	$318.5M	1000x	as long as short
Binance XAUUSDT	+0.0075%	4h	4,354.7	−0.023%	$412.9M	$2.09B	100x	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,354.3	−0.033%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0092%	4h	4,347.3	−0.193%	$30.3M	$58.9M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,353.2	−0.058%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.3	−0.103%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,351	−0.109%	$275K	$202K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0128%	1h	4,353.8	−0.044%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.3	−0.124%	$47K	$77K	25x	as long as short
Phemex XAUUSDTshort	+0.0141%	4h	4,353.5	−0.052%	$2.2M	$1.1M	100x
Deribit GOLD_USDC-PERPETUAL	+0.0164%	1h	4,352.5	−0.074%	$258K	$706K	25x	as long as short
Bybit XAUUSDT	+0.0196%	4h	4,355.8	+0.001%	$84.5M	$145.4M	150x	as long as short
Hotstuff GOLD-PERP	+0.0200%	1h	4,351.5	−0.097%	$33K	—	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,354.4	−0.030%	$70.2M	$109.4M	100x	as long as short
Bullet GOLD-USD	+0.0214%	1h	4,354.7	−0.023%	$59K	$83K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,355.3	−0.010%	$165.0M	$281.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.3	−0.102%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0297%	4h	4,353.9	−0.041%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0400% / S −0.0212%	1h	4,354.7	−0.023%	$249K	—	111x	as long as short
HTX XAU-USDT	+0.0564%	4h	4,359.9	+0.096%	$2.9M	$4.2M	75x	as long as short
Bluefin GOLD-PERP	+0.0707%	1h	4,347.3	−0.194%	$25K	$14K	20x	as long as short