Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.022%

Price spread now: QFEX against MEXC−0.035%7-day average −0.042% · 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−$16as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on MEXC Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.065%−$6 on $10k

Price spread, last 7 days0.000%$0 · spread now −0.035%, 7d avg −0.042%

Together, before fees−0.065%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XAU_USDT	4,323.5	0.0096	pay 0.0048% / 4h	1h 23m	$362.1M	$331.0M	1000x
Short	QFEX GOLD-USD	4,322	0.0042	get 0.0005% / 1h	23m 30s	$5.4M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against MEXC. 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 MEXCbpFee QFEXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$11.27
Price spread: −0.035% → −0.042%: $0.7
Slippage, 4 orders: −$2.89
Fee MEXC: 2 bp × 2 orders: −$4
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$27.47
Costs to cover: 0.169%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; QFEX: live order book, 10 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 MEXC live order book, 6 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	4.2 bp −$424	25.2 bp −$12.6K
Sell QFEX live order book, 10 min ago	1.39 bp	6.4 bp −$6	6.4 bp −$64	8.5 bp −$851	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
Bluefin GOLD-PERP	−0.0064%	1h	4,318.2	−0.122%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.6	+0.072%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.107%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0013%	4h	4,323.1	−0.009%	$77.3M	$154.9M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.622%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	−0.003%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDshort	+0.0042%	1h	4,322	−0.035%	$5.4M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,354.8	+0.724%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319.4	−0.095%	$291.5M	$51.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,318.4	−0.119%	$15.0M	$55.3M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAU	+0.0064%	1h	4,322.3	−0.028%	$20.3M	$30.6M	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.6	+0.025%	$72.5M	$276.1M	20x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,318.6	−0.114%	$32K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.3	−0.074%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,322.3	−0.028%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0078%	24h	4,323.8	+0.007%	$3.8M	$43.7M	15x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.1	−0.009%	$1.4M	$3.0M	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,319.1	−0.102%	$12.9M	$37.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.1	−0.032%	$47.3M	$28.9M	—	as long as short
MEXC XAU_USDTlong	+0.0096%	4h	4,323.5	long leg	$362.1M	$331.0M	1000x
Binance XAUUSDT	+0.0097%	4h	4,322.6	−0.021%	$417.2M	$2.12B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.6	−0.090%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.4	−0.095%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.085%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.8	−0.039%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0108%	4h	4,318.8	−0.110%	$30.0M	$59.5M	50x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,324.8	+0.031%	$280.9M	$419.0M	100x	as long as short
Lighter RH XAU	+0.0112%	1h	4,325	+0.034%	$19.8M	$38.9M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,319.2	−0.100%	$584K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0179%	1h	4,322.2	−0.031%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.2	+0.039%	$4.1M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,322.1	−0.033%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,322.8	−0.016%	$67.7M	$118.0M	100x	as long as short
HTX XAU-USDT	+0.0261%	4h	4,325.3	+0.042%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0303%	8h	4,322.8	−0.016%	$171.9M	$298.2M	100x	as long as short
Phemex XAUUSDT	+0.0330%	4h	4,325.3	+0.041%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0337%	4h	4,322.4	−0.027%	$16.2M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0398%	1h	4,321.8	−0.040%	$191K	$836K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322	−0.034%	$252K	—	111x	as long as short