Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0152%/8h= +16.7% APRpaid last 24h +0.137%

Price spread now: Phemex against Ondo Perps+0.130%7-day average +0.154% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.326%+$33 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now +0.130%, 7d avg +0.154%

Together, before fees+0.408%+ Points / potential airdropOndo Perps: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.024% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.130% now, against its 7-day average of +0.154%). If the spread goes back, that is −$2 on $10k: about 13 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XAU-USD.P	4,345.1	0.0050	pay 0.0006% / 1h	39m 25s	$15.1M	$56.7M	25x
Short	Phemex XAUUSDT	4,350.7	0.0203	get 0.0101% / 4h	39m 25s	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.130%Rate

Funding earned: $31.95
Price spread: +0.130% → +0.154%: −$2.4
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $12.55
Costs to cover: 0.170%
Break-even: 4.3 days

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 4 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	2.83 bp	35.8 bp −$36	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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
RISEx XAU/USDC	0.0000%	1h	4,348	+0.067%	$3.4M	$12.3M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352.3	+0.167%	$92K	$9.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,344.1	−0.023%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0014%	4h	4,348.7	+0.084%	$267.8M	$410.9M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,347.6	+0.058%	$20.8M	$37.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344.5	−0.014%	$13.3M	$38.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.123%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,349.5	+0.103%	$20.1M	$39.2M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.1	+0.116%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,348.1	+0.070%	$5.7M	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	+0.0044%	24h	4,346.5	+0.033%	$4.2M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,381.6	+0.841%	—	$1.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,345.7	+0.015%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345.5	+0.010%	$293.8M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.Plong	+0.0050%	1h	4,345.1	long leg	$15.1M	$56.7M	25x
Aster XAUUSD1	+0.0064%	4h	4,348.7	+0.084%	$71.0M	$333.6M	20x	as long as short
Variational Omni XAU	+0.0079%	4h	4,348.9	+0.088%	$48.4M	$27.7M	—	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,344.9	−0.004%	$33K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,349.1	+0.093%	$1.4M	$3.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,348.3	+0.075%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0092%	4h	4,348.6	+0.082%	$372.2M	$317.0M	1000x	as long as short
Binance XAUUSDT	+0.0094%	4h	4,348.1	+0.070%	$414.3M	$2.09B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,345.3	+0.006%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,345.6	+0.012%	$275K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347.3	+0.052%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,345	−0.001%	$30.2M	$58.2M	50x	as long as short
Phoenix GOLD	+0.0142%	1h	4,346.8	+0.040%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0158%	1h	4,348	+0.068%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,345.4	+0.007%	$593K	$133K	25x	as long as short
Phemex XAUUSDTshort	+0.0203%	4h	4,350.7	+0.130%	$2.2M	$967K	100x
Bullet GOLD-USD	+0.0209%	1h	4,348.6	+0.083%	$60K	$82K	10x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,349.2	+0.094%	$70.1M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0238%	4h	4,349.4	+0.101%	$85.0M	$144.7M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,346.5	+0.033%	$243K	$788K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0283%	8h	4,349.7	+0.107%	$165.6M	$281.8M	100x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,349.6	+0.104%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0413% / S −0.0229%	1h	4,348.1	+0.071%	$248K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0551%	1h	4,342.6	−0.058%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0629%	4h	4,353.5	+0.195%	$2.9M	$4.3M	75x	as long as short