Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0313%/8h= −34.3% APRpaid last 24h −0.124%

Price spread now: Aevo against Phemex−0.119%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$810.813% of the position

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.119%, 7d avg −0.048%

Together, before fees−0.137%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Aevo is 0.071% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.202% in total (about -10.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,318.3	0.0425	pay 0.0213% / 4h	15m 03s	$2.2M	$975K	100x
Short	Aevo XAU-PERP	4,313.2	0.0112	get 0.0014% / 1h	15m 03s	$160K	$87	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −0.119%Rate

Funding earned: −$65.81
Price spread: −0.119% → −0.048%: −$7.05
Slippage, 4 orders: −$53.34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$154.2
Costs to cover: 0.813%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Aevo: live order book, 24 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 Phemex live order book, 3 min ago	1.39 bp	24.0 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Aevo live order book, 24 min ago	5.13 bp	16.9 bp −$17	29.4 bp −$294	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
Hotstuff GOLD-PERP	−0.0136%	1h	4,310.3	−0.185%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,318.1	−0.004%	$92K	$7.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,309.9	−0.195%	$269K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.744%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,313.1	−0.120%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,345.8	+0.637%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,311.7	−0.153%	$290.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,309.9	−0.195%	$15.0M	$55.3M	25x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,316.4	−0.044%	$72.9M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0063%	8h	4,313.1	−0.121%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDT	+0.0064%	4h	4,316	−0.054%	$77.7M	$153.5M	150x	as long as short
Bluefin GOLD-PERP	+0.0070%	1h	4,309.1	−0.214%	$25K	$1K	20x	as long as short
Lighter XAU	+0.0072%	1h	4,313	−0.122%	$20.3M	$30.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,309.1	−0.213%	$2.0M	$5.0M	25x	as long as short
StandX XAU-USD	+0.0073%	1h	4,317.2	−0.025%	$3.8M	$4.5M	40x	as long as short
Phoenix GOLD	+0.0096%	1h	4,314.7	−0.083%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0097%	24h	4,314.8	−0.081%	$3.7M	$44.8M	15x	as long as short
Variational Omni XAU	+0.0098%	4h	4,314	−0.100%	$47.1M	$29.0M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,310.7	−0.176%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,315.1	−0.073%	$272K	$209K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,315.6	−0.063%	$20.0M	$39.9M	25x	as long as short
MEXC XAU_USDT	+0.0108%	4h	4,313.9	−0.103%	$363.4M	$335.1M	1000x	as long as short
Binance XAUUSDT	+0.0109%	4h	4,315.1	−0.074%	$428.0M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,316.3	−0.046%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,316.4	−0.043%	$287.1M	$425.0M	100x	as long as short
Aevo XAU-PERPshort	+0.0112%	1h	4,313.2	−0.119%	$160K	$87	10x
edgeX XAUUSDC	+0.0118%	4h	4,311.1	−0.167%	$30.0M	$60.4M	50x	as long as short
Extended XAU-USD	+0.0120%	1h	4,309.8	−0.198%	$13.2M	$36.7M	25x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,315.4	−0.068%	$70.4M	$120.1M	100x	as long as short
Bullet GOLD-USD	+0.0205%	1h	4,314.1	−0.098%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0220%	1h	4,314.3	−0.093%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,311.6	−0.155%	$574K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0260%	1h	4,313	−0.123%	$161K	$878K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0269%	8h	4,315.7	−0.060%	$174.8M	$302.0M	100x	as long as short
BloFin XAU-USDT	+0.0349%	4h	4,314.3	−0.093%	$16.6M	$4.9M	100x	as long as short
Phemex XAUUSDTlong	+0.0425%	4h	4,318.3	long leg	$2.2M	$975K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0311%	1h	4,314.2	−0.096%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0516%	4h	4,321.8	+0.080%	$3.2M	$6.0M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,313.5	−0.111%	$4.5M	$13.4M	25x	as long as short