Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.121%

Price spread now: ApeX Omni against Phemex−0.116%77s7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$960.962% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.116%, 7d avg −0.073%

Together, before fees−0.230%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and ApeX Omni is 0.043% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.073%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,364.5	0.0298	pay 0.0149% / 4h	3h 01m	$2.2M	$1.1M	100x
Short	ApeX Omni XAUUSDT	4,359.4	0.0100	get 0.0013% / 1h	1m 59s	$275K	$204K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.116%Rate

Funding earned: −$41.57
Price spread: −0.116% → −0.073%: −$4.31
Slippage, 4 orders: −$74.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$142.07
Costs to cover: 0.962%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; ApeX Omni: 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 Phemex live order book, 1 min ago	0.56 bp	28.2 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 5 min ago	4.15 bp	19.9 bp −$20	33.3 bp −$333	42.9 bp −$4,290	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
Aster XAUUSD1	0.0000%	4h	4,364.4	−0.001%	$69.9M	$229.3M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,364.7	+0.005%	$265.0M	$423.0M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,360.8	−0.084%	$4.0M	$36.7M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,368.1	+0.083%	$93K	$10.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,359.9	−0.105%	$270K	—	250x	as long as short
Variational Omni XAU	+0.0029%	4h	4,362.2	−0.052%	$48.4M	$28.5M	—	as long as short
Extended XAU-USD	+0.0032%	1h	4,359.4	−0.117%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.322%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,363.3	−0.027%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,363	−0.033%	$5.6M	$1.9M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,396.9	+0.743%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,363.4	−0.024%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,360.4	−0.093%	$294.3M	$51.7M	25x	as long as short
MEXC XAU_USDT	+0.0050%	4h	4,363.2	−0.028%	$373.0M	$331.6M	1000x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,359.2	−0.121%	$14.8M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,359.6	−0.111%	$48K	$64K	25x	as long as short
Binance XAUUSDT	+0.0055%	4h	4,363.6	−0.019%	$411.7M	$2.14B	100x	as long as short
edgeX XAUUSDC	+0.0062%	4h	4,356	−0.195%	$30.3M	$60.4M	50x	as long as short
Lighter XAU	+0.0072%	1h	4,363	−0.033%	$20.6M	$44.5M	25x	as long as short
Paradex XAU-USD-PERP	+0.0087%	8h	4,363.2	−0.030%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0088%	1h	4,365.4	+0.021%	$20.2M	$41.5M	25x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,362.8	−0.038%	$162K	$87	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,358.7	−0.132%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,359.6	−0.111%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDTshort	+0.0100%	1h	4,359.4	−0.116%	$275K	$204K	50x
Bluefin GOLD-PERP	+0.0100%	1h	4,356.1	−0.193%	$26K	$22K	20x	as long as short
Bitget XAUUSDT	+0.0104%	4h	4,363.5	−0.023%	$69.7M	$112.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0117%	1h	4,362.4	−0.047%	$235K	$658K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0117%	1h	4,362.4	−0.047%	$4.3M	$1.8M	20x	as long as short
Hotstuff GOLD-PERP	+0.0120%	1h	4,359.5	−0.114%	$33K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,362.6	−0.042%	$1.4M	$3.1M	25x	as long as short
Bybit XAUUSDT	+0.0197%	4h	4,364.3	−0.004%	$83.9M	$144.7M	150x	as long as short
BloFin XAU-USDT	+0.0207%	4h	4,362.7	−0.039%	$15.4M	$4.6M	100x	as long as short
Bullet GOLD-USD	+0.0213%	1h	4,363.7	−0.017%	$59K	$82K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0214%	8h	4,364.8	+0.008%	$164.3M	$288.5M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,361.1	−0.076%	$595K	$141K	25x	as long as short
Phemex XAUUSDTlong	+0.0298%	4h	4,364.5	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,364.1	−0.008%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0555%	4h	4,367.4	+0.067%	$2.9M	$3.9M	75x	as long as short