Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0165%/8h= −18.1% APRpaid last 24h −0.112%

Price spread now: Bullet against Phemex−0.056%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bullet is 0.056% cheaper against Phemex than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,324.6	0.0342	pay 0.0171% / 4h	1h 28m	$2.2M	$967K	100x
Short	Bullet GOLD-USD	4,322.2	0.0177	get 0.0022% / 1h	28m 41s	$59K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$34.64
Price spread: −0.056% → 0.000%: −$5.55
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$60.19
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Bullet: no order-book sample. 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 Phemex live order book, 5 min ago	2.52 bp	35.5 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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
Bluefin GOLD-PERP	−0.0090%	1h	4,316.5	−0.188%	$25K	$11K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.1	+0.034%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,319.8	−0.111%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0009%	4h	4,324.6	−0.001%	$77.4M	$155.1M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.597%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,322.5	−0.049%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,321.5	−0.072%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.2	+0.684%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.3	−0.099%	$291.5M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,317.9	−0.154%	$15.0M	$55.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XAU-USD	+0.0056%	1h	4,320	−0.106%	$12.9M	$36.9M	25x	as long as short
Lighter XAU	+0.0064%	1h	4,323.7	−0.021%	$20.3M	$30.5M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,318.9	−0.132%	$32K	—	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.4	−0.006%	$72.5M	$277.6M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317.9	−0.155%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0074%	8h	4,321.1	−0.081%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0076%	24h	4,324.2	−0.009%	$3.8M	$43.7M	15x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323	−0.036%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.5	−0.048%	$47.4M	$28.8M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,324.2	−0.008%	$362.3M	$330.7M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,324.6	0.000%	$416.5M	$2.13B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.8	−0.111%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,318.5	−0.141%	$1.4M	$1.2M	10x	as long as short
Gate XAU_USDT	+0.0100%	4h	4,326.3	+0.038%	$280.9M	$417.1M	100x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	−0.110%	$272K	$208K	50x	as long as short
edgeX XAUUSDC	+0.0102%	4h	4,319.5	−0.119%	$30.0M	$61.3M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.3	−0.075%	$160K	$87	10x	as long as short
Lighter RH XAU	+0.0112%	1h	4,326.5	+0.043%	$19.8M	$38.7M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,319.4	−0.121%	$584K	$135K	25x	as long as short
Bullet GOLD-USDshort	+0.0177%	1h	4,322.2	−0.056%	$59K	$82K	10x
RISEx XAU/USDC	+0.0184%	1h	4,324.5	−0.003%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0208%	1h	4,321.8	−0.065%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0224%	4h	4,323.8	−0.018%	$67.8M	$118.4M	100x	as long as short
HTX XAU-USDT	+0.0241%	4h	4,326.3	+0.039%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0305%	8h	4,323.8	−0.018%	$171.6M	$298.2M	100x	as long as short
BloFin XAU-USDT	+0.0336%	4h	4,322.5	−0.050%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDTlong	+0.0342%	4h	4,324.6	long leg	$2.2M	$967K	100x
Deribit GOLD_USDC-PERPETUAL	+0.0375%	1h	4,321.3	−0.076%	$192K	$835K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,323.3	−0.030%	$252K	—	111x	as long as short