Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0337%/8h= −36.9% APRpaid last 24h −0.131%

Price spread now: Coinbase International against Phemex−0.149%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$610.612% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.149%, 7d avg −0.131%

Together, before fees+0.154%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.131%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.133%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.133% in total (about 7.0% 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	4,324.3	0.0409	pay 0.0204% / 4h	1h 49m	$2.2M	$962K	100x
Short	Coinbase International GOLD-PERP-INTX	4,317.9	0.0072	get 0.0009% / 1h	49m 45s	$2.1M	$4.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$70.73
Price spread: −0.149% → −0.131%: −$1.78
Slippage, 4 orders: −$39.18
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$133.69
Costs to cover: 0.612%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	1.29 bp	25.5 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	0.46 bp	5.5 bp −$5	7.3 bp −$73	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
Bluefin GOLD-PERP	−0.0050%	1h	4,314.5	−0.228%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,325.2	+0.019%	$92K	$8.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,317.2	−0.165%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0010%	4h	4,323.8	−0.013%	$77.4M	$157.4M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,317.9	−0.150%	$13.2M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.603%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,322.3	−0.047%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,319.4	−0.114%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.7	+0.679%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319	−0.123%	$291.4M	$51.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,317	−0.171%	$15.0M	$55.8M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,321.9	−0.057%	$20.3M	$30.2M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,319.8	−0.105%	$32K	—	25x	as long as short
Kalshi KXGOLDPERP	+0.0069%	24h	4,322.6	−0.040%	$3.9M	$43.0M	15x	as long as short
Coinbase International GOLD-PERP-INTXshort	+0.0072%	1h	4,317.9	−0.149%	$2.1M	$4.9M	25x
Paradex XAU-USD-PERP	+0.0073%	8h	4,322.8	−0.036%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323.7	−0.014%	$1.4M	$3.0M	25x	as long as short
Aster XAUUSD1	+0.0081%	4h	4,323.2	−0.026%	$72.4M	$312.4M	20x	as long as short
Gate XAU_USDT	+0.0082%	4h	4,324.8	+0.011%	$277.2M	$408.9M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,320.2	−0.095%	$47.3M	$29.3M	—	as long as short
Phoenix GOLD	+0.0100%	1h	4,320.2	−0.096%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.2	−0.120%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,322.8	−0.036%	$360.4M	$325.8M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.105%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,322.8	−0.036%	$415.2M	$2.14B	100x	as long as short
Lighter RH XAU	+0.0104%	1h	4,324.3	0.000%	$19.8M	$38.4M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,320.8	−0.081%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,319.3	−0.117%	$30.1M	$60.8M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,318.5	−0.135%	$588K	$131K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,322.6	−0.039%	$4.2M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,321.6	−0.064%	$59K	$81K	10x	as long as short
HTX XAU-USDT	+0.0215%	4h	4,325.4	+0.025%	$2.8M	$5.0M	75x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,321.6	−0.063%	$4.2M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0236%	4h	4,323.1	−0.030%	$68.0M	$119.2M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0283%	1h	4,320.3	−0.093%	$193K	$830K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0316%	8h	4,323.6	−0.017%	$170.3M	$296.6M	100x	as long as short
BloFin XAU-USDT	+0.0340%	4h	4,322.3	−0.048%	$16.1M	$4.4M	100x	as long as short
Phemex XAUUSDTlong	+0.0409%	4h	4,324.3	long leg	$2.2M	$962K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,321.4	−0.067%	$252K	—	111x	as long as short