Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0158%/8h= −17.3% APRpaid last 24h −0.081%

Price spread now: Deribit against Phemex−0.124%7-day average −0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.614%+$61 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now −0.124%, 7d avg −0.141%

Together, before fees+0.549%+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.141%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.614%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,319.8	0.0418	pay 0.0209% / 4h	16m 43s	$2.2M	$977K	100x
Short	Deribit GOLD_USDC-PERPETUAL	4,314.4	0.0260	get 0.0033% / 1h	16m 43s	$162K	$878K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$33.1
Price spread: −0.124% → −0.141%: $1.75
Slippage, 4 orders: −$42.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$92.58
Costs to cover: 0.612%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 22 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, 2 min ago	1.39 bp	24.0 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 22 min ago	0.12 bp	8.4 bp −$8	9.4 bp −$94	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
SunX XAU-USDT	0.0000%	4h	4,319.8	+0.001%	$92K	$7.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,311.4	−0.193%	$269K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.710%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,313.3	−0.149%	$32K	—	25x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,314.5	−0.122%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,347.8	+0.649%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,311.5	−0.191%	$290.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,311.1	−0.200%	$15.0M	$55.3M	25x	as long as short
StandX XAU-USD	+0.0056%	1h	4,319.2	−0.013%	$3.8M	$4.5M	40x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,316.4	−0.078%	$72.9M	$272.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin GOLD-PERP	+0.0062%	1h	4,309.4	−0.240%	$25K	$1K	20x	as long as short
Bybit XAUUSDT	+0.0062%	4h	4,315.7	−0.093%	$77.7M	$154.3M	150x	as long as short
Paradex XAU-USD-PERP	+0.0063%	8h	4,314.1	−0.130%	$2K	$14K	5x	as long as short
Lighter XAU	+0.0072%	1h	4,313.9	−0.136%	$20.3M	$30.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,312.3	−0.172%	$2.0M	$5.1M	25x	as long as short
Variational Omni XAU	+0.0095%	4h	4,317.1	−0.061%	$47.1M	$29.1M	—	as long as short
Kalshi KXGOLDPERP	+0.0096%	24h	4,317	−0.064%	$3.6M	$45.0M	15x	as long as short
Phoenix GOLD	+0.0096%	1h	4,314.7	−0.117%	$42K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,311.6	−0.189%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,315.1	−0.107%	$272K	$209K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,316.2	−0.081%	$20.0M	$39.8M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,314.8	−0.115%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0106%	4h	4,315	−0.109%	$363.5M	$334.8M	1000x	as long as short
Binance XAUUSDT	+0.0108%	4h	4,315.1	−0.107%	$428.0M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,316.3	−0.080%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,317.3	−0.056%	$285.9M	$424.4M	100x	as long as short
Extended XAU-USD	+0.0112%	1h	4,311.1	−0.201%	$13.2M	$36.8M	25x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,311.5	−0.191%	$30.0M	$60.3M	50x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,314.8	−0.114%	$70.1M	$119.9M	100x	as long as short
Bullet GOLD-USD	+0.0204%	1h	4,316	−0.087%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,315.6	−0.096%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,313	−0.156%	$574K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0260%	1h	4,314.4	−0.124%	$162K	$878K	25x
OKX XAU-USDT-SWAP	+0.0269%	8h	4,315.5	−0.098%	$174.8M	$301.8M	100x	as long as short
BloFin XAU-USDT	+0.0348%	4h	4,315.9	−0.090%	$16.6M	$4.9M	100x	as long as short
Phemex XAUUSDTlong	+0.0418%	4h	4,319.8	long leg	$2.2M	$977K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0311%	1h	4,315.8	−0.091%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0507%	4h	4,323.7	+0.092%	$3.2M	$6.0M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,315.2	−0.106%	$4.5M	$13.4M	25x	as long as short