Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.134%

Price spread now: gTrade (Gains Network) against Phemex−0.168%7-day average −0.166% · 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−$333as in the Price arb table

costs, in and out, $10k−$3323.325% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.149%−$15 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.168%, 7d avg −0.166%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.166%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,369.9	0.0307	pay 0.0153% / 4h	41m 05s	$2.2M	$1.1M	100x
Short	gTrade (Gains Network) XAU/USD	4,362.6	L +0.0002% / S −0.0003%	get 0.0000% / 1h	41m 05s	$268K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.168%Rate

Funding earned: −$63.79
Price spread: −0.168% → −0.166%: −$0.21
Slippage, 4 orders: −$313.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$396.49
Costs to cover: 3.325%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 3 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	2.33 bp	31.4 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 3 min ago	130.01 bp	133.5 bp −$134	243.0 bp −$2,430	1975.4 bp −$197.5K	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	−0.0290%	1h	4,360.6	−0.212%	$26K	$21K	20x	as long as short
Phoenix GOLD	−0.0004%	1h	4,363.3	−0.151%	$48K	$65K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,366.9	−0.069%	$71.6M	$227.8M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,366.5	−0.079%	$408.0M	$2.11B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,366.9	−0.069%	$82.6M	$141.5M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,365.9	−0.091%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,367.1	−0.065%	$268.1M	$408.0M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,366.7	−0.073%	$377.3M	$321.4M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,366.7	−0.073%	$67.0M	$111.2M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,365.9	−0.092%	$48.5M	$30.6M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,367.2	−0.062%	$1.4M	$3.1M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,363.6	−0.145%	$4.0M	$35.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,371.2	+0.030%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USDshort	L +0.0002% / S −0.0003%	1h	4,362.6	−0.168%	$268K	—	250x
edgeX XAUUSDC	+0.0019%	4h	4,360.5	−0.215%	$30.3M	$58.3M	50x	as long as short
QFEX GOLD-USD	+0.0032%	1h	4,365.7	−0.097%	$5.6M	$1.7M	20x	as long as short
Lighter XAU	+0.0032%	1h	4,365.8	−0.094%	$20.8M	$44.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,368.1	−0.042%	$20.3M	$41.6M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,362.9	−0.161%	$13.0M	$46.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.446%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,366.3	−0.083%	$3.8M	$4.7M	40x	as long as short
Bullet GOLD-USD	+0.0041%	1h	4,366.3	−0.083%	$60K	$81K	10x	as long as short
Vest GC-PERP	+0.0046%	1h	4,400.8	+0.707%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,362.9	−0.161%	$293.7M	$52.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,365.9	−0.091%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,362.8	−0.164%	$14.5M	$56.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0071%	1h	4,365	−0.113%	$235K	$735K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0075%	1h	4,366	−0.090%	$4.3M	$1.8M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,365.5	−0.101%	$162K	$87	10x	as long as short
Hotstuff GOLD-PERP	+0.0096%	1h	4,363.1	−0.156%	$33K	—	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,363.3	−0.151%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,361.3	−0.196%	$277K	$204K	50x	as long as short
HTX XAU-USDT	+0.0139%	4h	4,369.8	−0.002%	$2.8M	$3.8M	75x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0152%	1h	4,364	−0.135%	$2.0M	$5.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0154%	8h	4,367	−0.067%	$157.9M	$271.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0220%	1h	4,363.8	−0.139%	$602K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,366.9	−0.070%	$14.7M	$4.4M	100x	as long as short
Phemex XAUUSDTlong	+0.0307%	4h	4,369.9	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,366.3	−0.083%	$252K	—	111x	as long as short