Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.085%

Price spread now: GMX against Phemex−0.030%7-day average −0.023% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.030%, 7d avg −0.023%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$2 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	4,354.1	0.0322	pay 0.0161% / 4h	1h 48m	$2.2M	$1.1M	100x
Short	GMX GOLD/USD [ETH-USDC]	4,352.8	L +0.0450% / S −0.0246%	get 0.0031% / 1h	48m 04s	$251K	—	29x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$15.96
Price spread: −0.030% → −0.023%: −$0.77
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$40.73
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; GMX: 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	1.83 bp	23.9 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,350.5	−0.083%	$600K	$160K	25x	as long as short
tradeXYZ xyz:GOLD	−0.0066%	1h	4,348.4	−0.132%	$292.8M	$53.5M	25x	as long as short
Hotstuff GOLD-PERP	−0.0008%	1h	4,347.8	−0.145%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,353.2	−0.022%	$71.3M	$238.6M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,353	−0.025%	$410.0M	$2.09B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,353.6	−0.012%	$82.5M	$141.8M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,353	−0.026%	$3.4M	$12.6M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,353.7	−0.010%	$271.0M	$406.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,352.8	−0.031%	$375.6M	$349.0M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,353.4	−0.017%	$67.4M	$110.8M	100x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XAU	0.0000%	4h	4,351.3	−0.064%	$47.9M	$32.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,352.5	−0.038%	$1.4M	$3.2M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,351.1	−0.070%	$3.9M	$34.0M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,357	+0.065%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.2	−0.112%	$267K	—	10x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,352	−0.049%	$5.5M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0014%	4h	4,346.6	−0.174%	$30.3M	$58.2M	50x	as long as short
Lighter XAU	+0.0032%	1h	4,351.2	−0.067%	$20.8M	$43.3M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,353	−0.026%	$20.2M	$41.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.6	−0.105%	$13.0M	$49.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.085%	$619	$54	52x	as long as short
HTX XAU-USDT	+0.0033%	4h	4,356.9	+0.064%	$2.8M	$3.8M	75x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.4	−0.086%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.9	+0.753%	—	$995K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,351.6	−0.058%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,349	−0.118%	$14.5M	$55.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,353.3	−0.019%	$19K	$6K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,351.9	−0.051%	$161K	$87	10x	as long as short
Bullet GOLD-USD	+0.0086%	1h	4,352.8	−0.030%	$59K	$84K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,349.7	−0.102%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.4	−0.155%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,392.7	+0.886%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,348.1	−0.138%	$47K	$65K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0118%	1h	4,351.2	−0.067%	$221K	$853K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0164%	8h	4,353.7	−0.010%	$158.5M	$268.5M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,350	−0.095%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,352.7	−0.033%	$14.7M	$4.3M	100x	as long as short
Phemex XAUUSDTlong	+0.0322%	4h	4,354.1	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]short	L +0.0450% / S −0.0246%	1h	4,352.8	−0.030%	$251K	—	29x