Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0378%/8h= −41.3% APRpaid last 24h −0.139%

Price spread now: Injective against Phemex−0.240%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$11 a day on $10k at the current rate, and Injective is 0.240% cheaper against Phemex than usual: you would sell low and buy high (−$24 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	4,360.9	0.0411	pay 0.0205% / 4h	2h 40m	$2.2M	$1.1M	100x
Short	Injective XAU/USDC PERP	4,350.4	0.0033	get 0.0004% / 1h	40m 28s	$619	$54	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.240%Rate

Funding earned: −$79.28
Price spread: −0.240% → 0.000%: −$23.96
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$115.27
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Injective: 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, 3 min ago	2.62 bp	41.1 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0325%	1h	4,349.7	−0.257%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0024%	1h	4,354.2	−0.153%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,357.8	−0.070%	$69.7M	$282.9M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,358.5	−0.053%	$263.3M	$407.1M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.1	−0.178%	$4.1M	$36.5M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,361.1	+0.006%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,353.4	−0.172%	$270K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,353.8	−0.162%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERPshort	+0.0033%	1h	4,350.4	−0.240%	$619	$54	52x
StandX XAU-USD	+0.0040%	1h	4,356.1	−0.109%	$3.8M	$4.7M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,390.7	+0.684%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,356.9	−0.091%	$20.7M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,358.8	−0.049%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,354.6	−0.144%	$293.9M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.3	−0.128%	$15.0M	$57.6M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,357.8	−0.070%	$5.6M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0061%	4h	4,355.7	−0.118%	$48.3M	$28.4M	—	as long as short
Polymarket Perps GOLD-USD	+0.0062%	1h	4,356.3	−0.105%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.6	−0.236%	$2.0M	$5.0M	25x	as long as short
MEXC XAU_USDT	+0.0080%	4h	4,357.2	−0.084%	$372.4M	$321.5M	1000x	as long as short
Binance XAUUSDT	+0.0082%	4h	4,357.2	−0.083%	$410.4M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,357.4	−0.080%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,351.9	−0.205%	$30.3M	$60.4M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.7	−0.164%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	−0.173%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,356.7	−0.095%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,354.7	−0.141%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,357.9	−0.069%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0138%	4h	4,358.7	−0.051%	$1.4M	$3.0M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0140%	1h	4,355.2	−0.130%	$234K	$661K	25x	as long as short
Bitget XAUUSDT	+0.0146%	4h	4,357.5	−0.077%	$69.3M	$109.6M	100x	as long as short
Bullet GOLD-USD	+0.0158%	1h	4,357.3	−0.082%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0183%	4h	4,357.9	−0.067%	$84.2M	$143.6M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0224%	8h	4,358.6	−0.052%	$164.9M	$284.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,353.1	−0.177%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.090%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0395% / S −0.0199%	1h	4,357	−0.089%	$253K	—	111x	as long as short
Phemex XAUUSDTlong	+0.0411%	4h	4,360.9	long leg	$2.2M	$1.1M	100x
HTX XAU-USDT	+0.0530%	4h	4,361	+0.003%	$2.9M	$3.9M	75x	as long as short