Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.074%

Price spread now: Kraken Futures against Phemex−0.094%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$740.738% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.094%, 7d avg −0.101%

Together, before fees−0.085%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.101%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.068% in total (about -3.6% 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	4,312.6	0.0512	pay 0.0256% / 4h	3h 21m	$2.2M	$986K	100x
Short	Kraken Futures PF_XAUUSD	4,308.6	0.0328	get 0.0041% / 1h	21m 09s	$573K	$139K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$38.58
Price spread: −0.094% → −0.101%: $0.68
Slippage, 4 orders: −$51.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$111.66
Costs to cover: 0.738%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: live order book, 12 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	1.93 bp	28.5 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 12 min ago	2.87 bp	8.8 bp −$9	18.2 bp −$182	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
Hotstuff GOLD-PERP	−0.0016%	1h	4,305.9	−0.156%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,315.2	+0.059%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,305.5	−0.164%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.876%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,341.9	+0.679%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,308.5	−0.096%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,307.2	−0.126%	$290.9M	$54.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,307.9	−0.110%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,306.4	−0.146%	$15.0M	$56.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,306.7	−0.138%	$2.0M	$5.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XAU-USD-PERP	+0.0062%	8h	4,308.9	−0.086%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0062%	4h	4,313.2	+0.013%	$73.6M	$271.5M	20x	as long as short
StandX XAU-USD	+0.0077%	1h	4,308.4	−0.098%	$3.8M	$4.5M	40x	as long as short
Lighter XAU	+0.0080%	1h	4,311.1	−0.035%	$20.2M	$29.6M	25x	as long as short
Phoenix GOLD	+0.0095%	1h	4,301.6	−0.256%	$42K	$86K	25x	as long as short
Variational Omni XAU	+0.0095%	4h	4,295.8	−0.391%	$46.6M	$29.4M	—	as long as short
Extended XAU-USD	+0.0096%	1h	4,307.2	−0.127%	$13.0M	$36.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,305.4	−0.168%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,301.8	−0.252%	$273K	$219K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,313.4	+0.018%	$19.8M	$40.6M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,310.5	−0.050%	$160K	$87	10x	as long as short
Kalshi KXGOLDPERP	+0.0114%	24h	4,312.8	+0.004%	$3.6M	$47.1M	15x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,300.7	−0.276%	$30.0M	$62.5M	50x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,312	−0.014%	$360.3M	$347.4M	1000x	as long as short
Binance XAUUSDT	+0.0123%	4h	4,311.7	−0.022%	$437.3M	$2.26B	100x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,308.8	−0.089%	$4.5M	$13.4M	25x	as long as short
Bybit XAUUSDT	+0.0134%	4h	4,313.6	+0.023%	$79.8M	$161.1M	150x	as long as short
Gate XAU_USDT	+0.0178%	4h	4,313.4	+0.017%	$302.1M	$436.0M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0188%	4h	4,306.4	−0.145%	$1.4M	$3.1M	25x	as long as short
Bullet GOLD-USD	+0.0198%	1h	4,311.3	−0.031%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0200%	4h	4,312.6	0.000%	$70.1M	$127.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0214%	1h	4,310.4	−0.052%	$133K	$831K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0251%	8h	4,312.5	−0.003%	$170.5M	$341.6M	100x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0328%	1h	4,308.6	−0.094%	$573K	$139K	25x
BloFin XAU-USDT	+0.0394%	4h	4,311.7	−0.021%	$16.4M	$5.2M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0313%	1h	4,311.9	−0.017%	$254K	—	111x	as long as short
Phemex XAUUSDTlong	+0.0512%	4h	4,312.6	long leg	$2.2M	$986K	100x
HTX XAU-USDT	+0.1220%	4h	4,318.1	+0.127%	$3.2M	$6.8M	75x	as long as short
Bluefin GOLD-PERP	+0.2471%	1h	4,304.6	−0.186%	$25K	$1K	20x	as long as short