Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0290%/8h= −31.7% APRpaid last 24h −0.128%

Price spread now: Lighter against Phemex−0.083%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$660.663% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.249%−$25 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now −0.083%, 7d avg −0.075%

Together, before fees−0.253%+ Points / potential airdropLighter: Season 3 · farm board−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.075%, 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	4,362	0.0346	pay 0.0173% / 4h	2h 19m	$2.2M	$1.1M	100x
Short	Lighter XAU	4,358.3	0.0056	get 0.0007% / 1h	19m 26s	$20.7M	$43.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$60.88
Price spread: −0.083% → −0.075%: −$0.77
Slippage, 4 orders: −$54.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$127.92
Costs to cover: 0.663%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 4 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, 4 min ago	2.52 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.52 bp	0.9 bp −$1	2.2 bp −$22	9.1 bp −$908	21.0 bp −$10.5K

XAU on 38 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
Gate XAU_USDT	0.0000%	4h	4,360.1	−0.043%	$263.5M	$412.6M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,364.2	+0.050%	$93K	$9.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,354.5	−0.171%	$270K	—	250x	as long as short
Aster XAUUSD1	+0.0022%	4h	4,359.5	−0.056%	$70.6M	$293.3M	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,355.5	−0.149%	$13.5M	$42.1M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.265%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0033%	24h	4,356.9	−0.116%	$4.1M	$35.9M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,359.3	−0.061%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,392.1	+0.691%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,356	−0.137%	$33K	—	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.2	−0.155%	$294.3M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.8	−0.141%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,358.6	−0.077%	$5.6M	$1.9M	20x	as long as short
Lighter XAUshort	+0.0056%	1h	4,358.3	−0.083%	$20.7M	$43.7M	25x
Lighter RH XAU	+0.0056%	1h	4,360.9	−0.025%	$20.2M	$40.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0068%	1h	4,358.2	−0.086%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.8	−0.164%	$2.0M	$5.0M	25x	as long as short
Variational Omni XAU	+0.0078%	4h	4,359	−0.067%	$48.3M	$28.1M	—	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,359.4	−0.058%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0094%	4h	4,358.7	−0.075%	$376.0M	$323.5M	1000x	as long as short
edgeX XAUUSDC	+0.0094%	4h	4,353.4	−0.197%	$30.3M	$59.8M	50x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,358.8	−0.073%	$409.1M	$2.09B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.5	−0.125%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.1	−0.113%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,352.1	−0.227%	$26K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,358.6	−0.077%	$161K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,360	−0.045%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	−0.116%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,359.5	−0.057%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0162%	1h	4,359	−0.068%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0170%	4h	4,360	−0.046%	$84.1M	$143.8M	150x	as long as short
Bitget XAUUSDT	+0.0178%	4h	4,359.8	−0.050%	$69.5M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,357.6	−0.100%	$243K	$671K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0234%	8h	4,360.6	−0.031%	$164.9M	$282.7M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,357.2	−0.110%	$594K	$139K	25x	as long as short
Phemex XAUUSDTlong	+0.0346%	4h	4,362	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,360.1	−0.042%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0535%	4h	4,364.3	+0.054%	$2.9M	$3.9M	75x	as long as short