Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0152%/8h= −16.7% APRpaid last 24h −0.137%

Price spread now: Ondo Perps against Phemex−0.126%7-day average −0.154% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now −0.126%, 7d avg −0.154%

Together, before fees−0.411%+ Points / potential airdropOndo Perps: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.028% dearer against Phemex than usual: you sell high and buy low (spread −0.126% now, against its 7-day average of −0.154%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,350.7	0.0203	pay 0.0101% / 4h	40m 03s	$2.2M	$967K	100x
Short	Ondo Perps XAU-USD.P	4,345.2	0.0050	get 0.0006% / 1h	40m 03s	$15.1M	$56.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$31.95
Price spread: −0.126% → −0.154%: $2.77
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$46.19
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: 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	2.83 bp	27.0 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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
RISEx XAU/USDC	0.0000%	1h	4,348.7	−0.047%	$3.4M	$12.3M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352.3	+0.037%	$92K	$9.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.9	−0.155%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0014%	4h	4,348.8	−0.044%	$268.1M	$410.7M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,346.8	−0.091%	$20.8M	$37.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344	−0.153%	$13.3M	$38.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.006%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348.7	−0.046%	$20.1M	$39.2M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.1	−0.014%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,348.1	−0.060%	$5.7M	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	+0.0044%	24h	4,346.5	−0.097%	$4.2M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,381.6	+0.710%	—	$1.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,345.7	−0.115%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345	−0.131%	$293.8M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.Pshort	+0.0050%	1h	4,345.2	−0.126%	$15.1M	$56.7M	25x
Aster XAUUSD1	+0.0062%	4h	4,348.9	−0.043%	$71.0M	$333.7M	20x	as long as short
Variational Omni XAU	+0.0079%	4h	4,348.9	−0.041%	$48.4M	$27.7M	—	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,345.8	−0.113%	$33K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0084%	4h	4,348.8	−0.044%	$1.4M	$3.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,348.7	−0.046%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0092%	4h	4,348	−0.063%	$372.1M	$317.0M	1000x	as long as short
Binance XAUUSDT	+0.0093%	4h	4,348.1	−0.061%	$414.3M	$2.09B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.3	−0.101%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,345.3	−0.124%	$275K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347.3	−0.078%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,345	−0.131%	$30.2M	$58.2M	50x	as long as short
Phoenix GOLD	+0.0142%	1h	4,346.8	−0.090%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0159%	1h	4,347.8	−0.067%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,345.4	−0.123%	$593K	$133K	25x	as long as short
Phemex XAUUSDTlong	+0.0203%	4h	4,350.7	long leg	$2.2M	$967K	100x
Bullet GOLD-USD	+0.0210%	1h	4,348.6	−0.047%	$60K	$82K	10x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,348.4	−0.053%	$70.0M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0236%	4h	4,349.3	−0.032%	$85.0M	$144.9M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,346.5	−0.097%	$243K	$788K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0282%	8h	4,349.7	−0.023%	$165.6M	$281.7M	100x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,349.6	−0.026%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0413% / S −0.0229%	1h	4,348.2	−0.057%	$248K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0625%	1h	4,342.6	−0.187%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0629%	4h	4,353.5	+0.065%	$2.9M	$4.3M	75x	as long as short