Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.111%

Price spread now: Pacifica against Phemex−0.130%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$720.723% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.293%−$29 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.130%, 7d avg −0.108%

Together, before fees−0.331%+ Points / potential airdropPacifica: Active · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Pacifica is 0.022% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,358.1	0.0315	pay 0.0158% / 4h	1h 17m	$2.2M	$1.1M	100x
Short	Pacifica XAU	4,352.4	0.0100	get 0.0013% / 1h	17m 57s	$1.4M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.130%Rate

Funding earned: −$45.16
Price spread: −0.130% → −0.108%: −$2.2
Slippage, 4 orders: −$52.32
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$119.68
Costs to cover: 0.723%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Pacifica: live order book, 6 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, 5 min ago	1.85 bp	25.5 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 6 min ago	0.12 bp	4.8 bp −$5	doesn't fit	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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,353.1	−0.115%	$600K	$140K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356.7	−0.031%	$71.4M	$234.2M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,355.6	−0.058%	$409.6M	$2.08B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,356.6	−0.035%	$82.6M	$141.2M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,355.1	−0.067%	$3.5M	$12.4M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,351.1	−0.160%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,357	−0.025%	$271.8M	$409.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,355.1	−0.068%	$378.6M	$352.2M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,355.7	−0.056%	$67.1M	$109.5M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,355.2	−0.066%	$48.0M	$31.0M	—	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT XAU_USDT_Perp	0.0000%	4h	4,355.3	−0.065%	$1.4M	$3.2M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,352.5	−0.128%	$4.0M	$34.4M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,359.3	+0.028%	$93K	$10.7M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	0.0000%	1h	4,353.7	−0.101%	$235K	$767K	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.2	−0.135%	$267K	—	250x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,355	−0.071%	$5.6M	$1.7M	20x	as long as short
edgeX XAUUSDC	+0.0016%	4h	4,350.9	−0.165%	$30.3M	$58.3M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0017%	1h	4,351.4	−0.153%	$292.8M	$52.9M	25x	as long as short
Lighter XAU	+0.0032%	1h	4,354.8	−0.075%	$21.0M	$44.4M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,356.7	−0.031%	$20.3M	$42.0M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,352.2	−0.135%	$13.0M	$49.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.176%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,355.4	−0.061%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,389.7	+0.726%	—	$1.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,355.1	−0.068%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.4	−0.154%	$14.4M	$55.6M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0051%	1h	4,355	−0.071%	$4.3M	$1.7M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,354.6	−0.081%	$161K	$87	10x	as long as short
Pacifica XAUshort	+0.0100%	1h	4,352.4	−0.130%	$1.4M	$1.2M	10x
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.7	−0.124%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348.6	−0.218%	$26K	$21K	20x	as long as short
Bullet GOLD-USD	+0.0102%	1h	4,355.1	−0.068%	$60K	$85K	10x	as long as short
HTX XAU-USDT	+0.0105%	4h	4,358.7	+0.015%	$2.8M	$3.8M	75x	as long as short
Phoenix GOLD	+0.0109%	1h	4,351.7	−0.146%	$48K	$65K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0157%	8h	4,356.6	−0.034%	$158.9M	$266.9M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,353	−0.117%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,355.3	−0.064%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDTlong	+0.0315%	4h	4,358.1	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,355.1	−0.068%	$251K	—	111x	as long as short