Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.122%

Price spread now: RISEx against Phemex−0.058%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$730.729% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.058%, 7d avg −0.021%

Together, before fees−0.089%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and RISEx is 0.038% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.083% in total (about -8.5% 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	4,343.9	0.0244	pay 0.0122% / 4h	3h 43m	$2.2M	$967K	100x
Short	RISEx XAU/USDC	4,341.4	0.0005	get 0.0001% / 1h	43m 25s	$3.5M	$12.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$50.29
Price spread: −0.058% → −0.021%: −$3.75
Slippage, 4 orders: −$54.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$126.95
Costs to cover: 0.729%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; RISEx: live order book, 1 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	0.85 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell RISEx live order book, 1 min ago	0.06 bp	3.1 bp −$3	3.3 bp −$33	45.9 bp −$4,589	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
Bluefin GOLD-PERP	−0.0034%	1h	4,336.2	−0.177%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,346.6	+0.061%	$92K	$8.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,338.7	−0.121%	$271K	—	250x	as long as short
RISEx XAU/USDCshort	+0.0005%	1h	4,341.4	−0.058%	$3.5M	$12.1M	25x
Gate XAU_USDT	+0.0006%	4h	4,344.5	+0.012%	$267.7M	$413.0M	100x	as long as short
Lighter RH XAU	+0.0032%	1h	4,343.2	−0.017%	$20.0M	$39.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,338.8	−0.119%	$13.3M	$37.9M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,340.3	−0.084%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.149%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,343.7	−0.006%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0042%	1h	4,340.5	−0.079%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,375.2	+0.720%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.6	−0.076%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,339.9	−0.093%	$293.6M	$49.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,338.7	−0.122%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,340.4	−0.081%	$4.3M	$37.5M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,340.3	−0.084%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0064%	4h	4,343.8	−0.004%	$80.2M	$151.0M	150x	as long as short
Aster XAUUSD1	+0.0076%	4h	4,343.3	−0.015%	$71.4M	$332.4M	20x	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,342.1	−0.042%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,342.7	−0.028%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,338.5	−0.125%	$1.4M	$1.1M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,342.9	−0.023%	$369.6M	$318.8M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.5	−0.102%	$274K	$203K	50x	as long as short
Binance XAUUSDT	+0.0102%	4h	4,343	−0.022%	$417.1M	$2.09B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,341.9	−0.047%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0113%	4h	4,338.3	−0.129%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,338.8	−0.118%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,343.4	−0.012%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0212%	1h	4,343.2	−0.017%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0217%	1h	4,342.6	−0.031%	$4.3M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,340.7	−0.075%	$205K	$827K	25x	as long as short
Bitget XAUUSDT	+0.0244%	4h	4,343.5	−0.010%	$71.1M	$109.4M	100x	as long as short
Phemex XAUUSDTlong	+0.0244%	4h	4,343.9	long leg	$2.2M	$967K	100x
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,339.5	−0.102%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0318%	8h	4,343.7	−0.006%	$166.3M	$281.6M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,341.7	−0.051%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,343.2	−0.017%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0540%	4h	4,347	+0.070%	$2.8M	$4.6M	75x	as long as short