Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0293%/8h= −32.0% APRpaid last 24h −0.136%

Price spread now: tradeXYZ against Phemex−0.143%48s7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$830.832% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 3 days (all we have)−0.005%−$1 · spread now −0.143%, 7d avg −0.120%

Together, before fees−0.268%+ Points / potential airdroptradeXYZ: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and tradeXYZ is 0.023% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.120%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,350.5	0.0343	pay 0.0171% / 4h	1h 49m	$2.2M	$1.1M	100x
Short	tradeXYZ xyz:GOLD	4,344.3	0.0050	get 0.0006% / 1h	49m 21s	$293.2M	$48.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$61.46
Price spread: −0.143% → −0.120%: −$2.3
Slippage, 4 orders: −$53.18
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$146.94
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; tradeXYZ: live order book, 11 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	2.12 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 11 min ago	0.12 bp	9.2 bp −$9	10.1 bp −$101	11.8 bp −$1,180	doesn't fit

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
Bluefin GOLD-PERP	−0.0084%	1h	4,342.4	−0.186%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0032%	1h	4,344.6	−0.136%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.6	−0.043%	$264.0M	$406.1M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352.7	+0.050%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.183%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	−0.068%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.2	−0.167%	$13.6M	$40.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.002%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,346.2	−0.099%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	−0.028%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.2	+0.682%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.7	−0.088%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,346.1	−0.100%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.088%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLDshort	+0.0050%	1h	4,344.3	−0.143%	$293.2M	$48.7M	25x
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.154%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,347.8	−0.062%	$70.0M	$330.3M	20x	as long as short
Lighter RH XAU	+0.0080%	1h	4,348.8	−0.038%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.2	−0.075%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.145%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.003%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.061%	$48.3M	$27.9M	—	as long as short
Binance XAUUSDT	+0.0108%	4h	4,347	−0.081%	$410.0M	$2.10B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0109%	1h	4,345.9	−0.106%	$4.3M	$1.9M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,347.8	−0.061%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,347	−0.082%	$370.7M	$316.3M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	−0.025%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.048%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	−0.062%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,347	−0.081%	$58K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,348	−0.058%	$84.2M	$145.1M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,347.1	−0.079%	$69.7M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,347.9	−0.060%	$164.4M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.3	−0.120%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,346	−0.104%	$259K	$703K	25x	as long as short
Phemex XAUUSDTlong	+0.0343%	4h	4,350.5	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0398% / S −0.0207%	1h	4,348.5	−0.046%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0600%	4h	4,353.8	+0.076%	$2.8M	$4.2M	75x	as long as short