Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.124%

Price spread now: Phemex against Phoenix+0.104%73s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phemex is 0.104% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 73 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	Phoenix GOLD	4,320.6	0.0100	pay 0.0012% / 1h	1m 45s	$47K	$79K	25x
Short	Phemex XAUUSDT	4,325.1	0.0353	get 0.0176% / 4h	1h 01m	$2.2M	$976K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Phoenix. 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 PhoenixbpFee PhemexbpOrdersPrice spread, now +0.104%Rate

Funding earned: $53.12
Price spread: +0.104% → 0.000%: $10.42
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $44.53
Costs to cover: 0.190%
Break-even: 1.1 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 2 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	1.09 bp	22.4 bp −$22	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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
Bluefin GOLD-PERP	−0.0040%	1h	4,315.7	−0.113%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.9	+0.146%	$92K	$7.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.7	−0.044%	$270K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,318.3	−0.053%	$32K	—	25x	as long as short
Bybit XAUUSDT	+0.0026%	4h	4,323.1	+0.059%	$76.9M	$154.2M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.690%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,322.4	+0.042%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,321.4	+0.019%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.5	+0.785%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.3	−0.053%	$291.3M	$51.6M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,318.6	−0.046%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,323.9	+0.075%	$72.7M	$273.1M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,321.4	+0.019%	$20.3M	$30.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317	−0.083%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0076%	8h	4,321.1	+0.012%	$2K	$14K	5x	as long as short
Kalshi KXGOLDPERP	+0.0084%	24h	4,323	+0.056%	$3.8M	$44.2M	15x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.6	+0.046%	$47.2M	$29.1M	—	as long as short
GRVT XAU_USDT_Perp	+0.0094%	4h	4,322.1	+0.034%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,322	+0.033%	$365.0M	$336.6M	1000x	as long as short
Phoenix GOLDlong	+0.0100%	1h	4,320.6	long leg	$47K	$79K	25x
Pacifica XAU	+0.0100%	1h	4,318.8	−0.042%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.4	−0.005%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,322.2	+0.036%	$423.4M	$2.14B	100x	as long as short
Gate XAU_USDT	+0.0104%	4h	4,323.7	+0.071%	$279.2M	$426.6M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.5	+0.021%	$160K	$87	10x	as long as short
Lighter RH XAU	+0.0112%	1h	4,323.9	+0.077%	$20.0M	$39.5M	25x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,319.2	−0.032%	$30.1M	$59.9M	50x	as long as short
Extended XAU-USD	+0.0136%	1h	4,318.1	−0.059%	$12.9M	$36.5M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,319.9	−0.016%	$577K	$136K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,324.8	+0.096%	$4.1M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0188%	1h	4,322.9	+0.053%	$59K	$82K	10x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,322.1	+0.035%	$67.5M	$118.6M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,323	+0.056%	$4.3M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,321.1	+0.012%	$163K	$869K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0297%	8h	4,322.4	+0.042%	$173.3M	$301.1M	100x	as long as short
HTX XAU-USDT	+0.0327%	4h	4,327.9	+0.168%	$3.2M	$5.8M	75x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,322.3	+0.040%	$16.3M	$4.6M	100x	as long as short
Phemex XAUUSDTshort	+0.0353%	4h	4,325.1	+0.104%	$2.2M	$976K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,323	+0.055%	$252K	—	111x	as long as short