Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0139%/8h= +15.3% APRpaid last 24h +0.111%

Price spread now: Phemex against Polymarket Perps+0.081%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$28 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.081%, 7d avg +0.097%

Together, before fees+0.339%+$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.097%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps GOLD-USD	4,322.2	0.0219	pay 0.0027% / 1h	1m 00s	$4.3M	$2.0M	20x
Short	Phemex XAUUSDT	4,325.7	0.0358	get 0.0179% / 4h	1h 01m	$2.2M	$976K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.081%Rate

Funding earned: $29.29
Price spread: +0.081% → +0.097%: −$1.63
Slippage, 4 orders: −$40.22
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.56
Costs to cover: 0.602%
Break-even: 14.8 days

Slippage from Polymarket Perps: live order book, 3 min ago; Phemex: live order book, 2 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 Polymarket Perps live order book, 3 min ago	0.12 bp	4.1 bp −$4	4.6 bp −$46	5.4 bp −$542	doesn't fit
Sell Phemex live order book, 2 min ago	1.09 bp	22.4 bp −$22	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
Bluefin GOLD-PERP	−0.0040%	1h	4,315.8	−0.147%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.5	+0.100%	$92K	$7.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.4	−0.088%	$270K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,318.3	−0.090%	$32K	—	25x	as long as short
Bybit XAUUSDT	+0.0026%	4h	4,322.3	+0.002%	$76.9M	$154.2M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.653%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.7	+0.058%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,321.7	−0.012%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.4	+0.745%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.6	−0.083%	$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	4,318.2	−0.094%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,323.9	+0.038%	$72.7M	$273.2M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,321.2	−0.024%	$20.3M	$30.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,319.7	−0.058%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,321.7	−0.011%	$2K	$14K	5x	as long as short
Kalshi KXGOLDPERP	+0.0084%	24h	4,322.9	+0.016%	$3.8M	$44.2M	15x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.6	+0.009%	$47.2M	$29.1M	—	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,322.2	+0.001%	$365.0M	$336.6M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,322	−0.004%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0100%	4h	4,317.4	−0.111%	$30.1M	$60.0M	50x	as long as short
Phoenix GOLD	+0.0100%	1h	4,317.3	−0.113%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,318.8	−0.079%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.4	−0.042%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,322.2	−0.001%	$423.4M	$2.14B	100x	as long as short
Gate XAU_USDT	+0.0104%	4h	4,323.9	+0.040%	$279.2M	$426.8M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.2	−0.024%	$160K	$87	10x	as long as short
Lighter RH XAU	+0.0112%	1h	4,323.7	+0.034%	$20.0M	$39.5M	25x	as long as short
Extended XAU-USD	+0.0136%	1h	4,318.2	−0.092%	$12.9M	$36.4M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,319.5	−0.063%	$577K	$136K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,324.2	+0.046%	$4.1M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0188%	1h	4,322.2	+0.001%	$59K	$82K	10x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,322.3	+0.002%	$67.5M	$118.6M	100x	as long as short
Polymarket Perps GOLD-USDlong	+0.0219%	1h	4,322.2	long leg	$4.3M	$2.0M	20x
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,320.7	−0.035%	$163K	$869K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0296%	8h	4,322.3	+0.002%	$173.3M	$301.1M	100x	as long as short
HTX XAU-USDT	+0.0332%	4h	4,327.9	+0.131%	$3.2M	$5.8M	75x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,322.3	+0.003%	$16.3M	$4.6M	100x	as long as short
Phemex XAUUSDTshort	+0.0358%	4h	4,325.7	+0.081%	$2.2M	$976K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322.4	+0.004%	$252K	—	111x	as long as short