Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.035%

Price spread now: HTX against QFEX+0.090%7-day average +0.061% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on QFEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.090%, 7d avg +0.061%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and HTX is 0.029% dearer against QFEX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOLD-USD	4,354.8	0.0002	pay 0.0000% / 1h	24m 02s	$5.6M	$1.7M	20x
Short	HTX XAU-USDT	4,358.7	0.0092	get 0.0046% / 4h	1h 24m	$2.8M	$3.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against QFEX. 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 QFEXbpFee HTXbpOrdersPrice spread, now +0.090%Rate

Funding earned: $18.8
Price spread: +0.090% → +0.061%: $2.88
Slippage, 4 orders: −$8.43
Fee QFEX: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$8.76
Costs to cover: 0.304%
Break-even: 10.3 days

Slippage from QFEX: live order book, 5 min ago; HTX: live order book, 5 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 QFEX live order book, 5 min ago	2.64 bp	7.6 bp −$8	7.6 bp −$76	9.9 bp −$987	doesn't fit
Sell HTX live order book, 5 min ago	0.01 bp	6.0 bp −$6	9.2 bp −$92	14.0 bp −$1,399	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	4,352.9	−0.045%	$600K	$141K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356.3	+0.034%	$71.4M	$234.3M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,355.3	+0.011%	$409.6M	$2.08B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,355.8	+0.023%	$82.6M	$141.2M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,355.2	+0.010%	$3.5M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.8	+0.045%	$271.8M	$409.5M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,355.2	+0.009%	$376.8M	$351.8M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,355.4	+0.013%	$67.0M	$110.0M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,354.6	−0.005%	$48.0M	$31.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,355.7	+0.020%	$1.4M	$3.2M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,352.5	−0.053%	$4.0M	$34.4M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,359.4	+0.107%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.8	−0.068%	$267K	—	250x	as long as short
QFEX GOLD-USDlong	+0.0002%	1h	4,354.8	long leg	$5.6M	$1.7M	20x
tradeXYZ xyz:GOLD	+0.0011%	1h	4,350.9	−0.090%	$292.8M	$52.9M	25x	as long as short
edgeX XAUUSDC	+0.0016%	4h	4,350.8	−0.093%	$30.3M	$58.3M	50x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,350.8	−0.092%	$33K	—	25x	as long as short
Lighter XAU	+0.0032%	1h	4,354.5	−0.006%	$21.0M	$44.3M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,356.6	+0.040%	$20.2M	$42.0M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,352	−0.065%	$13.0M	$49.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.101%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,355.4	+0.014%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,389.2	+0.790%	—	$1.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,355	+0.005%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.2	−0.082%	$14.4M	$55.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,354.9	+0.001%	$19K	$6K	5x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0072%	1h	4,353.6	−0.028%	$221K	$760K	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,354.4	−0.008%	$161K	$87	10x	as long as short
HTX XAU-USDTshort	+0.0092%	4h	4,358.7	+0.090%	$2.8M	$3.8M	75x
Bullet GOLD-USD	+0.0099%	1h	4,355.3	+0.011%	$60K	$85K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,352.2	−0.060%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	−0.034%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348.5	−0.144%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,351.8	−0.069%	$48K	$65K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0156%	8h	4,356.3	+0.034%	$158.9M	$267.2M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,352.9	−0.044%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,355.4	+0.013%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0316%	4h	4,358.3	+0.080%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,355.2	+0.009%	$251K	—	111x	as long as short