Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.022%

Price spread now: MEXC against QFEX+0.014%7-day average +0.042% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on QFEX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.065%+$6 on $10k

Price spread, last 7 days+0.022%+$2 · spread now +0.014%, 7d avg +0.042%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.028% cheaper against QFEX than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.042%). If the spread goes back, that is −$3 on $10k: about 42 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOLD-USD	4,322	0.0042	pay 0.0005% / 1h	23m 24s	$5.4M	$2.0M	20x
Short	MEXC XAU_USDT	4,322.6	0.0096	get 0.0048% / 4h	1h 23m	$362.0M	$331.0M	1000x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.014%Rate

Funding earned: $11.27
Price spread: +0.014% → +0.042%: −$2.82
Slippage, 4 orders: −$2.89
Fee QFEX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$8.44
Costs to cover: 0.169%
Break-even: 12.2 days

Slippage from QFEX: live order book, 10 min ago; MEXC: live order book, 6 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, 10 min ago	1.39 bp	6.4 bp −$6	6.4 bp −$64	9.0 bp −$904	doesn't fit
Sell MEXC live order book, 6 min ago	0.04 bp	2.1 bp −$2	2.2 bp −$22	5.4 bp −$544	21.7 bp −$10.8K

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	−0.0064%	1h	4,316.8	−0.121%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.6	+0.107%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.072%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0013%	4h	4,323.4	+0.032%	$77.3M	$154.9M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.658%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	+0.032%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDlong	+0.0042%	1h	4,322	long leg	$5.4M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,354.8	+0.759%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.6	−0.079%	$291.4M	$51.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,318.4	−0.084%	$15.0M	$55.3M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAU	+0.0064%	1h	4,322.3	+0.007%	$20.3M	$30.6M	25x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,324.6	+0.060%	$72.5M	$276.1M	20x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,318.6	−0.079%	$32K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.3	−0.039%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,322.3	+0.007%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0078%	24h	4,323.8	+0.042%	$3.8M	$43.7M	15x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,323.1	+0.026%	$1.4M	$3.0M	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,318.4	−0.083%	$12.9M	$37.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.1	+0.003%	$47.3M	$28.9M	—	as long as short
MEXC XAU_USDTshort	+0.0096%	4h	4,322.6	+0.014%	$362.0M	$331.0M	1000x
Binance XAUUSDT	+0.0097%	4h	4,322.6	+0.013%	$417.1M	$2.12B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.6	−0.056%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,319.4	−0.060%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.050%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,321.9	−0.002%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0108%	4h	4,318.8	−0.075%	$30.0M	$59.5M	50x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,324.4	+0.055%	$280.9M	$419.1M	100x	as long as short
Lighter RH XAU	+0.0112%	1h	4,325	+0.068%	$19.8M	$38.9M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,319.2	−0.065%	$584K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0180%	1h	4,322.6	+0.014%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.2	+0.074%	$4.1M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0210%	1h	4,322.6	+0.014%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,322.4	+0.009%	$67.7M	$118.0M	100x	as long as short
HTX XAU-USDT	+0.0261%	4h	4,325.3	+0.077%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0303%	8h	4,322.8	+0.019%	$171.9M	$298.2M	100x	as long as short
Phemex XAUUSDT	+0.0330%	4h	4,325.3	+0.076%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0337%	4h	4,322.4	+0.008%	$16.2M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0398%	1h	4,321.8	−0.005%	$191K	$836K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322	+0.001%	$252K	—	111x	as long as short