Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0421%/8h= +46.1% APRpaid last 24h +0.102%

Price spread now: Phemex against RISEx+0.070%7-day average +0.019% · 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−$63as in the Price arb table

costs, in and out, $10k−$690.685% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.074%+$7 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.070%, 7d avg +0.019%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Phemex is 0.051% dearer against RISEx than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.019%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.074% in total (about 7.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XAU/USDC	4,361.6	0.0048	pay 0.0006% / 1h	25m 05s	$3.4M	$12.3M	25x
Short	Phemex XAUUSDT	4,364.7	0.0469	get 0.0234% / 4h	3h 25m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: $88.47
Price spread: +0.070% → +0.019%: $5.11
Slippage, 4 orders: −$50.51
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $25.07
Costs to cover: 0.685%
Break-even: 5.0 days

Slippage from RISEx: live order book, 4 min ago; Phemex: live order book, 3 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 RISEx live order book, 4 min ago	0.01 bp	4.7 bp −$5	5.6 bp −$56	35.9 bp −$3,587	doesn't fit
Sell Phemex live order book, 3 min ago	1.37 bp	28.4 bp −$28	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
Aster XAUUSD1	0.0000%	4h	4,361.5	−0.002%	$71.1M	$200.2M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,362.7	+0.025%	$265.3M	$415.8M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,358.8	−0.064%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,366.3	+0.107%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	−0.026%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358	−0.082%	$267K	—	250x	as long as short
MEXC XAU_USDT	+0.0018%	4h	4,361.9	+0.008%	$373.2M	$327.6M	1000x	as long as short
Binance XAUUSDT	+0.0021%	4h	4,361	−0.013%	$411.8M	$2.15B	100x	as long as short
edgeX XAUUSDC	+0.0023%	4h	4,356.2	−0.124%	$30.3M	$60.3M	50x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.256%	$619	$54	52x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,362.9	+0.030%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,361.2	−0.009%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,395.8	+0.785%	—	$1.0M	25x	as long as short
RISEx XAU/USDClong	+0.0048%	1h	4,361.6	long leg	$3.4M	$12.3M	25x
tradeXYZ xyz:GOLD	+0.0050%	1h	4,358.4	−0.073%	$293.9M	$52.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,356.6	−0.114%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	−0.071%	$48K	$64K	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,358.5	−0.071%	$33K	—	25x	as long as short
Bitget XAUUSDT	+0.0056%	4h	4,361.8	+0.006%	$69.6M	$113.3M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,360.8	−0.018%	$20.6M	$44.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,361.4	−0.004%	$19K	$5K	5x	as long as short
BloFin XAU-USDT	+0.0082%	4h	4,363.5	+0.043%	$15.5M	$4.5M	100x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,361.1	−0.011%	$162K	$87	10x	as long as short
Lighter RH XAU	+0.0096%	1h	4,363.2	+0.037%	$20.2M	$41.0M	25x	as long as short
Extended XAU-USD	+0.0096%	1h	4,357.9	−0.084%	$13.5M	$43.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,357.6	−0.091%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,357.9	−0.084%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.087%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,354.6	−0.160%	$26K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0113%	4h	4,362.5	+0.022%	$83.0M	$143.7M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0126%	1h	4,360.8	−0.018%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,362	+0.009%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0198%	8h	4,362.3	+0.017%	$163.8M	$288.9M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,360.4	−0.027%	$235K	$656K	25x	as long as short
Bullet GOLD-USD	+0.0213%	1h	4,362.3	+0.017%	$59K	$81K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,358.7	−0.067%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,361.9	+0.008%	$252K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0469%	4h	4,364.7	+0.070%	$2.2M	$1.1M	100x
HTX XAU-USDT	+0.0593%	4h	4,365.2	+0.084%	$2.9M	$3.9M	75x	as long as short