Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0185%/8h= +20.3% APRpaid last 24h +0.136%

Price spread now: Phemex against tradeXYZ+0.146%48s7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$750.750% of the position

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.146%, 7d avg +0.120%

Together, before fees+0.264%+ Points / potential airdroptradeXYZ: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phemex is 0.026% dearer against tradeXYZ than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.120%. The two prices were read 48 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	tradeXYZ xyz:GOLD	4,344.1	0.0050	pay 0.0006% / 1h	10m 23s	$293.8M	$49.0M	25x
Short	Phemex XAUUSDT	4,350.4	0.0235	get 0.0118% / 4h	10m 23s	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.146%Rate

Funding earned: $38.9
Price spread: +0.146% → +0.120%: $2.62
Slippage, 4 orders: −$45.02
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.5
Costs to cover: 0.750%
Break-even: 13.0 days

Slippage from tradeXYZ: live order book, 8 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 tradeXYZ live order book, 8 min ago	0.12 bp	9.3 bp −$9	9.3 bp −$93	10.9 bp −$1,090	doesn't fit
Sell Phemex live order book, 3 min ago	1.91 bp	28.9 bp −$29	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
RISEx XAU/USDC	0.0000%	1h	4,346.4	+0.052%	$3.4M	$12.3M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,342.7	−0.032%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.8	+0.108%	$266.1M	$417.4M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.4	+0.144%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.1	−0.022%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,345.6	+0.035%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.7	−0.032%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.145%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,347.8	+0.085%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.4	+0.076%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0041%	1h	4,346.1	+0.046%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,379.5	+0.815%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	−0.009%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,343.8	−0.007%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLDlong	+0.0050%	1h	4,344.1	long leg	$293.8M	$49.0M	25x
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.1	−0.022%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0061%	4h	4,348	+0.090%	$71.3M	$333.2M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	+0.027%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,346.3	+0.052%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	+0.054%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347	+0.067%	$372.0M	$320.4M	1000x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,347.3	+0.074%	$413.9M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	−0.021%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,343	−0.025%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.019%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.4	−0.086%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,345.2	+0.026%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	+0.014%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0164%	1h	4,346.9	+0.064%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0187%	1h	4,347	+0.067%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,343.7	−0.010%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,347.2	+0.071%	$70.1M	$109.2M	100x	as long as short
Phemex XAUUSDTshort	+0.0235%	4h	4,350.4	+0.146%	$2.2M	$967K	100x
Bybit XAUUSDT	+0.0240%	4h	4,348.6	+0.103%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,345.1	+0.023%	$206K	$825K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0298%	8h	4,348.4	+0.099%	$165.3M	$282.0M	100x	as long as short
BloFin XAU-USDT	+0.0329%	4h	4,346.1	+0.046%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,347.3	+0.074%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0620%	4h	4,351.3	+0.166%	$2.8M	$4.6M	75x	as long as short