Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0253%/8h= +27.7% APRpaid last 24h +0.115%

Price spread now: Phemex against Aevo+0.048%7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$980.978% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now +0.048%, 7d avg +0.046%

Together, before fees+0.213%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo XAU-PERP	4,360.1	0.0104	pay 0.0013% / 1h	33m 44s	$161K	$87	10x
Short	Phemex XAUUSDT	4,362.2	0.0357	get 0.0178% / 4h	2h 33m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.048%Rate

Funding earned: $53.1
Price spread: +0.048% → +0.046%: $0.27
Slippage, 4 orders: −$69.79
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.42
Costs to cover: 0.978%
Break-even: 12.9 days

Slippage from Aevo: live order book, 35 min ago; Phemex: 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 Aevo live order book, 35 min ago	6.00 bp	15.2 bp −$15	26.7 bp −$267	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	0.81 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit

XAU on 38 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
Hotstuff GOLD-PERP	0.0000%	1h	4,357	−0.070%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,362	+0.044%	$262.9M	$409.2M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,358.1	−0.045%	$4.1M	$36.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,363.9	+0.088%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,357.8	−0.053%	$270K	—	250x	as long as short
Aster XAUUSD1	+0.0004%	4h	4,360.4	+0.008%	$70.2M	$293.3M	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,358	−0.048%	$13.6M	$42.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.221%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,360.5	+0.010%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,394.1	+0.781%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAU	+0.0048%	1h	4,358.7	−0.032%	$20.7M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,361	+0.021%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,356.6	−0.079%	$294.2M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,356	−0.093%	$14.9M	$57.9M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,358.1	−0.045%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0059%	1h	4,359.6	−0.010%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0069%	4h	4,356.5	−0.081%	$48.3M	$28.4M	—	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.9	−0.118%	$2.0M	$5.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,359.2	−0.020%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0084%	4h	4,350.2	−0.226%	$30.3M	$60.6M	50x	as long as short
MEXC XAU_USDT	+0.0086%	4h	4,361	+0.021%	$374.1M	$322.5M	1000x	as long as short
Binance XAUUSDT	+0.0088%	4h	4,359.6	−0.011%	$409.7M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,356	−0.093%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,352.6	−0.171%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,353.7	−0.146%	$26K	$14K	20x	as long as short
Aevo XAU-PERPlong	+0.0104%	1h	4,360.1	long leg	$161K	$87	10x
Phoenix GOLD	+0.0121%	1h	4,355.1	−0.114%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,359.3	−0.017%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0136%	4h	4,357.5	−0.059%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0140%	1h	4,360	−0.001%	$235K	$662K	25x	as long as short
Bullet GOLD-USD	+0.0155%	1h	4,360.5	+0.011%	$59K	$83K	10x	as long as short
Bitget XAUUSDT	+0.0156%	4h	4,360.1	0.000%	$69.4M	$110.1M	100x	as long as short
Bybit XAUUSDT	+0.0181%	4h	4,360.7	+0.014%	$84.1M	$144.1M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0227%	8h	4,361.2	+0.026%	$165.1M	$284.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,358	−0.048%	$594K	$141K	25x	as long as short
Phemex XAUUSDTshort	+0.0357%	4h	4,362.2	+0.048%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,361	+0.022%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0518%	4h	4,365	+0.112%	$2.9M	$3.9M	75x	as long as short