Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0373%/8h= +40.9% APRpaid last 24h +0.121%

Price spread now: Phemex against ApeX Omni+0.098%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.223%+$22 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now +0.098%, 7d avg +0.076%

Together, before fees+0.398%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phemex is 0.022% dearer against ApeX Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.076%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.223% in total (about 11.6% 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	ApeX Omni XAUUSDT	4,308.7	0.0100	pay 0.0013% / 1h	19m 38s	$277K	$223K	50x
Short	Phemex XAUUSDT	4,312.9	0.0473	get 0.0237% / 4h	3h 19m	$2.2M	$959K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.098%Rate

Funding earned: $78.39
Price spread: +0.098% → +0.076%: $2.15
Slippage, 4 orders: −$66.59
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$8.05
Costs to cover: 0.886%
Break-even: 7.7 days

Slippage from ApeX Omni: live order book, 13 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 13 min ago	3.65 bp	16.3 bp −$16	28.4 bp −$284	51.6 bp −$5,160	doesn't fit
Sell Phemex live order book, 4 min ago	1.93 bp	27.7 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
SunX XAU-USDT	0.0000%	4h	4,315.6	+0.162%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,307.7	−0.023%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.969%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.5	+0.809%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,311.1	+0.057%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,310.7	+0.047%	$291.2M	$54.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,310.3	+0.038%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,309.2	+0.012%	$15.0M	$56.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,306.7	−0.045%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,312.4	+0.086%	$2K	$13K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAUUSD1	+0.0071%	4h	4,315.1	+0.150%	$73.9M	$271.5M	20x	as long as short
Lighter XAU	+0.0080%	1h	4,313.7	+0.116%	$20.3M	$29.6M	25x	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,308	−0.015%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,309.6	+0.023%	$13.0M	$35.8M	25x	as long as short
StandX XAU-USD	+0.0093%	1h	4,311.3	+0.061%	$3.8M	$4.5M	40x	as long as short
Phoenix GOLD	+0.0095%	1h	4,301.6	−0.164%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,310.7	+0.048%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDTlong	+0.0100%	1h	4,308.7	long leg	$277K	$223K	50x
Lighter RH XAU	+0.0104%	1h	4,314.9	+0.145%	$19.8M	$40.6M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,310.3	+0.039%	$160K	$87	10x	as long as short
Kalshi KXGOLDPERP	+0.0114%	24h	4,313.8	+0.119%	$3.6M	$47.1M	15x	as long as short
Variational Omni XAU	+0.0115%	4h	4,311.4	+0.065%	$46.9M	$29.9M	—	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,313.4	+0.111%	$4.5M	$13.4M	25x	as long as short
MEXC XAU_USDT	+0.0128%	4h	4,313.1	+0.102%	$356.0M	$348.6M	1000x	as long as short
Binance XAUUSDT	+0.0129%	4h	4,313.3	+0.108%	$437.5M	$2.26B	100x	as long as short
edgeX XAUUSDC	+0.0137%	4h	4,306.9	−0.041%	$30.0M	$62.7M	50x	as long as short
Bybit XAUUSDT	+0.0145%	4h	4,315.1	+0.149%	$79.8M	$161.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0168%	1h	4,310.9	+0.052%	$133K	$832K	25x	as long as short
Gate XAU_USDT	+0.0178%	4h	4,314.8	+0.142%	$301.8M	$436.9M	100x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,311.9	+0.075%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,313.1	+0.103%	$70.4M	$127.9M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0250%	4h	4,312.3	+0.084%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0251%	8h	4,315.2	+0.152%	$170.7M	$341.7M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,309.2	+0.013%	$573K	$139K	25x	as long as short
BloFin XAU-USDT	+0.0394%	4h	4,311.7	+0.071%	$16.4M	$5.2M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0313%	1h	4,311.5	+0.066%	$254K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0473%	4h	4,312.9	+0.098%	$2.2M	$959K	100x
HTX XAU-USDT	+0.1204%	4h	4,317.3	+0.200%	$3.2M	$6.9M	75x	as long as short
Bluefin GOLD-PERP	+0.2382%	1h	4,305.5	−0.074%	$25K	$1K	20x	as long as short