Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0223%/8h= +24.4% APRpaid last 24h −0.107%

Price spread now: Phemex against Bluefin+0.238%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phemex is 0.238% dearer against Bluefin than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin GOLD-PERP	4,355.2	0.0100	pay 0.0013% / 1h	0m 03s	$26K	$22K	20x
Short	Phemex XAUUSDT	4,365.5	0.0323	get 0.0161% / 4h	3h 00m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now +0.238%Rate

Funding earned: $46.74
Price spread: +0.238% → 0.000%: $23.76
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $51.51
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Bluefin: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Bluefin no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.56 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit

Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4,363.7	+0.196%	$69.9M	$238.2M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,363.4	+0.189%	$265.3M	$423.4M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,359.7	+0.104%	$4.0M	$36.7M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,367.3	+0.278%	$93K	$10.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358.4	+0.073%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,358.7	+0.082%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.109%	$619	$54	52x	as long as short
Variational Omni XAU	+0.0040%	4h	4,362	+0.157%	$48.4M	$28.5M	—	as long as short
StandX XAU-USD	+0.0040%	1h	4,363.9	+0.201%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,362.9	+0.178%	$5.6M	$1.9M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,395.9	+0.936%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,362.5	+0.170%	$3.4M	$12.4M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,358.8	+0.084%	$294.2M	$51.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358.5	+0.077%	$14.8M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,359.6	+0.102%	$48K	$64K	25x	as long as short
MEXC XAU_USDT	+0.0056%	4h	4,362.5	+0.168%	$372.8M	$331.7M	1000x	as long as short
Binance XAUUSDT	+0.0059%	4h	4,363	+0.179%	$411.7M	$2.14B	100x	as long as short
edgeX XAUUSDC	+0.0063%	4h	4,356.5	+0.032%	$30.3M	$60.4M	50x	as long as short
Lighter XAU	+0.0072%	1h	4,361.4	+0.143%	$20.6M	$44.6M	25x	as long as short
Paradex XAU-USD-PERP	+0.0088%	8h	4,362.9	+0.177%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0096%	1h	4,364	+0.203%	$20.2M	$41.5M	25x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,361.7	+0.151%	$162K	$87	10x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,358.5	+0.077%	$2.0M	$5.0M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,360	+0.111%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.2	+0.092%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERPlong	+0.0100%	1h	4,355.2	long leg	$26K	$22K	20x
Bitget XAUUSDT	+0.0110%	4h	4,363.4	+0.190%	$69.7M	$112.2M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,361.5	+0.146%	$4.3M	$1.8M	20x	as long as short
Hotstuff GOLD-PERP	+0.0128%	1h	4,358.3	+0.072%	$33K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,362.6	+0.172%	$1.4M	$3.1M	25x	as long as short
Bybit XAUUSDT	+0.0197%	4h	4,363.9	+0.202%	$83.7M	$144.7M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,360.6	+0.125%	$235K	$658K	25x	as long as short
Bullet GOLD-USD	+0.0214%	1h	4,362.9	+0.178%	$59K	$82K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0216%	8h	4,364.6	+0.217%	$164.2M	$287.5M	100x	as long as short
BloFin XAU-USDT	+0.0225%	4h	4,362.7	+0.174%	$15.4M	$4.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,359.7	+0.105%	$595K	$141K	25x	as long as short
Phemex XAUUSDTshort	+0.0323%	4h	4,365.5	+0.238%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,362.9	+0.179%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0559%	4h	4,367.1	+0.275%	$2.9M	$3.9M	75x	as long as short