Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.082%

Price spread now: Phemex against Deribit+0.089%57s7-day average +0.144% · 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—prices read too far apart to compare

costs, in and out, $10k−$830.829% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.606%−$61 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.089%, 7d avg +0.144%

Together, before fees−0.542%−$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.054% cheaper against Deribit than usual: you would sell low and buy high (spread +0.089% now, against its 7-day average of +0.144%). If the spread goes back, that is −$5 on $10k: about 6.5 days of funding at the current rate (+$1 a day). Mind the row above: over the last 4 days funding on this pair cost −0.606%, so the current rate has only just turned in your favour. The two prices were read 57 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	Deribit GOLD_USDC-PERPETUAL	4,345.2	0.0164	pay 0.0021% / 1h	3m 16s	$204K	$827K	25x
Short	Phemex XAUUSDT	4,349.1	0.0192	get 0.0096% / 4h	3h 03m	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.089%Rate

Funding earned: $5.88
Price spread: +0.089% → +0.144%: −$5.45
Slippage, 4 orders: −$63.9
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.46
Costs to cover: 0.829%
Break-even: 105.1 days

Slippage from Deribit: live order book, 51 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 Deribit live order book, 51 min ago	0.12 bp	3.6 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.85 bp	31.7 bp −$32	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
Bluefin GOLD-PERP	−0.0015%	1h	4,339.2	−0.139%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.8	+0.130%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.5	−0.063%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,345.9	+0.017%	$3.7M	$12.6M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.4	−0.064%	$13.2M	$37.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.120%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	+0.002%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,344.7	−0.012%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,379	+0.778%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,343.2	−0.046%	$293.8M	$49.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.1	−0.072%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,345.4	+0.005%	$4.2M	$39.3M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,344.1	−0.025%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,343.1	−0.048%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0058%	4h	4,348	+0.065%	$268.4M	$419.4M	100x	as long as short
Bybit XAUUSDT	+0.0059%	4h	4,347.4	+0.051%	$80.0M	$152.1M	150x	as long as short
Paradex XAU-USD-PERP	+0.0068%	8h	4,345.5	+0.006%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0088%	1h	4,346.5	+0.030%	$20.2M	$40.3M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,341.5	−0.085%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,341.7	−0.081%	$274K	$203K	50x	as long as short
Aster XAUUSD1	+0.0101%	4h	4,346.5	+0.030%	$71.5M	$331.5M	20x	as long as short
Variational Omni XAU	+0.0105%	4h	4,345.4	+0.004%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,344.6	−0.013%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0120%	4h	4,346.3	+0.025%	$370.6M	$322.2M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346.5	+0.030%	$418.7M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0121%	4h	4,342.4	−0.065%	$30.2M	$58.0M	50x	as long as short
Hotstuff GOLD-PERP	+0.0128%	1h	4,342.9	−0.053%	$33K	—	25x	as long as short
Phoenix GOLD	+0.0136%	1h	4,341.7	−0.081%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0142%	4h	4,346.6	+0.033%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0164%	1h	4,345.2	long leg	$204K	$827K	25x
Phemex XAUUSDTshort	+0.0192%	4h	4,349.1	+0.089%	$2.2M	$967K	100x
Polymarket Perps GOLD-USD	+0.0202%	1h	4,346.2	+0.023%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0205%	1h	4,346.5	+0.030%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,343.2	−0.046%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0276%	4h	4,346.8	+0.036%	$71.1M	$108.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0331%	8h	4,347.3	+0.048%	$167.4M	$283.3M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,346.2	+0.023%	$15.8M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0384%	4h	4,347.9	+0.062%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,346.5	+0.030%	$250K	—	111x	as long as short