Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.145%

Price spread now: Phemex against Injective−0.146%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Phemex is 0.146% cheaper against Injective than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 35 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XAU/USDC PERP	4,350.4	0.0033	pay 0.0004% / 1h	41m 02s	$619	$54	52x
Short	Phemex XAUUSDT	4,344.1	0.0365	get 0.0183% / 4h	3h 41m	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.146%Rate

Funding earned: $69.76
Price spread: −0.146% → 0.000%: −$14.57
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: $43.16
Costs to cover: 0.120%
Break-even: 2.7 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	2.07 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit

Injective: 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
Hotstuff GOLD-PERP	−0.0120%	1h	4,338.9	−0.265%	$33K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0012%	1h	4,335.4	−0.346%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,342.4	−0.183%	$267.7M	$413.8M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,345.3	−0.118%	$92K	$8.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.311%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,339.9	−0.242%	$3.5M	$12.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,336.8	−0.313%	$13.3M	$37.8M	25x	as long as short
Injective XAU/USDC PERPlong	+0.0033%	1h	4,350.4	long leg	$619	$54	52x
Lighter XAU	+0.0040%	1h	4,339.7	−0.246%	$20.8M	$34.5M	25x	as long as short
Lighter RH XAU	+0.0040%	1h	4,341.8	−0.198%	$20.0M	$39.3M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,343.7	−0.154%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,338.9	−0.265%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.4	+0.528%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.3	−0.279%	$293.5M	$49.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.2	−0.303%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,338.4	−0.276%	$4.3M	$37.5M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.7	−0.246%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0059%	4h	4,341.6	−0.202%	$80.4M	$151.4M	150x	as long as short
Aster XAUUSD1	+0.0076%	4h	4,341.9	−0.197%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,340.4	−0.231%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	−0.229%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337	−0.308%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.256%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,341	−0.216%	$369.5M	$319.1M	1000x	as long as short
Binance XAUUSDT	+0.0103%	4h	4,341	−0.216%	$416.9M	$2.09B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.5	−0.227%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,337.2	−0.305%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.244%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,343.4	−0.161%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0211%	1h	4,339.3	−0.256%	$205K	$827K	25x	as long as short
Bullet GOLD-USD	+0.0215%	1h	4,341.2	−0.212%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,340.8	−0.221%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0246%	4h	4,341.4	−0.207%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.2	−0.282%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,341.7	−0.200%	$166.4M	$281.6M	100x	as long as short
Phemex XAUUSDTshort	+0.0365%	4h	4,344.1	−0.146%	$2.2M	$967K	100x
BloFin XAU-USDT	+0.0366%	4h	4,341.7	−0.200%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.2	−0.212%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0581%	4h	4,345.7	−0.108%	$2.8M	$4.6M	75x	as long as short