Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0223%/8h= +24.4% APRpaid last 24h +0.087%

Price spread now: Phemex against OKX−0.017%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$660.664% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now −0.017%, 7d avg +0.014%

Together, before fees+0.441%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.031% cheaper against OKX than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.014%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XAU-USDT-SWAP	4,313.6	0.0251	pay 0.0251% / 8h	7h 19m	$170.8M	$341.5M	100x
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 OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −0.017%Rate

Funding earned: $46.76
Price spread: −0.017% → +0.014%: −$3.11
Slippage, 4 orders: −$44.42
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.77
Costs to cover: 0.664%
Break-even: 10.4 days

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	0.12 bp	5.1 bp −$5	5.7 bp −$57	7.8 bp −$780	14.4 bp −$7,201
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	+0.047%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,307.7	−0.137%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.854%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.5	+0.693%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,309.1	−0.104%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,310.7	−0.067%	$291.2M	$54.5M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,310.3	−0.077%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,307.5	−0.142%	$15.0M	$56.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,306.7	−0.160%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,309.8	−0.088%	$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	4,314.6	+0.023%	$73.9M	$271.4M	20x	as long as short
Lighter XAU	+0.0080%	1h	4,313.7	+0.001%	$20.3M	$29.6M	25x	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,306.8	−0.158%	$32K	—	25x	as long as short
Extended XAU-USD	+0.0088%	1h	4,308.3	−0.123%	$13.0M	$36.1M	25x	as long as short
StandX XAU-USD	+0.0093%	1h	4,311.3	−0.053%	$3.8M	$4.5M	40x	as long as short
Phoenix GOLD	+0.0095%	1h	4,301.6	−0.278%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,306.5	−0.165%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,301.8	−0.275%	$273K	$219K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,314.9	+0.030%	$19.8M	$40.6M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,310.3	−0.076%	$160K	$87	10x	as long as short
Kalshi KXGOLDPERP	+0.0114%	24h	4,313.8	+0.005%	$3.6M	$47.1M	15x	as long as short
Variational Omni XAU	+0.0115%	4h	4,311.4	−0.050%	$46.9M	$29.9M	—	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,300.7	−0.298%	$30.0M	$62.5M	50x	as long as short
MEXC XAU_USDT	+0.0122%	4h	4,314.1	+0.010%	$356.3M	$348.6M	1000x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,312	−0.037%	$4.5M	$13.4M	25x	as long as short
Binance XAUUSDT	+0.0129%	4h	4,313.2	−0.009%	$437.4M	$2.26B	100x	as long as short
Bybit XAUUSDT	+0.0145%	4h	4,314	+0.010%	$79.8M	$161.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0168%	1h	4,310.9	−0.063%	$133K	$832K	25x	as long as short
Gate XAU_USDT	+0.0178%	4h	4,316.6	+0.070%	$302.0M	$436.6M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0188%	4h	4,306.4	−0.167%	$1.4M	$3.1M	25x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,311.9	−0.039%	$58K	$77K	10x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,314.5	+0.020%	$70.4M	$127.9M	100x	as long as short
OKX XAU-USDT-SWAPlong	+0.0251%	8h	4,313.6	long leg	$170.8M	$341.5M	100x
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,309.2	−0.102%	$573K	$139K	25x	as long as short
BloFin XAU-USDT	+0.0394%	4h	4,311.7	−0.043%	$16.4M	$5.2M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0313%	1h	4,311.5	−0.049%	$254K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0473%	4h	4,312.9	−0.017%	$2.2M	$959K	100x
HTX XAU-USDT	+0.1204%	4h	4,317.3	+0.085%	$3.2M	$6.9M	75x	as long as short
Bluefin GOLD-PERP	+0.2382%	1h	4,305.5	−0.188%	$25K	$1K	20x	as long as short