Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0256%/8h= −28.1% APRpaid last 24h −0.049%

Price spread now: QFEX against OKX−0.060%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$260.255% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.081%−$8 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.060%, 7d avg −0.051%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.051%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.081% in total (about -8.2% 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	OKX XAU-USDT-SWAP	4,348.2	0.0297	pay 0.0297% / 8h	4h 11m	$165.3M	$282.0M	100x
Short	QFEX GOLD-USD	4,345.6	0.0041	get 0.0005% / 1h	11m 00s	$5.7M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$53.79
Price spread: −0.060% → −0.051%: −$0.84
Slippage, 4 orders: −$5.52
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$80.15
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; QFEX: live order book, 8 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, 3 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.4 bp −$639	15.3 bp −$7,656
Sell QFEX live order book, 8 min ago	2.64 bp	7.6 bp −$8	7.6 bp −$76	9.5 bp −$951	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
RISEx XAU/USDC	0.0000%	1h	4,345.6	−0.061%	$3.4M	$12.3M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,342.7	−0.126%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.4	+0.005%	$265.9M	$417.3M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.4	+0.050%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.3	−0.137%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,345.8	−0.056%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.9	−0.122%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.051%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,347.9	−0.008%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,346.8	−0.032%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USDshort	+0.0041%	1h	4,345.6	−0.060%	$5.7M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,378.6	+0.699%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	−0.103%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,343.8	−0.101%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344	−0.097%	$293.8M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.3	−0.136%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,348	−0.005%	$71.3M	$333.2M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	−0.067%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,345.4	−0.065%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	−0.040%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347	−0.028%	$372.0M	$320.4M	1000x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,347	−0.028%	$413.8M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	−0.116%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.5	−0.131%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.114%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.6	−0.175%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,345.2	−0.068%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	−0.080%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0162%	1h	4,345.8	−0.055%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0186%	1h	4,346	−0.050%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,343.7	−0.105%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,347.6	−0.014%	$70.1M	$109.2M	100x	as long as short
Phemex XAUUSDT	+0.0235%	4h	4,350.4	+0.051%	$2.2M	$967K	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,348.4	+0.004%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,345.1	−0.071%	$206K	$825K	25x	as long as short
OKX XAU-USDT-SWAPlong	+0.0297%	8h	4,348.2	long leg	$165.3M	$282.0M	100x
BloFin XAU-USDT	+0.0329%	4h	4,346.1	−0.048%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,346.3	−0.043%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0620%	4h	4,351.3	+0.071%	$2.8M	$4.6M	75x	as long as short