Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0069%/8hnext payment −$0.35 per $10,000 · paid last 24h −0.053%

Price spread now: Bitget against Phemex−0.057%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$810.813% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now −0.057%, 7d avg −0.022%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.035% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,358.8	0.0339	pay 0.0170% / 4h	23m 50s	$2.2M	$1.1M	100x
Short	Bitget XAUUSDT	4,356.3	0.0270	get 0.0135% / 4h	23m 50s	$69.0M	$109.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$14.5
Price spread: −0.057% → −0.022%: −$3.52
Slippage, 4 orders: −$57.26
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$99.28
Costs to cover: 0.813%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bitget: live order book, 9 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 Phemex live order book, 4 min ago	1.50 bp	29.7 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 9 min ago	0.01 bp	6.0 bp −$6	6.6 bp −$66	11.7 bp −$1,170	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	4,360	+0.027%	$93K	$11.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.7	−0.140%	$267K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.193%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,352.8	−0.138%	$4.2M	$30.9M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,356	−0.065%	$3.8M	$4.4M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,390.1	+0.718%	—	$995K	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,353.4	−0.124%	$294.1M	$51.5M	25x	as long as short
QFEX GOLD-USD	+0.0050%	1h	4,354.8	−0.092%	$5.5M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.8	−0.185%	$14.9M	$51.2M	25x	as long as short
Gate XAU_USDT	+0.0068%	4h	4,358.3	−0.012%	$273.7M	$406.2M	100x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XAU-USD-PERP	+0.0069%	8h	4,356.1	−0.063%	$19K	$6K	5x	as long as short
Lighter XAU	+0.0072%	1h	4,356.2	−0.059%	$20.8M	$46.1M	25x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,353.2	−0.129%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,353.6	−0.120%	$2.0M	$5.2M	25x	as long as short
RISEx XAU/USDC	+0.0100%	1h	4,355.8	−0.069%	$3.6M	$12.3M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.5	−0.122%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	−0.189%	$273K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,350.4	−0.193%	$26K	$21K	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,356.1	−0.062%	$161K	$87	10x	as long as short
Bullet GOLD-USD	+0.0113%	1h	4,355.6	−0.073%	$59K	$77K	10x	as long as short
Extended XAU-USD	+0.0120%	1h	4,353.1	−0.132%	$13.2M	$51.2M	25x	as long as short
Variational Omni XAU	+0.0134%	4h	4,355.3	−0.080%	$47.7M	$34.5M	—	as long as short
MEXC XAU_USDT	+0.0138%	4h	4,356.4	−0.056%	$379.3M	$334.4M	1000x	as long as short
edgeX XAUUSDC	+0.0140%	4h	4,351.4	−0.170%	$30.3M	$56.7M	50x	as long as short
Binance XAUUSDT	+0.0140%	4h	4,356.5	−0.054%	$415.3M	$2.07B	100x	as long as short
Aster XAUUSD1	+0.0148%	4h	4,356.6	−0.051%	$70.3M	$240.4M	20x	as long as short
Phoenix GOLD	+0.0151%	1h	4,352.2	−0.152%	$43K	$64K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0158%	4h	4,352.8	−0.138%	$1.4M	$3.4M	25x	as long as short
Lighter RH XAU	+0.0160%	1h	4,358.8	0.000%	$20.4M	$44.8M	25x	as long as short
Bybit XAUUSDT	+0.0172%	4h	4,357.4	−0.032%	$84.0M	$140.1M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0197%	1h	4,355.9	−0.067%	$4.4M	$2.3M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0232%	1h	4,355.7	−0.072%	$222K	$959K	25x	as long as short
Bitget XAUUSDTshort	+0.0270%	4h	4,356.3	−0.057%	$69.0M	$109.3M	100x
HTX XAU-USDT	+0.0286%	4h	4,358.3	−0.011%	$2.8M	$3.6M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0311%	8h	4,357.5	−0.030%	$158.1M	$268.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,354.1	−0.109%	$588K	$108K	25x	as long as short
Phemex XAUUSDTlong	+0.0339%	4h	4,358.8	long leg	$2.2M	$1.1M	100x
BloFin XAU-USDT	+0.0380%	4h	4,356	−0.066%	$14.9M	$4.2M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0456% / S −0.0289%	1h	4,355.8	−0.069%	$251K	—	111x	as long as short