Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0458%/8h= −50.2% APRpaid last 24h +0.107%

Price spread now: Bluefin against Phemex−0.200%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bluefin is 0.200% cheaper against Phemex than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,364.2	0.0291	pay 0.0146% / 4h	2h 59m	$2.2M	$1.1M	100x
Short	Bluefin GOLD-PERP	4,355.4	−0.0167	pay 0.0021% / 1h	59m 12s	$26K	$22K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.200%Rate

Funding earned: −$96.28
Price spread: −0.200% → 0.000%: −$20
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$135.28
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Bluefin: no order-book sample. 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 Phemex live order book, 4 min ago	0.56 bp	28.2 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: 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
Bluefin GOLD-PERPshort	−0.0167%	1h	4,355.4	−0.200%	$26K	$22K	20x
Aster XAUUSD1	0.0000%	4h	4,361.8	−0.054%	$69.8M	$241.9M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,361.3	−0.066%	$264.7M	$400.2M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,360	−0.095%	$4.0M	$36.4M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,365.4	+0.028%	$93K	$10.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,357.4	−0.155%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,357.5	−0.152%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.315%	$619	$54	52x	as long as short
Variational Omni XAU	+0.0040%	4h	4,362	−0.050%	$48.4M	$28.5M	—	as long as short
StandX XAU-USD	+0.0040%	1h	4,363	−0.026%	$3.8M	$4.7M	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-USD	+0.0045%	1h	4,362.7	−0.033%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,396.2	+0.734%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,359.9	−0.097%	$33K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,357	−0.164%	$294.0M	$51.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,361	−0.072%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358.8	−0.122%	$14.8M	$57.3M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,359.6	−0.104%	$48K	$64K	25x	as long as short
MEXC XAU_USDT	+0.0058%	4h	4,361	−0.072%	$372.3M	$318.3M	1000x	as long as short
Binance XAUUSDT	+0.0060%	4h	4,361.4	−0.063%	$411.5M	$2.13B	100x	as long as short
edgeX XAUUSDC	+0.0063%	4h	4,356.5	−0.174%	$30.3M	$60.4M	50x	as long as short
Lighter RH XAU	+0.0064%	1h	4,361.6	−0.058%	$20.2M	$40.5M	25x	as long as short
Lighter XAU	+0.0072%	1h	4,359.9	−0.098%	$20.6M	$43.2M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,358.6	−0.127%	$2.0M	$5.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0088%	8h	4,363.3	−0.019%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,360.8	−0.076%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.1	−0.093%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.2	−0.115%	$275K	$204K	50x	as long as short
Bitget XAUUSDT	+0.0112%	4h	4,360.1	−0.093%	$69.5M	$111.5M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0117%	1h	4,359.8	−0.100%	$235K	$659K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,362.9	−0.029%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,362.3	−0.043%	$1.4M	$3.1M	25x	as long as short
Bullet GOLD-USD	+0.0155%	1h	4,362.6	−0.036%	$59K	$82K	10x	as long as short
Bybit XAUUSDT	+0.0195%	4h	4,361.1	−0.070%	$83.6M	$145.1M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0216%	8h	4,361.7	−0.056%	$164.2M	$286.6M	100x	as long as short
BloFin XAU-USDT	+0.0241%	4h	4,362.7	−0.032%	$15.4M	$4.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,358.7	−0.124%	$594K	$141K	25x	as long as short
Phemex XAUUSDTlong	+0.0291%	4h	4,364.2	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,361.5	−0.061%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0558%	4h	4,368	+0.088%	$2.9M	$3.9M	75x	as long as short