Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0334%/8h= −36.6% APRpaid last 24h −0.157%

Price spread now: gTrade (Gains Network) against Phemex−0.171%7-day average −0.164% · 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−$334as in the Price arb table

costs, in and out, $10k−$3333.329% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.177%−$18 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.171%, 7d avg −0.164%

Together, before fees−0.195%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.164%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,344.5	0.0337	pay 0.0169% / 4h	3h 37m	$2.2M	$967K	100x
Short	gTrade (Gains Network) XAU/USD	4,337.1	L +0.0002% / S −0.0003%	get 0.0000% / 1h	37m 47s	$271K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.171%Rate

Funding earned: −$70.15
Price spread: −0.171% → −0.164%: −$0.7
Slippage, 4 orders: −$313.9
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$403.75
Costs to cover: 3.329%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; gTrade (Gains Network): virtual book (oracle venue), 46 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, 6 min ago	2.07 bp	35.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 46 min ago	130.01 bp	133.5 bp −$134	243.0 bp −$2,430	1975.4 bp −$197.5K	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	4,345.2	+0.016%	$92K	$8.7M	20x	as long as short
gTrade (Gains Network) XAU/USDshort	L +0.0002% / S −0.0003%	1h	4,337.1	−0.171%	$271K	—	250x
RISEx XAU/USDC	+0.0005%	1h	4,340.1	−0.102%	$3.5M	$12.0M	25x	as long as short
Bluefin GOLD-PERP	+0.0009%	1h	4,335.4	−0.209%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,338.1	−0.148%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0026%	4h	4,343.5	−0.025%	$267.9M	$414.4M	100x	as long as short
Extended XAU-USD	+0.0032%	1h	4,337.6	−0.160%	$13.2M	$37.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.136%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,343	−0.036%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,341.9	−0.060%	$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
Bybit XAUUSDT	+0.0041%	4h	4,342.5	−0.047%	$80.3M	$151.8M	150x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,338.9	−0.129%	$5.7M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.5	+0.667%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.7	−0.087%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.7	−0.134%	$293.5M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.3	−0.166%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,338.4	−0.141%	$4.3M	$37.4M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,338.5	−0.139%	$2.1M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0081%	4h	4,342.6	−0.043%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,341.7	−0.065%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	−0.094%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,338.1	−0.148%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.121%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,342.1	−0.055%	$370.2M	$319.3M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.2	−0.098%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0107%	4h	4,342.1	−0.055%	$417.5M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,336.3	−0.189%	$30.1M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.109%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,341	−0.080%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,340.8	−0.086%	$4.3M	$1.9M	20x	as long as short
Bullet GOLD-USD	+0.0217%	1h	4,341.2	−0.077%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,339.6	−0.113%	$205K	$828K	25x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,342.3	−0.051%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.1	−0.148%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,342.8	−0.040%	$166.6M	$281.6M	100x	as long as short
Phemex XAUUSDTlong	+0.0337%	4h	4,344.5	long leg	$2.2M	$967K	100x
BloFin XAU-USDT	+0.0372%	4h	4,341.7	−0.064%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.1	−0.078%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0624%	4h	4,345.7	+0.027%	$2.8M	$4.6M	75x	as long as short