Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0229%/8h= −25.1% APRpaid last 24h −0.111%

Price spread now: Polymarket Perps against Phemex−0.130%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.290%−$29 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now −0.130%, 7d avg −0.099%

Together, before fees−0.307%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Polymarket Perps is 0.030% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.099%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,352.3	0.0332	pay 0.0166% / 4h	1h 50m	$2.2M	$1.1M	100x
Short	Polymarket Perps GOLD-USD	4,346.7	0.0103	get 0.0013% / 1h	50m 39s	$4.3M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$48.05
Price spread: −0.130% → −0.099%: −$3.02
Slippage, 4 orders: −$54.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$125.13
Costs to cover: 0.741%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: live order book, 3 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, 3 min ago	2.12 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	0.12 bp	4.3 bp −$4	4.4 bp −$44	5.1 bp −$515	doesn't fit

XAU on 38 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-PERP	−0.0103%	1h	4,343.3	−0.208%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,347.9	−0.102%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,350.4	−0.044%	$264.2M	$405.8M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.9	−0.010%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,344.4	−0.182%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,348.8	−0.082%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344.5	−0.180%	$13.6M	$40.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.044%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,346.5	−0.134%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,354.8	+0.057%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,382.1	+0.684%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,348.1	−0.097%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,347.5	−0.111%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.6	−0.178%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345.9	−0.148%	$293.3M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345.2	−0.164%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,349.7	−0.060%	$70.1M	$329.3M	20x	as long as short
Lighter RH XAU	+0.0072%	1h	4,349.9	−0.057%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,348.3	−0.092%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,345.3	−0.162%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	−0.039%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.103%	$48.3M	$27.9M	—	as long as short
Polymarket Perps GOLD-USDshort	+0.0103%	1h	4,346.7	−0.130%	$4.3M	$1.9M	20x
Aevo XAU-PERP	+0.0112%	1h	4,348.1	−0.097%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,348.7	−0.084%	$371.4M	$315.9M	1000x	as long as short
Binance XAUUSDT	+0.0114%	4h	4,348.6	−0.086%	$410.2M	$2.10B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,353.6	+0.029%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.090%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,352	−0.008%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0194%	1h	4,348.2	−0.095%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0204%	4h	4,349.8	−0.058%	$83.9M	$145.0M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,348.9	−0.079%	$69.6M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,350	−0.054%	$164.6M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.4	−0.160%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,347.6	−0.109%	$259K	$702K	25x	as long as short
Phemex XAUUSDTlong	+0.0332%	4h	4,352.3	long leg	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0398% / S −0.0207%	1h	4,348.7	−0.083%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0606%	4h	4,353.1	+0.017%	$2.8M	$4.2M	75x	as long as short