Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.122%

Price spread now: Phemex against Phoenix+0.097%73s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.210%+$21 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.097% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,334.2	0.0127	pay 0.0016% / 1h	43m 42s	$43K	$71K	25x
Short	Phemex XAUUSDT	4,338.4	0.0227	get 0.0114% / 4h	1h 43m	$2.3M	$772K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Phoenix. 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 PhoenixbpFee PhemexbpOrdersPrice spread, now +0.097%Rate

Funding earned: $20.99
Price spread: +0.097% → 0.000%: $9.67
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $11.66
Costs to cover: 0.190%
Break-even: 3.1 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 3 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.33 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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 exchanges

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
Hotstuff GOLD-PERP	−3.2000%	1h	4,318.3	−0.367%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,338.7	+0.104%	$92K	$5.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	0.0000%	1h	4,330.5	−0.085%	$2.1M	$5.2M	25x	as long as short
Bluefin GOLD-PERP	+0.0002%	1h	4,328.9	−0.123%	$25K	$1K	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,331.8	−0.056%	$304K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.374%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,335.5	+0.030%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,333.7	−0.012%	$6.7M	$3.2M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,368.2	+0.784%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,331.5	−0.062%	$292.4M	$51.6M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,330.5	−0.086%	$15.1M	$59.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0054%	8h	4,334.2	0.000%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0054%	4h	4,336.1	+0.044%	$72.3M	$276.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0073%	1h	4,334.5	+0.007%	$135K	$707K	25x	as long as short
Variational Omni XAU	+0.0074%	4h	4,333.5	−0.015%	$47.3M	$29.2M	—	as long as short
Polymarket Perps GOLD-USD	+0.0074%	1h	4,334.2	0.000%	$4.3M	$1.7M	20x	as long as short
Gate XAU_USDT	+0.0078%	4h	4,335.9	+0.039%	$298.1M	$444.9M	100x	as long as short
Lighter XAU	+0.0080%	1h	4,334.1	−0.003%	$20.2M	$30.4M	25x	as long as short
Lighter RH XAU	+0.0088%	1h	4,336.3	+0.048%	$19.6M	$40.0M	25x	as long as short
Binance XAUUSDT	+0.0092%	4h	4,334.7	+0.011%	$442.6M	$2.43B	100x	as long as short
MEXC XAU_USDT	+0.0094%	4h	4,334.4	+0.006%	$367.0M	$353.2M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0094%	4h	4,336.8	+0.060%	$1.4M	$3.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,331	−0.074%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,334.5	+0.007%	$284K	$223K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,334.3	+0.002%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,333.9	−0.007%	$30.3M	$67.7M	50x	as long as short
Extended XAU-USD	+0.0120%	1h	4,331	−0.074%	$12.5M	$34.6M	25x	as long as short
Bybit XAUUSDT	+0.0122%	4h	4,336.5	+0.052%	$82.8M	$172.2M	150x	as long as short
Phoenix GOLDlong	+0.0127%	1h	4,334.2	long leg	$43K	$71K	25x
Kalshi KXGOLDPERP	+0.0137%	24h	4,336.4	+0.051%	$3.5M	$51.1M	15x	as long as short
Bullet GOLD-USD	+0.0165%	1h	4,335.2	+0.022%	$59K	$76K	10x	as long as short
RISEx XAU/USDC	+0.0205%	1h	4,334.8	+0.014%	$4.7M	$13.2M	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,335	+0.018%	$72.8M	$139.5M	100x	as long as short
Phemex XAUUSDTshort	+0.0227%	4h	4,338.4	+0.097%	$2.3M	$772K	100x
OKX XAU-USDT-SWAP	+0.0237%	8h	4,336.1	+0.044%	$170.7M	$361.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0253%	1h	4,332.3	−0.044%	$583K	$169K	25x	as long as short
BloFin XAU-USDT	+0.0336%	4h	4,334.8	+0.015%	$16.3M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0308%	1h	4,334.8	+0.015%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.1076%	4h	4,341.1	+0.160%	$3.2M	$7.1M	75x	as long as short