Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.107%

Price spread now: Phemex against RISEx+0.100%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$740.739% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.100%, 7d avg +0.019%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phemex is 0.081% dearer against RISEx than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.019%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.073% in total (about 7.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XAU/USDC	4,353.6	0.0135	pay 0.0017% / 1h	14m 19s	$3.4M	$12.4M	25x
Short	Phemex XAUUSDT	4,357.9	0.0373	get 0.0186% / 4h	2h 14m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.100%Rate

Funding earned: $49.85
Price spread: +0.100% → +0.019%: $8.05
Slippage, 4 orders: −$55.93
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$16.03
Costs to cover: 0.739%
Break-even: 9.3 days

Slippage from RISEx: live order book, 5 min ago; Phemex: live order book, 4 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 RISEx live order book, 5 min ago	0.01 bp	4.1 bp −$4	4.3 bp −$43	33.9 bp −$3,392	doesn't fit
Sell Phemex live order book, 4 min ago	1.02 bp	36.2 bp −$36	doesn't fit	doesn't fit	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
Gate XAU_USDT	0.0000%	4h	4,356.4	+0.066%	$263.4M	$413.8M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,358.7	+0.117%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,350.8	−0.064%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.8	−0.065%	$13.5M	$41.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,350.7	−0.066%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.072%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,352	−0.036%	$4.1M	$36.1M	15x	as long as short
Aster XAUUSD1	+0.0035%	4h	4,355.4	+0.042%	$70.4M	$299.3M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.7	+0.118%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,388.1	+0.793%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,351.6	−0.045%	$294.1M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.9	−0.061%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353	−0.013%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,353.5	−0.002%	$20.6M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,356.6	+0.070%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,349.1	−0.103%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0075%	1h	4,353.4	−0.004%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.1	−0.010%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	+0.057%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,350.6	−0.068%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,358.5	+0.112%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348	−0.129%	$25K	$14K	20x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,354.8	+0.028%	$375.9M	$323.9M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,353.9	+0.007%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0104%	4h	4,354.7	+0.027%	$409.2M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,353.3	−0.006%	$30.3M	$59.9M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0116%	4h	4,360	+0.148%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	+0.076%	$48K	$64K	25x	as long as short
RISEx XAU/USDClong	+0.0135%	1h	4,353.6	long leg	$3.4M	$12.4M	25x
Bullet GOLD-USD	+0.0168%	1h	4,354.6	+0.024%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0180%	4h	4,356.3	+0.063%	$83.8M	$144.1M	150x	as long as short
Bitget XAUUSDT	+0.0184%	4h	4,355.6	+0.047%	$69.5M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,353.7	+0.003%	$250K	$679K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0238%	8h	4,356.8	+0.074%	$164.9M	$281.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.7	−0.043%	$593K	$139K	25x	as long as short
Phemex XAUUSDTshort	+0.0373%	4h	4,357.9	+0.100%	$2.2M	$1.1M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,355	+0.033%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0557%	4h	4,359.9	+0.146%	$2.9M	$3.9M	75x	as long as short