Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.094%

Price spread now: QFEX against BloFin−0.065%99s7-day average −0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$290.294% of the position

Long on BloFin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.330%−$33 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.065%, 7d avg −0.020%

Together, before fees−0.332%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and QFEX is 0.046% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.020%). Swap the legs. The two prices were read 99 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	BloFin XAU-USDT	4,341.7	0.0366	pay 0.0183% / 4h	3h 39m	$15.6M	$4.4M	100x
Short	QFEX GOLD-USD	4,338.9	0.0042	get 0.0005% / 1h	39m 26s	$5.7M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against BloFin. 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 BloFinbpFee QFEXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$68.08
Price spread: −0.065% → −0.020%: −$4.58
Slippage, 4 orders: −$7.39
Fee BloFin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$102.05
Costs to cover: 0.294%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; QFEX: 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 BloFin live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.9 bp −$788	doesn't fit
Sell QFEX live order book, 4 min ago	3.68 bp	8.7 bp −$9	8.7 bp −$87	10.5 bp −$1,048	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	4,345.3	+0.081%	$92K	$8.7M	20x	as long as short
Bluefin GOLD-PERP	+0.0002%	1h	4,335.3	−0.149%	$25K	$14K	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.111%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,340.4	−0.032%	$3.5M	$12.0M	25x	as long as short
Gate XAU_USDT	+0.0020%	4h	4,342.4	+0.016%	$267.7M	$414.3M	100x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,338.5	−0.075%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,337.1	−0.107%	$13.2M	$37.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.200%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,341.9	+0.004%	$20.0M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,342	+0.006%	$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
QFEX GOLD-USDshort	+0.0042%	1h	4,338.9	−0.065%	$5.7M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,373.5	+0.732%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.3	−0.034%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.5	−0.075%	$293.5M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.7	−0.092%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,337.9	−0.088%	$4.3M	$37.5M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,337.3	−0.102%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0062%	4h	4,341.7	−0.002%	$80.5M	$151.5M	150x	as long as short
Aster XAUUSD1	+0.0078%	4h	4,341.9	+0.003%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0084%	8h	4,341	−0.016%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	−0.030%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337.4	−0.100%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.057%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,341.2	−0.014%	$370.4M	$319.2M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.5	−0.029%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,341.1	−0.015%	$416.9M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,336.3	−0.125%	$30.1M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.045%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,341	−0.016%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0188%	1h	4,339.2	−0.059%	$205K	$827K	25x	as long as short
Bullet GOLD-USD	+0.0216%	1h	4,341.2	−0.012%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,341	−0.017%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,341.9	+0.003%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.2	−0.083%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,341.7	−0.001%	$166.4M	$281.7M	100x	as long as short
BloFin XAU-USDTlong	+0.0366%	4h	4,341.7	long leg	$15.6M	$4.4M	100x
Phemex XAUUSDT	+0.0372%	4h	4,344	+0.052%	$2.2M	$967K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.1	−0.014%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0597%	4h	4,345.7	+0.091%	$2.8M	$4.6M	75x	as long as short