Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0415%/8h= +45.4% APRpaid last 24h −0.057%

Price spread now: Phemex against Bluefin+0.216%7-day average — · you sell dearer than you buy

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

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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 +$12 a day on $10k at the current rate, and Phemex is 0.216% dearer against Bluefin than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin GOLD-PERP	4,302.1	0.0082	pay 0.0010% / 1h	4m 09s	$25K	$1K	20x
Short	Phemex XAUUSDT	4,311.4	0.0497	get 0.0249% / 4h	4m 09s	$2.2M	$951K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now +0.216%Rate

Funding earned: $87.12
Price spread: +0.216% → 0.000%: $21.64
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $89.76
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Bluefin: no order-book sample; Phemex: live order book, 4 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 Bluefin no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	0.96 bp	29.2 bp −$29	doesn't fit	doesn't fit	doesn't fit

Bluefin: 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 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	4,310.6	+0.199%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,302.7	+0.016%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.124%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,305.2	+0.073%	$6.6M	$3.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.4	+0.845%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,303.3	+0.029%	$289.7M	$52.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,302.9	+0.020%	$15.0M	$55.3M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,303.4	+0.031%	$32K	—	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,307.9	+0.136%	$72.8M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,305.6	+0.082%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDT	+0.0071%	4h	4,307.1	+0.118%	$77.3M	$155.6M	150x	as long as short
Lighter XAU	+0.0072%	1h	4,305.6	+0.082%	$20.2M	$30.2M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,303.4	+0.031%	$2.0M	$5.1M	25x	as long as short
Bluefin GOLD-PERPlong	+0.0082%	1h	4,302.1	long leg	$25K	$1K	20x
Phoenix GOLD	+0.0096%	1h	4,305.5	+0.080%	$42K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,303.2	+0.027%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,304	+0.044%	$269K	$214K	50x	as long as short
Kalshi KXGOLDPERP	+0.0100%	24h	4,308.3	+0.145%	$3.7M	$45.5M	15x	as long as short
Variational Omni XAU	+0.0101%	4h	4,306.5	+0.104%	$46.7M	$29.3M	—	as long as short
Lighter RH XAU	+0.0104%	1h	4,308.1	+0.141%	$19.9M	$40.3M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,302.5	+0.011%	$13.1M	$36.7M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,306.7	+0.107%	$367.7M	$342.3M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,306.5	+0.104%	$428.9M	$2.16B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,306.1	+0.094%	$159K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0114%	4h	4,308	+0.138%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0116%	4h	4,308.6	+0.152%	$287.2M	$432.0M	100x	as long as short
edgeX XAUUSDC	+0.0130%	4h	4,304.2	+0.049%	$29.9M	$60.3M	50x	as long as short
StandX XAU-USD	+0.0149%	1h	4,310	+0.185%	$3.8M	$4.5M	40x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,306.4	+0.102%	$70.4M	$121.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0192%	1h	4,305.2	+0.073%	$136K	$865K	25x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,306.8	+0.109%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0222%	1h	4,306.8	+0.110%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0229%	1h	4,304.1	+0.048%	$572K	$138K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0260%	8h	4,305.9	+0.089%	$174.2M	$307.7M	100x	as long as short
BloFin XAU-USDT	+0.0369%	4h	4,306.5	+0.102%	$16.6M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0311%	1h	4,306.5	+0.104%	$253K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0497%	4h	4,311.4	+0.216%	$2.2M	$951K	100x
HTX XAU-USDT	+0.0545%	4h	4,312.6	+0.246%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,306.6	+0.106%	$4.5M	$13.1M	25x	as long as short