Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0369%/8h= +40.4% APRpaid last 24h +0.082%

Price spread now: Phemex against Deribit+0.104%7-day average +0.146% · 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−$78as in the Price arb table

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.603%−$60 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now +0.104%, 7d avg +0.146%

Together, before fees−0.531%−$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread +0.104% now, against its 7-day average of +0.146%). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$11 a day). Mind the row above: over the last 4 days funding on this pair cost −0.603%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,358.6	0.0163	pay 0.0020% / 1h	23m 08s	$235K	$656K	25x
Short	Phemex XAUUSDT	4,363.1	0.0532	get 0.0266% / 4h	3h 23m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.104%Rate

Funding earned: $77.56
Price spread: +0.104% → +0.146%: −$4.25
Slippage, 4 orders: −$54.92
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$0.61
Costs to cover: 0.739%
Break-even: 7.1 days

Slippage from Deribit: live order book, 51 min ago; Phemex: live order book, 5 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 Deribit live order book, 51 min ago	0.11 bp	3.6 bp −$4	3.9 bp −$39	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.37 bp	28.4 bp −$28	doesn't fit	doesn't fit	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
Aster XAUUSD1	0.0000%	4h	4,360.2	+0.037%	$71.0M	$200.4M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,361.4	+0.065%	$266.3M	$416.6M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,355.9	−0.062%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,363.6	+0.115%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	+0.042%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,356.4	−0.050%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,355.1	−0.080%	$30.3M	$60.4M	50x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,360.1	+0.034%	$372.9M	$328.1M	1000x	as long as short
Binance XAUUSDT	+0.0023%	4h	4,360.7	+0.048%	$411.7M	$2.15B	100x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.188%	$619	$54	52x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,362.4	+0.087%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,356.7	−0.044%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393.8	+0.808%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,358.3	−0.006%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,357.3	−0.030%	$293.8M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354	−0.106%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	−0.002%	$48K	$64K	25x	as long as short
Bitget XAUUSDT	+0.0058%	4h	4,360.3	+0.039%	$69.1M	$113.9M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,359.1	+0.012%	$20.6M	$44.1M	25x	as long as short
Extended XAU-USD	+0.0080%	1h	4,356.2	−0.056%	$13.5M	$43.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,358.3	−0.006%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,359	+0.009%	$161K	$87	10x	as long as short
BloFin XAU-USDT	+0.0091%	4h	4,361.9	+0.075%	$15.5M	$4.5M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,361.4	+0.064%	$20.2M	$41.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0096%	1h	4,355.3	−0.076%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,354.3	−0.099%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,355	−0.083%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.019%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,351.4	−0.165%	$25K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0102%	4h	4,361	+0.055%	$83.3M	$144.3M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0121%	1h	4,358.6	0.000%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,361.1	+0.057%	$1.4M	$3.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0163%	1h	4,358.6	long leg	$235K	$656K	25x
OKX XAU-USDT-SWAP	+0.0199%	8h	4,361.3	+0.062%	$163.8M	$289.4M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,360.3	+0.040%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,356.7	−0.043%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,360.4	+0.041%	$252K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0532%	4h	4,363.1	+0.104%	$2.2M	$1.1M	100x
HTX XAU-USDT	+0.0575%	4h	4,363.4	+0.109%	$2.9M	$3.9M	75x	as long as short