Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0344%/8h= −37.6% APRpaid last 24h −0.094%

Price spread now: MEXC against GMX−0.021%58s7-day average −0.008% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.342%−$34 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.021%, 7d avg −0.008%

Together, before fees−0.354%−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 58 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	GMX GOLD/USD [ETH-USDC]	4,324.4	L +0.0426% / S −0.0259%	pay 0.0053% / 1h	7m 26s	$253K	—	111x
Short	MEXC XAU_USDT	4,323.5	0.0082	get 0.0041% / 4h	7m 26s	$343.6M	$362.9M	1000x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against GMX. 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 GMXbpFee MEXCbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$72.2
Price spread: −0.021% → −0.008%: −$1.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$89.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	4.1 bp −$407	23.7 bp −$11.9K

GMX: 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
Coinbase International GOLD-PERP-INTX	−0.0032%	1h	4,320.6	−0.088%	$2.1M	$4.8M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,328.3	+0.090%	$92K	$5.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0002%	1h	4,320.2	−0.098%	$308K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.601%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,324.9	+0.011%	$3.9M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	−0.056%	$6.7M	$3.2M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356.3	+0.737%	—	$919K	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.6	−0.088%	$293.5M	$47.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319.6	−0.111%	$15.2M	$61.3M	25x	as long as short
Aster XAUUSD1	+0.0051%	4h	4,324.5	+0.002%	$70.4M	$278.2M	20x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XAU-USD-PERP	+0.0056%	8h	4,322.2	−0.051%	$2K	$13K	5x	as long as short
RISEx XAU/USDC	+0.0062%	1h	4,323.6	−0.019%	$4.6M	$13.2M	25x	as long as short
Variational Omni XAU	+0.0076%	4h	4,323.5	−0.022%	$47.3M	$27.6M	—	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,321.9	−0.058%	$35K	$3K	25x	as long as short
Gate XAU_USDT	+0.0080%	4h	4,324.7	+0.007%	$306.7M	$446.5M	100x	as long as short
Binance XAUUSDT	+0.0082%	4h	4,323.1	−0.030%	$445.2M	$2.43B	100x	as long as short
MEXC XAU_USDTshort	+0.0082%	4h	4,323.5	−0.021%	$343.6M	$362.9M	1000x
Lighter XAU	+0.0088%	1h	4,322.3	−0.050%	$20.0M	$31.0M	25x	as long as short
edgeX XAUUSDC	+0.0089%	4h	4,320.7	−0.085%	$30.3M	$67.1M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,320.7	−0.086%	$1.4M	$1.5M	10x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,324.7	+0.007%	$1.4M	$3.1M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,321.2	−0.074%	$287K	$228K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,319.2	−0.120%	$25K	$1K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,323.3	−0.025%	$160K	$87	10x	as long as short
Phoenix GOLD	+0.0124%	1h	4,321.1	−0.077%	$43K	$71K	25x	as long as short
Phemex XAUUSDT	+0.0129%	4h	4,325.7	+0.029%	$2.3M	$736K	100x	as long as short
Lighter RH XAU	+0.0144%	1h	4,324.9	+0.011%	$19.6M	$40.0M	25x	as long as short
Kalshi KXGOLDPERP	+0.0154%	24h	4,325.6	+0.027%	$3.5M	$52.2M	15x	as long as short
Bybit XAUUSDT	+0.0156%	4h	4,324.4	−0.002%	$84.4M	$169.3M	150x	as long as short
Extended XAU-USD	+0.0160%	1h	4,319	−0.126%	$12.6M	$34.2M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0197%	1h	4,321.2	−0.075%	$583K	$169K	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,323.7	−0.018%	$73.3M	$142.5M	100x	as long as short
Bullet GOLD-USD	+0.0220%	1h	4,323.6	−0.018%	$60K	$77K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0220%	1h	4,323.8	−0.014%	$4.3M	$1.7M	20x	as long as short
OKX XAU-USDT-SWAP	+0.0230%	8h	4,323.7	−0.017%	$171.7M	$362.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,322.4	−0.047%	$135K	$658K	25x	as long as short
BloFin XAU-USDT	+0.0322%	4h	4,324.9	+0.010%	$16.5M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0426% / S −0.0259%	1h	4,324.4	long leg	$253K	—	111x
HTX XAU-USDT	+0.0996%	4h	4,329	+0.105%	$3.2M	$7.1M	75x	as long as short