Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.010%

Price spread now: Coinbase International against MEXC−0.078%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.371%+$37 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.078%, 7d avg −0.095%

Together, before fees+0.375%+$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.095%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.371%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XAU_USDT	4,306.9	0.0108	pay 0.0054% / 4h	5m 46s	$365.6M	$341.2M	1000x
Short	Coinbase International GOLD-PERP-INTX	4,303.5	0.0072	get 0.0009% / 1h	5m 46s	$2.0M	$5.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$7.56
Price spread: −0.078% → −0.095%: $1.7
Slippage, 4 orders: −$3.69
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$23.56
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Coinbase International: live order book, 3 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 MEXC live order book, 3 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$213	18.4 bp −$9,214
Sell Coinbase International live order book, 3 min ago	0.58 bp	5.6 bp −$6	7.3 bp −$73	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
SunX XAU-USDT	0.0000%	4h	4,311.1	+0.098%	$92K	$7.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,302.8	−0.095%	$268K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.011%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,306.4	−0.011%	$5.7M	$3.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,339.2	+0.751%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,302.3	−0.106%	$289.7M	$52.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,304.1	−0.064%	$15.0M	$55.3M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,307.5	+0.015%	$72.8M	$272.0M	20x	as long as short
Paradex XAU-USD-PERP	+0.0062%	8h	4,307.7	+0.019%	$2K	$14K	5x	as long as short
Bluefin GOLD-PERP	+0.0070%	1h	4,302.4	−0.104%	$25K	$1K	20x	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	4,306.7	−0.004%	$77.2M	$155.4M	150x	as long as short
Lighter XAU	+0.0072%	1h	4,305.8	−0.026%	$20.2M	$30.2M	25x	as long as short
Coinbase International GOLD-PERP-INTXshort	+0.0072%	1h	4,303.5	−0.078%	$2.0M	$5.1M	25x
Phoenix GOLD	+0.0096%	1h	4,313.9	+0.163%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0100%	24h	4,309.2	+0.054%	$3.7M	$45.4M	15x	as long as short
Pacifica XAU	+0.0100%	1h	4,304.3	−0.059%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,313.5	+0.154%	$272K	$209K	50x	as long as short
Variational Omni XAU	+0.0101%	4h	4,306.5	−0.007%	$46.7M	$29.3M	—	as long as short
Lighter RH XAU	+0.0104%	1h	4,308.3	+0.033%	$19.9M	$40.2M	25x	as long as short
Extended XAU-USD	+0.0104%	1h	4,302.6	−0.099%	$13.2M	$36.6M	25x	as long as short
MEXC XAU_USDTlong	+0.0108%	4h	4,306.9	long leg	$365.6M	$341.2M	1000x
Binance XAUUSDT	+0.0110%	4h	4,306.3	−0.014%	$428.9M	$2.16B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0112%	4h	4,316.1	+0.214%	$1.4M	$3.0M	25x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,306.4	−0.011%	$159K	$87	10x	as long as short
Gate XAU_USDT	+0.0118%	4h	4,308.2	+0.032%	$285.0M	$430.8M	100x	as long as short
Hotstuff GOLD-PERP	+0.0120%	1h	4,304.5	−0.055%	$32K	—	25x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,313.1	+0.146%	$30.0M	$59.8M	50x	as long as short
StandX XAU-USD	+0.0130%	1h	4,310.3	+0.080%	$3.8M	$4.5M	40x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,306	−0.019%	$70.4M	$121.5M	100x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,306.8	−0.001%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0222%	1h	4,307	+0.003%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0229%	1h	4,304.3	−0.059%	$573K	$138K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0263%	8h	4,305.9	−0.022%	$175.1M	$306.0M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0308%	1h	4,305.5	−0.032%	$136K	$865K	25x	as long as short
BloFin XAU-USDT	+0.0371%	4h	4,308.4	+0.036%	$16.5M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0311%	1h	4,306.9	+0.002%	$253K	—	111x	as long as short
Phemex XAUUSDT	+0.0472%	4h	4,311.1	+0.098%	$2.2M	$949K	100x	as long as short
HTX XAU-USDT	+0.0542%	4h	4,314.1	+0.168%	$3.2M	$6.1M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,307.4	+0.011%	$4.5M	$13.1M	25x	as long as short