Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0076%/8h= −8.4% APRpaid last 24h −0.022%

Price spread now: QFEX against MEXC−0.041%7-day average −0.042% · 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−$19as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on MEXC Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.066%−$7 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.041%, 7d avg −0.042%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XAU_USDT	4,346.9	0.0118	pay 0.0059% / 4h	3h 04m	$370.4M	$321.8M	1000x
Short	QFEX GOLD-USD	4,345.1	0.0042	get 0.0005% / 1h	4m 56s	$5.6M	$2.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$16.04
Price spread: −0.041% → −0.042%: $0.11
Slippage, 4 orders: −$4.68
Fee MEXC: 2 bp × 2 orders: −$4
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$34.61
Costs to cover: 0.187%
Break-even: never at this rate

Slippage from MEXC: 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 MEXC live order book, 4 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	3.9 bp −$395	23.7 bp −$11.8K
Sell QFEX live order book, 4 min ago	2.30 bp	7.3 bp −$7	7.3 bp −$73	8.9 bp −$891	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
Bluefin GOLD-PERP	−0.0010%	1h	4,339.5	−0.169%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.6	+0.086%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.1	−0.109%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,346.6	−0.006%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.4	−0.102%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.082%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,346.1	−0.018%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDshort	+0.0042%	1h	4,345.1	−0.041%	$5.6M	$2.1M	20x
Vest GC-PERP	+0.0046%	1h	4,378.6	+0.730%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,342.7	−0.096%	$293.8M	$49.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.9	−0.091%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,344.8	−0.048%	$4.2M	$39.3M	15x	as long as short
Bybit XAUUSDT	+0.0055%	4h	4,347.9	+0.024%	$80.1M	$152.0M	150x	as long as short
Lighter XAU	+0.0056%	1h	4,345.3	−0.037%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.7	−0.119%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,348.2	+0.030%	$268.4M	$419.1M	100x	as long as short
Paradex XAU-USD-PERP	+0.0067%	8h	4,345.7	−0.026%	$19K	$5K	5x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,342.6	−0.098%	$33K	—	25x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.8	+0.021%	$20.2M	$40.2M	25x	as long as short
Aster XAUUSD1	+0.0098%	4h	4,346.5	−0.009%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.4	−0.103%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,341.7	−0.119%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,345.4	−0.035%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,345.1	−0.040%	$161K	$87	10x	as long as short
MEXC XAU_USDTlong	+0.0118%	4h	4,346.9	long leg	$370.4M	$321.8M	1000x
Binance XAUUSDT	+0.0120%	4h	4,346.9	0.000%	$418.9M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.157%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,341.7	−0.119%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0148%	4h	4,345.6	−0.029%	$1.4M	$2.9M	25x	as long as short
Phemex XAUUSDT	+0.0199%	4h	4,349.1	+0.051%	$2.2M	$967K	100x	as long as short
Polymarket Perps GOLD-USD	+0.0203%	1h	4,345.8	−0.025%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,346.2	−0.016%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0211%	1h	4,344.4	−0.057%	$204K	$826K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,343	−0.089%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0274%	4h	4,347	+0.003%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,347.9	+0.024%	$167.2M	$283.2M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,346.2	−0.016%	$15.8M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0396%	4h	4,347.9	+0.024%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,346.2	−0.016%	$250K	—	111x	as long as short