Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.027%

Price spread now: MEXC against OKX−0.039%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on OKX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.039%, 7d avg −0.010%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and MEXC is 0.029% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XAU-USDT-SWAP	4,334.9	0.0332	pay 0.0332% / 8h	2h 10m	$170.8M	$296.9M	100x
Short	MEXC XAU_USDT	4,333.2	0.0110	get 0.0055% / 4h	2h 10m	$364.7M	$330.2M	1000x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against OKX. 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 OKXbpFee MEXCbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$46.53
Price spread: −0.039% → −0.010%: −$2.95
Slippage, 4 orders: −$0.3
Fee OKX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$63.78
Costs to cover: 0.143%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; MEXC: 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 OKX live order book, 4 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.0 bp −$596	14.2 bp −$7,080
Sell MEXC live order book, 4 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	2.3 bp −$230	18.9 bp −$9,430

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	−0.0042%	1h	4,325.2	−0.225%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,337.2	+0.052%	$92K	$8.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,329.9	−0.116%	$271K	—	250x	as long as short
Bybit XAUUSDT	+0.0006%	4h	4,334.7	−0.005%	$78.4M	$156.8M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,329.7	−0.120%	$13.1M	$36.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.358%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,333	−0.044%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,332.7	−0.051%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,365.6	+0.708%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,332.4	−0.057%	$20.4M	$31.8M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329.8	−0.118%	$292.0M	$51.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,329.9	−0.114%	$15.0M	$56.5M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,334.8	−0.003%	$3.8M	$12.5M	25x	as long as short
Kalshi KXGOLDPERP	+0.0063%	24h	4,333.1	−0.042%	$4.0M	$42.1M	15x	as long as short
Gate XAU_USDT	+0.0068%	4h	4,334.9	0.000%	$272.1M	$416.5M	100x	as long as short
Lighter RH XAU	+0.0072%	1h	4,334.7	−0.004%	$19.9M	$38.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,327.9	−0.161%	$2.0M	$4.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,333.3	−0.037%	$19K	$5K	5x	as long as short
Aster XAUUSD1	+0.0099%	4h	4,335	+0.003%	$72.3M	$330.6M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,329.6	−0.122%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,324.2	−0.248%	$272K	$208K	50x	as long as short
Variational Omni XAU	+0.0101%	4h	4,331.5	−0.079%	$46.8M	$28.6M	—	as long as short
GRVT XAU_USDT_Perp	+0.0102%	4h	4,325.7	−0.213%	$1.4M	$3.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0104%	1h	4,329.6	−0.122%	$32K	—	25x	as long as short
MEXC XAU_USDTshort	+0.0110%	4h	4,333.2	−0.039%	$364.7M	$330.2M	1000x
Binance XAUUSDT	+0.0112%	4h	4,333.6	−0.029%	$414.8M	$2.12B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,331.2	−0.086%	$160K	$87	10x	as long as short
Phoenix GOLD	+0.0127%	1h	4,326.6	−0.191%	$47K	$77K	25x	as long as short
edgeX XAUUSDC	+0.0128%	4h	4,322.8	−0.279%	$30.1M	$60.2M	50x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,333.7	−0.028%	$58K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0177%	1h	4,333.6	−0.030%	$4.2M	$2.0M	20x	as long as short
HTX XAU-USDT	+0.0234%	4h	4,334.6	−0.006%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,329.4	−0.127%	$590K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0256%	4h	4,333.2	−0.039%	$68.1M	$118.9M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0258%	1h	4,331.5	−0.078%	$195K	$826K	25x	as long as short
OKX XAU-USDT-SWAPlong	+0.0332%	8h	4,334.9	long leg	$170.8M	$296.9M	100x
BloFin XAU-USDT	+0.0359%	4h	4,333.3	−0.036%	$16.0M	$4.5M	100x	as long as short
Phemex XAUUSDT	+0.0404%	4h	4,335.2	+0.006%	$2.2M	$962K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0302%	1h	4,334	−0.021%	$253K	—	111x	as long as short