Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0181%/8h= +19.9% APRpaid last 24h +0.137%

Price spread now: Phemex against Ondo Perps+0.144%7-day average +0.154% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.326%+$33 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now +0.144%, 7d avg +0.154%

Together, before fees+0.394%+ Points / potential airdropOndo Perps: Active · farm board+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.154%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XAU-USD.P	4,343.1	0.0050	pay 0.0006% / 1h	10m 14s	$15.1M	$56.8M	25x
Short	Phemex XAUUSDT	4,349.4	0.0232	get 0.0116% / 4h	10m 14s	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.144%Rate

Funding earned: $38.1
Price spread: +0.144% → +0.154%: −$0.99
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $20.11
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: Ondo Perps: no order-book sample; Phemex: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	1.91 bp	28.9 bp −$29	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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 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
RISEx XAU/USDC	0.0000%	1h	4,346.4	+0.074%	$3.4M	$12.3M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,342.7	−0.010%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.8	+0.130%	$266.1M	$417.4M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.3	+0.187%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.1	0.000%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,346.1	+0.067%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343	−0.003%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.168%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348.6	+0.125%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.4	+0.098%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0041%	1h	4,346.1	+0.068%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,379.5	+0.837%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	+0.013%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,345.3	+0.050%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.1	+0.022%	$293.8M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.Plong	+0.0050%	1h	4,343.1	long leg	$15.1M	$56.8M	25x
Aster XAUUSD1	+0.0061%	4h	4,348.3	+0.119%	$71.3M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	+0.049%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,346.3	+0.074%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	+0.077%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347.3	+0.096%	$372.1M	$320.4M	1000x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,347.7	+0.104%	$413.9M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	+0.001%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,343	−0.003%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	+0.003%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.4	−0.064%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.3	+0.073%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	+0.036%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0164%	1h	4,346.9	+0.087%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0187%	1h	4,347	+0.089%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344	+0.020%	$592K	$132K	25x	as long as short
Phemex XAUUSDTshort	+0.0232%	4h	4,349.4	+0.144%	$2.2M	$967K	100x
Bitget XAUUSDT	+0.0232%	4h	4,347.7	+0.105%	$70.1M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,349	+0.135%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0256%	1h	4,345.7	+0.059%	$206K	$825K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0298%	8h	4,348.9	+0.133%	$165.3M	$282.0M	100x	as long as short
BloFin XAU-USDT	+0.0329%	4h	4,346.1	+0.068%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,347.3	+0.096%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0619%	4h	4,351.3	+0.188%	$2.8M	$4.6M	75x	as long as short