Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.127%

Price spread now: Phemex against Pacifica+0.151%7-day average +0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now +0.151%, 7d avg +0.111%

Together, before fees+0.266%+ Points / potential airdropPacifica: Active · farm board+$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Phemex is 0.041% dearer against Pacifica than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica XAU	4,319.4	0.0100	pay 0.0013% / 1h	53m 57s	$1.4M	$1.2M	10x
Short	Phemex XAUUSDT	4,325.9	0.0366	get 0.0183% / 4h	53m 57s	$2.2M	$975K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now +0.151%Rate

Funding earned: $55.78
Price spread: +0.151% → +0.111%: $4.06
Slippage, 4 orders: −$41.93
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$2.09
Costs to cover: 0.619%
Break-even: 7.3 days

Slippage from Pacifica: live order book, 5 min ago; Phemex: 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 Pacifica live order book, 5 min ago	0.12 bp	5.0 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.07 bp	23.2 bp −$23	doesn't fit	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
Bluefin GOLD-PERP	−0.0045%	1h	4,316.9	−0.057%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,327.1	+0.177%	$92K	$7.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.4	−0.023%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0025%	4h	4,323.5	+0.094%	$76.9M	$153.3M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.718%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,326	+0.153%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,322.5	+0.072%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,355.2	+0.829%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319.4	0.000%	$291.4M	$51.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,319.4	0.000%	$15.0M	$55.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XAU	+0.0056%	1h	4,321.2	+0.041%	$20.3M	$28.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,320.5	+0.025%	$32K	—	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,324.6	+0.121%	$72.7M	$272.8M	20x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,322.4	+0.070%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,320.5	+0.025%	$2.1M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0086%	24h	4,324.8	+0.125%	$3.8M	$44.3M	15x	as long as short
Variational Omni XAU	+0.0094%	4h	4,323.8	+0.101%	$47.3M	$29.1M	—	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,324.7	+0.123%	$1.4M	$3.0M	25x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.5	+0.002%	$47K	$79K	25x	as long as short
Pacifica XAUlong	+0.0100%	1h	4,319.4	long leg	$1.4M	$1.2M	10x
Gate XAU_USDT	+0.0100%	4h	4,324.4	+0.115%	$279.6M	$408.9M	100x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,322.9	+0.081%	$365.1M	$324.6M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,322.3	+0.067%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,322.7	+0.077%	$424.5M	$2.14B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.3	+0.067%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0107%	4h	4,318.6	−0.020%	$30.1M	$59.3M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,324.1	+0.108%	$20.0M	$38.6M	25x	as long as short
Extended XAU-USD	+0.0152%	1h	4,318.5	−0.021%	$13.1M	$36.6M	25x	as long as short
Bullet GOLD-USD	+0.0198%	1h	4,322.8	+0.078%	$59K	$81K	10x	as long as short
Bitget XAUUSDT	+0.0204%	4h	4,322.8	+0.078%	$69.3M	$118.5M	100x	as long as short
Polymarket Perps GOLD-USD	+0.0212%	1h	4,322.6	+0.074%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,320.1	+0.016%	$577K	$136K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0236%	1h	4,321.4	+0.046%	$163K	$862K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0291%	8h	4,323.1	+0.086%	$173.3M	$299.9M	100x	as long as short
BloFin XAU-USDT	+0.0341%	4h	4,324.8	+0.125%	$16.4M	$4.6M	100x	as long as short
HTX XAU-USDT	+0.0354%	4h	4,329.4	+0.232%	$3.2M	$5.8M	75x	as long as short
Phemex XAUUSDTshort	+0.0366%	4h	4,325.9	+0.151%	$2.2M	$975K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322.8	+0.078%	$252K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,325.4	+0.138%	$4.2M	$13.1M	25x	as long as short