Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h −0.122%

Price spread now: ApeX Omni against Phemex−0.165%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$870.873% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now −0.165%, 7d avg −0.074%

Together, before fees−0.237%−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and ApeX Omni is 0.091% cheaper against Phemex than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.074%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,350.4	0.0235	pay 0.0118% / 4h	11m 01s	$2.2M	$967K	100x
Short	ApeX Omni XAUUSDT	4,343.3	0.0100	get 0.0013% / 1h	11m 01s	$274K	$203K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.165%Rate

Funding earned: −$28.4
Price spread: −0.165% → −0.074%: −$9.07
Slippage, 4 orders: −$65.32
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$124.8
Costs to cover: 0.873%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; ApeX Omni: live order book, 46 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 Phemex live order book, 2 min ago	1.91 bp	27.8 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 46 min ago	4.01 bp	13.7 bp −$14	28.3 bp −$283	37.6 bp −$3,757	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
RISEx XAU/USDC	0.0000%	1h	4,345.6	−0.112%	$3.4M	$12.3M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,342.7	−0.178%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.4	−0.046%	$265.9M	$417.3M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,350.4	−0.001%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.3	−0.188%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,345.8	−0.107%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.9	−0.173%	$13.2M	$38.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	0.000%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,347.9	−0.059%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,346.8	−0.083%	$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	4,345.6	−0.111%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,378.6	+0.648%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	−0.155%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,343.8	−0.152%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344	−0.148%	$293.8M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.3	−0.188%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,348	−0.056%	$71.3M	$333.2M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	−0.118%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,345.4	−0.116%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	−0.091%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347	−0.079%	$372.0M	$320.4M	1000x	as long as short
Binance XAUUSDT	+0.0089%	4h	4,347	−0.079%	$413.8M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	−0.167%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.5	−0.182%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDTshort	+0.0100%	1h	4,343.3	−0.165%	$274K	$203K	50x
Bluefin GOLD-PERP	+0.0100%	1h	4,340.6	−0.226%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,345.2	−0.120%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	−0.132%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0162%	1h	4,345.8	−0.106%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0186%	1h	4,346	−0.101%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,343.7	−0.156%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,347.6	−0.065%	$70.1M	$109.2M	100x	as long as short
Phemex XAUUSDTlong	+0.0235%	4h	4,350.4	long leg	$2.2M	$967K	100x
Bybit XAUUSDT	+0.0240%	4h	4,348.4	−0.048%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,345.1	−0.123%	$206K	$825K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0297%	8h	4,348.2	−0.051%	$165.3M	$282.0M	100x	as long as short
BloFin XAU-USDT	+0.0329%	4h	4,346.1	−0.100%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,346.3	−0.094%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0620%	4h	4,351.3	+0.020%	$2.8M	$4.6M	75x	as long as short