Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0347%/8h= −38.0% APRpaid last 24h +0.103%

Price spread now: Bluefin against Phemex−0.202%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bluefin is 0.202% cheaper against Phemex than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,344.1	0.0349	pay 0.0175% / 4h	3h 39m	$2.2M	$967K	100x
Short	Bluefin GOLD-PERP	4,335.3	0.0002	get 0.0000% / 1h	39m 00s	$25K	$14K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$72.96
Price spread: −0.202% → 0.000%: −$20.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$112.17
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Bluefin: no order-book sample. 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 Phemex live order book, 4 min ago	2.07 bp	35.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Bluefin no order-book sample	—	—	—	—	—

Bluefin: 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
SunX XAU-USDT	0.0000%	4h	4,345.4	+0.030%	$92K	$8.7M	20x	as long as short
Bluefin GOLD-PERPshort	+0.0002%	1h	4,335.3	−0.202%	$25K	$14K	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.164%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,340.4	−0.085%	$3.5M	$12.0M	25x	as long as short
Gate XAU_USDT	+0.0020%	4h	4,342.6	−0.033%	$267.7M	$414.4M	100x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,338.5	−0.128%	$33K	—	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,336.6	−0.171%	$13.2M	$37.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.147%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,342.1	−0.045%	$20.0M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,342	−0.047%	$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	+0.0042%	1h	4,338.9	−0.119%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.5	+0.678%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.1	−0.092%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.5	−0.128%	$293.5M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.7	−0.145%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,338.4	−0.130%	$4.3M	$37.4M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,337.8	−0.144%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0062%	4h	4,341.4	−0.062%	$80.4M	$151.5M	150x	as long as short
Aster XAUUSD1	+0.0078%	4h	4,341.9	−0.050%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0084%	8h	4,341	−0.069%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	−0.083%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337.4	−0.153%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.110%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,340.9	−0.073%	$370.3M	$319.3M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.5	−0.082%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0105%	4h	4,340.8	−0.074%	$416.9M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,336.3	−0.178%	$30.1M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.098%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,341	−0.069%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0216%	1h	4,341.2	−0.066%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,341	−0.070%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,341.2	−0.066%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.2	−0.134%	$592K	$132K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,339.6	−0.102%	$205K	$827K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,341.7	−0.054%	$166.5M	$281.7M	100x	as long as short
Phemex XAUUSDTlong	+0.0349%	4h	4,344.1	long leg	$2.2M	$967K	100x
BloFin XAU-USDT	+0.0372%	4h	4,341.7	−0.053%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.1	−0.067%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0609%	4h	4,345.7	+0.038%	$2.8M	$4.6M	75x	as long as short