Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0369%/8h= −40.4% APRpaid last 24h −0.082%

Price spread now: Deribit against Phemex−0.104%7-day average −0.146% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$740.739% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.603%+$60 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now −0.104%, 7d avg −0.146%

Together, before fees+0.531%+$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.043% dearer against Phemex than usual: you sell high and buy low (spread −0.104% now, against its 7-day average of −0.146%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 4 days funding on this pair paid +0.603%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,363.1	0.0532	pay 0.0266% / 4h	3h 22m	$2.2M	$1.1M	100x
Short	Deribit GOLD_USDC-PERPETUAL	4,358.6	0.0163	get 0.0020% / 1h	22m 46s	$235K	$656K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$77.56
Price spread: −0.104% → −0.146%: $4.26
Slippage, 4 orders: −$54.92
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$147.22
Costs to cover: 0.739%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Deribit: live order book, 51 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, 6 min ago	1.37 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 51 min ago	0.11 bp	9.5 bp −$10	10.4 bp −$104	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
Aster XAUUSD1	0.0000%	4h	4,360.7	−0.055%	$71.0M	$200.4M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,361.8	−0.031%	$266.3M	$416.8M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,355.9	−0.165%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,363.6	+0.012%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	−0.062%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,356.4	−0.153%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,355.1	−0.183%	$30.3M	$60.4M	50x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,360.7	−0.055%	$372.8M	$328.2M	1000x	as long as short
Binance XAUUSDT	+0.0024%	4h	4,360.2	−0.067%	$411.7M	$2.15B	100x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.291%	$619	$54	52x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,362.4	−0.017%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,356.7	−0.147%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393.8	+0.703%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,358.3	−0.110%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,357.2	−0.136%	$293.8M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354	−0.209%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLD	+0.0055%	1h	4,358.5	−0.106%	$48K	$64K	25x	as long as short
Bitget XAUUSDT	+0.0058%	4h	4,360.5	−0.061%	$69.1M	$113.9M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,359.6	−0.081%	$20.6M	$44.1M	25x	as long as short
Extended XAU-USD	+0.0080%	1h	4,356.6	−0.150%	$13.5M	$43.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,358.3	−0.110%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,359	−0.094%	$161K	$87	10x	as long as short
BloFin XAU-USDT	+0.0091%	4h	4,361.9	−0.028%	$15.5M	$4.5M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,361.7	−0.033%	$20.2M	$41.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0096%	1h	4,355.3	−0.179%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,354.3	−0.202%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,355	−0.186%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.122%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,351.4	−0.269%	$25K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0110%	4h	4,361.3	−0.042%	$83.5M	$144.4M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0121%	1h	4,358.6	−0.104%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,361.1	−0.046%	$1.4M	$3.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0163%	1h	4,358.6	−0.104%	$235K	$656K	25x
OKX XAU-USDT-SWAP	+0.0199%	8h	4,361.2	−0.044%	$163.8M	$289.4M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,360.3	−0.064%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,356.7	−0.146%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,360.4	−0.062%	$252K	—	111x	as long as short
Phemex XAUUSDTlong	+0.0532%	4h	4,363.1	long leg	$2.2M	$1.1M	100x
HTX XAU-USDT	+0.0575%	4h	4,363.4	+0.005%	$2.9M	$3.9M	75x	as long as short