Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0373%/8h= −40.8% APRpaid last 24h −0.157%

Price spread now: gTrade (Gains Network) against Phemex−0.106%7-day average −0.164% · 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−$320as in the Price arb table

costs, in and out, $10k−$3263.256% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.177%−$18 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now −0.106%, 7d avg −0.164%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.058% dearer against Phemex than usual: you sell high and buy low (spread −0.106% now, against its 7-day average of −0.164%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 3 days (−0.177% in total) that is about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,335.2	0.0376	pay 0.0188% / 4h	2h 08m	$2.2M	$962K	100x
Short	gTrade (Gains Network) XAU/USD	4,330.6	L +0.0002% / S −0.0003%	get 0.0000% / 1h	8m 14s	$271K	—	250x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.106%Rate

Funding earned: −$78.26
Price spread: −0.106% → −0.164%: $5.8
Slippage, 4 orders: −$306.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$398.03
Costs to cover: 3.256%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), 6 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, 5 min ago	3.63 bp	30.5 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 6 min ago	130.01 bp	133.5 bp −$134	243.0 bp −$2,430	1975.4 bp −$197.5K	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	−0.0054%	1h	4,327.4	−0.179%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,338.2	+0.069%	$92K	$8.1M	20x	as long as short
gTrade (Gains Network) XAU/USDshort	L +0.0002% / S −0.0003%	1h	4,330.6	−0.106%	$271K	—	250x
Bybit XAUUSDT	+0.0006%	4h	4,335.1	−0.001%	$78.4M	$156.7M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,330.4	−0.109%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.352%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,333.7	−0.034%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,332.7	−0.057%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,366.9	+0.732%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,333	−0.050%	$20.4M	$31.8M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,330.6	−0.105%	$292.0M	$51.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,330.3	−0.112%	$15.0M	$56.5M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,335.4	+0.006%	$3.8M	$12.5M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,335.6	+0.009%	$272.8M	$417.4M	100x	as long as short
Kalshi KXGOLDPERP	+0.0064%	24h	4,334.6	−0.013%	$4.0M	$42.2M	15x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,334.2	−0.021%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,335.5	+0.007%	$19.9M	$39.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,330	−0.119%	$2.0M	$4.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0088%	1h	4,330.3	−0.112%	$32K	—	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0096%	1h	4,332.1	−0.071%	$195K	$826K	25x	as long as short
Aster XAUUSD1	+0.0097%	4h	4,334.4	−0.018%	$72.3M	$330.2M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,330.6	−0.106%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330	−0.119%	$273K	$208K	50x	as long as short
Variational Omni XAU	+0.0101%	4h	4,331.5	−0.085%	$46.8M	$28.6M	—	as long as short
GRVT XAU_USDT_Perp	+0.0104%	4h	4,333.5	−0.039%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,334.3	−0.021%	$363.9M	$330.9M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,334.2	−0.022%	$414.8M	$2.12B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,333.1	−0.047%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,327.8	−0.170%	$30.1M	$60.3M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,326.6	−0.197%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,334.3	−0.020%	$58K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0176%	1h	4,334.4	−0.018%	$4.2M	$2.0M	20x	as long as short
HTX XAU-USDT	+0.0230%	4h	4,336.6	+0.033%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,330.8	−0.101%	$590K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0252%	4h	4,333.9	−0.029%	$68.1M	$118.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,334.3	−0.020%	$170.6M	$297.0M	100x	as long as short
BloFin XAU-USDT	+0.0357%	4h	4,333.3	−0.042%	$16.0M	$4.5M	100x	as long as short
Phemex XAUUSDTlong	+0.0376%	4h	4,335.2	long leg	$2.2M	$962K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0303%	1h	4,334.2	−0.022%	$253K	—	111x	as long as short