Funding you earn now, next payment 01:00 UTC−0.0278%/8h= −30.4% APRpaid last 24h −0.100%
Price spread now: GMX against Phemex−0.061%52s7-day average −0.024% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.023%−$2 on $10k
+Price spread, last 3 days (all we have)+0.018%+$2 · spread now −0.061%, 7d avg −0.024%
=Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.037% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.024%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.023% in total (about -2.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex XAUUSDT | 4,378.2 | 0.0474 | pay 0.0237% / 4h | 3h 45m | $2.2M | $1.1M | 100x |
| Short | GMX GOLD/USD [ETH-USDC] | 4,375.6 | L +0.0390% / S −0.0197% | get 0.0025% / 1h | 45m 23s | $252K | — | 111x |
Phemex XAUUSDT
GMX GOLD/USD [ETH-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$58.31
- Price spread: −0.061% → −0.024%
- −$3.69
- Slippage, 4 orders
- no order book: not counted
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$85.99
- Costs to cover
- 0.240%
- Break-even
- never at this rate
Slippage unknown: Phemex: live order book, 3 min ago; GMX: 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, 3 min ago | 0.87 bp | 30.0 bp −$30 | doesn't fit | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin GOLD-PERP | −0.0105% | 1h | 4,368.8 | −0.216% | $26K | $21K | 20x | as long as short |
| Hotstuff GOLD-PERP | −0.0080% | 1h | 4,372 | −0.143% | $33K | — | 25x | as long as short |
| Aster XAUUSD1 | 0.0000% | 4h | 4,376.1 | −0.050% | $71.2M | $206.8M | 20x | as long as short |
| Binance XAUUSDT | 0.0000% | 4h | 4,375.8 | −0.056% | $410.2M | $2.15B | 100x | as long as short |
| Gate XAU_USDT | 0.0000% | 4h | 4,376.5 | −0.041% | $266.4M | $410.5M | 100x | as long as short |
| MEXC XAU_USDT | 0.0000% | 4h | 4,375.6 | −0.060% | $375.7M | $321.6M | 1000x | as long as short |
| Variational Omni XAU | 0.0000% | 4h | 4,375.1 | −0.072% | $48.7M | $27.7M | — | as long as short |
| Kalshi KXGOLDPERP | 0.0000% | 24h | 4,372.2 | −0.138% | $4.0M | $36.6M | 15x | as long as short |
| SunX XAU-USDT | 0.0000% | 4h | 4,380 | +0.041% | $93K | $10.4M | 20x | as long as short |
| gTrade (Gains Network) XAU/USD | L +0.0002% / S −0.0003% | 1h | 4,371.4 | −0.156% | $268K | — | 250x | as long as short |
Bluefin GOLD-PERP
Hotstuff GOLD-PERP
Aster XAUUSD1
Binance XAUUSDT
Gate XAU_USDT
MEXC XAU_USDT
Variational Omni XAU
Kalshi KXGOLDPERP
SunX XAU-USDT
gTrade (Gains Network) XAU/USDShow all 39 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget XAUUSDT | +0.0008% | 4h | 4,376 | −0.052% | $69.7M | $113.9M | 100x | as long as short |
| edgeX XAUUSDC | +0.0018% | 4h | 4,371.2 | −0.161% | $30.4M | $60.2M | 50x | as long as short |
| Injective XAU/USDC PERP | +0.0033% | 1h | 4,350.4 | −0.635% | $619 | $54 | 52x | as long as short |
| StandX XAU-USD | +0.0040% | 1h | 4,376 | −0.051% | $3.8M | $4.7M | 40x | as long as short |
| QFEX GOLD-USD | +0.0045% | 1h | 4,375.1 | −0.072% | $5.6M | $1.9M | 20x | as long as short |
| Vest GC-PERP | +0.0046% | 1h | 4,409.8 | +0.721% | — | $1.0M | 25x | as long as short |
| RISEx XAU/USDC | +0.0048% | 1h | 4,376 | −0.051% | $3.4M | $12.3M | 25x | as long as short |
| tradeXYZ xyz:GOLD | +0.0050% | 1h | 4,371.8 | −0.147% | $294.7M | $52.5M | 25x | as long as short |
| Ondo Perps XAU-USD.P | +0.0050% | 1h | 4,371.5 | −0.155% | $14.7M | $57.3M | 25x | as long as short |
| Phoenix GOLD | +0.0055% | 1h | 4,375.3 | −0.067% | $48K | $64K | 25x | as long as short |
| Paradex XAU-USD-PERP | +0.0071% | 8h | 4,375.7 | −0.059% | $19K | $5K | 5x | as long as short |
| Lighter XAU | +0.0072% | 1h | 4,374.9 | −0.076% | $20.8M | $43.4M | 25x | as long as short |
| Aevo XAU-PERP | +0.0080% | 1h | 4,375 | −0.074% | $162K | $87 | 10x | as long as short |
| Lighter RH XAU | +0.0088% | 1h | 4,377.3 | −0.021% | $20.3M | $40.9M | 25x | as long as short |
| Coinbase International GOLD-PERP-INTX | +0.0096% | 1h | 4,372.2 | −0.138% | $2.0M | $5.1M | 25x | as long as short |
| Pacifica XAU | +0.0100% | 1h | 4,372.7 | −0.127% | $1.4M | $1.2M | 10x | as long as short |
| ApeX Omni XAUUSDT | +0.0100% | 1h | 4,374 | −0.096% | $277K | $204K | 50x | as long as short |
| Polymarket Perps GOLD-USD | +0.0113% | 1h | 4,375.2 | −0.069% | $4.3M | $1.8M | 20x | as long as short |
| Extended XAU-USD | +0.0128% | 1h | 4,371.3 | −0.158% | $13.3M | $44.1M | 25x | as long as short |
| GRVT XAU_USDT_Perp | +0.0138% | 4h | 4,376.4 | −0.041% | $1.4M | $3.1M | 25x | as long as short |
| OKX XAU-USDT-SWAP | +0.0175% | 8h | 4,377.5 | −0.017% | $166.3M | $287.1M | 100x | as long as short |
| Bybit XAUUSDT | +0.0182% | 4h | 4,376.5 | −0.039% | $83.4M | $144.0M | 150x | as long as short |
| Deribit GOLD_USDC-PERPETUAL | +0.0185% | 1h | 4,373.5 | −0.108% | $236K | $655K | 25x | as long as short |
| Bullet GOLD-USD | +0.0192% | 1h | 4,375.6 | −0.061% | $59K | $82K | 10x | as long as short |
| Kraken Futures PF_XAUUSD | +0.0225% | 1h | 4,373.1 | −0.118% | $596K | $145K | 25x | as long as short |
| BloFin XAU-USDT | +0.0240% | 4h | 4,374.8 | −0.078% | $15.0M | $4.6M | 100x | as long as short |
| GMX GOLD/USD [ETH-USDC]short | L +0.0390% / S −0.0197% | 1h | 4,375.6 | −0.061% | $252K | — | 111x | |
| Phemex XAUUSDTlong | +0.0474% | 4h | 4,378.2 | long leg | $2.2M | $1.1M | 100x | |
| HTX XAU-USDT | +0.0582% | 4h | 4,380.4 | +0.048% | $2.9M | $3.8M | 75x | as long as short |
Bitget XAUUSDT
edgeX XAUUSDC
Injective XAU/USDC PERP
StandX XAU-USD
QFEX GOLD-USD
Vest GC-PERP
RISEx XAU/USDC
tradeXYZ xyz:GOLD
Ondo Perps XAU-USD.P
Phoenix GOLD
Paradex XAU-USD-PERP
Lighter XAU
Aevo XAU-PERP
Lighter RH XAU
Coinbase International GOLD-PERP-INTX
Pacifica XAU
ApeX Omni XAUUSDT
Polymarket Perps GOLD-USD
Extended XAU-USD
GRVT XAU_USDT_Perp
OKX XAU-USDT-SWAP
Bybit XAUUSDT
Deribit GOLD_USDC-PERPETUAL
Bullet GOLD-USD
Kraken Futures PF_XAUUSD
BloFin XAU-USDT
HTX XAU-USDT