Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0341%/8h= −37.4% APRpaid last 24h −0.145%

Price spread now: Injective against Phemex+0.631%65s7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Injective is 0.631% dearer against Phemex than usual: you sell high and buy low (spread +0.631% now, against zero (this spread has no 7-day history yet)): +$63 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 6.2 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,323.1	0.0375	pay 0.0187% / 4h	1h 38m	$2.2M	$967K	100x
Short	Injective XAU/USDC PERP	4,350.4	0.0033	get 0.0004% / 1h	38m 03s	$619	$54	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.631%Rate

Funding earned: −$71.67
Price spread: +0.631% → 0.000%: $63.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$20.59
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Injective: 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, 5 min ago	1.98 bp	34.5 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0085%	1h	4,315.6	−0.175%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,324.4	+0.028%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,316	−0.165%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0005%	4h	4,322	−0.027%	$77.3M	$155.6M	150x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,318	−0.119%	$32K	—	25x	as long as short
Injective XAU/USDC PERPshort	+0.0033%	1h	4,350.4	+0.631%	$619	$54	52x
Extended XAU-USD	+0.0040%	1h	4,316.4	−0.156%	$13.1M	$36.7M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323	−0.003%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,320.5	−0.061%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.1	+0.693%	—	$1.0M	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	4,317.2	−0.137%	$291.3M	$51.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,316.8	−0.146%	$15.0M	$55.6M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,319	−0.095%	$20.3M	$30.4M	25x	as long as short
Aster XAUUSD1	+0.0071%	4h	4,322.5	−0.015%	$72.4M	$298.7M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317.6	−0.128%	$2.1M	$4.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0073%	24h	4,321.5	−0.038%	$3.8M	$43.4M	15x	as long as short
Paradex XAU-USD-PERP	+0.0073%	8h	4,320.7	−0.056%	$2K	$13K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,322.9	−0.004%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0088%	4h	4,322.2	−0.023%	$282.0M	$414.0M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,322.9	−0.006%	$47.4M	$29.0M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,320.3	−0.067%	$364.7M	$329.3M	1000x	as long as short
Binance XAUUSDT	+0.0097%	4h	4,320.8	−0.054%	$415.8M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0100%	1h	4,321	−0.050%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,317.3	−0.136%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	−0.074%	$272K	$208K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,321.5	−0.037%	$19.8M	$38.6M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,319.8	−0.077%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0119%	4h	4,319.5	−0.084%	$30.0M	$61.0M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,317.7	−0.127%	$584K	$134K	25x	as long as short
Bullet GOLD-USD	+0.0177%	1h	4,320.3	−0.066%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,323.6	+0.010%	$4.2M	$12.8M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0208%	1h	4,321.2	−0.045%	$4.3M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0225%	4h	4,325	+0.042%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0230%	4h	4,320.2	−0.069%	$67.9M	$118.8M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0260%	1h	4,318.8	−0.100%	$192K	$832K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0311%	8h	4,321.9	−0.029%	$170.6M	$297.3M	100x	as long as short
BloFin XAU-USDT	+0.0338%	4h	4,321.3	−0.043%	$16.1M	$4.6M	100x	as long as short
Phemex XAUUSDTlong	+0.0375%	4h	4,323.1	long leg	$2.2M	$967K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,320.7	−0.056%	$252K	—	111x	as long as short