Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h −0.065%

Price spread now: Kraken Futures against Phemex−0.052%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.052%, 7d avg −0.099%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.047% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.099%. Mind the row above: over the last 7 days funding on this pair cost −0.074%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,357.8	0.0119	pay 0.0060% / 4h	1h 24m	$2.2M	$1.1M	100x
Short	Kraken Futures PF_XAUUSD	4,355.5	0.0269	get 0.0034% / 1h	24m 08s	$594K	$133K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.052%Rate

Funding earned: $31.42
Price spread: −0.052% → −0.099%: $4.7
Slippage, 4 orders: −$54.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$40.3
Costs to cover: 0.764%
Break-even: 16.0 days

Slippage from Phemex: live order book, 4 min ago; Kraken Futures: live order book, 39 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, 4 min ago	2.36 bp	27.7 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 39 min ago	2.06 bp	9.7 bp −$10	17.7 bp −$177	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
SunX XAU-USDT	0.0000%	4h	4,363.2	+0.124%	$93K	$9.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,354.6	−0.073%	$267K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,359.1	+0.030%	$264.6M	$413.0M	100x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,358.4	+0.015%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,354.6	−0.073%	$13.6M	$38.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.168%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0039%	24h	4,356.4	−0.031%	$4.1M	$37.0M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.9	+0.026%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0043%	4h	4,358.4	+0.016%	$70.6M	$334.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,392.1	+0.788%	—	$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
QFEX GOLD-USD	+0.0046%	1h	4,357.2	−0.013%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,355.7	−0.047%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,354.7	−0.070%	$294.2M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355	−0.064%	$15.1M	$57.2M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,357.1	−0.015%	$1.4M	$3.0M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,356.7	−0.024%	$20.7M	$42.3M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,355.6	−0.048%	$48.3M	$27.9M	—	as long as short
Lighter RH XAU	+0.0064%	1h	4,359	+0.028%	$20.2M	$39.7M	25x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,357.6	−0.004%	$412.0M	$2.10B	100x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,357.9	+0.003%	$372.1M	$318.9M	1000x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,358.8	+0.025%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0093%	4h	4,349.4	−0.192%	$30.3M	$58.3M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,357.8	0.000%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,355.1	−0.060%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.9	−0.088%	$275K	$203K	50x	as long as short
Phemex XAUUSDTlong	+0.0119%	4h	4,357.8	long leg	$2.2M	$1.1M	100x
Hotstuff GOLD-PERP	+0.0120%	1h	4,355.2	−0.059%	$33K	—	25x	as long as short
Polymarket Perps GOLD-USD	+0.0124%	1h	4,357.8	+0.001%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,350.3	−0.171%	$47K	$77K	25x	as long as short
Bybit XAUUSDT	+0.0199%	4h	4,359	+0.029%	$84.5M	$145.4M	150x	as long as short
Bullet GOLD-USD	+0.0200%	1h	4,358.4	+0.015%	$60K	$83K	10x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,357.6	−0.004%	$70.2M	$109.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0232%	1h	4,356.9	−0.020%	$278K	$727K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,359.1	+0.031%	$165.2M	$282.7M	100x	as long as short
Kraken Futures PF_XAUUSDshort	+0.0269%	1h	4,355.5	−0.052%	$594K	$133K	25x
BloFin XAU-USDT	+0.0296%	4h	4,356.2	−0.035%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0401% / S −0.0213%	1h	4,358.4	+0.015%	$249K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0463%	1h	4,351.3	−0.149%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0566%	4h	4,364.4	+0.152%	$2.9M	$4.2M	75x	as long as short