Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.095%

Price spread now: OKX against Phemex−0.058%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.058%, 7d avg −0.013%

Together, before fees−0.262%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.045% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,327.8	0.0364	pay 0.0182% / 4h	32m 59s	$2.2M	$975K	100x
Short	OKX XAU-USDT-SWAP	4,325.3	0.0276	get 0.0276% / 8h	32m 59s	$173.8M	$299.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$18.38
Price spread: −0.058% → −0.013%: −$4.49
Slippage, 4 orders: −$38.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$83.83
Costs to cover: 0.609%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; OKX: live order book, 1 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	0.96 bp	25.0 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.12 bp	5.1 bp −$5	6.1 bp −$61	8.3 bp −$834	14.7 bp −$7,367

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	−0.0097%	1h	4,320.3	−0.174%	$25K	$1K	20x	as long as short
Hotstuff GOLD-PERP	−0.0096%	1h	4,322.5	−0.123%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,330.1	+0.052%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,321.6	−0.144%	$270K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.522%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,327.2	−0.014%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,324.6	−0.074%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,358.1	+0.700%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,321.3	−0.150%	$291.7M	$51.5M	25x	as long as short
Bybit XAUUSDT	+0.0050%	4h	4,325.6	−0.052%	$77.6M	$152.8M	150x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,321.7	−0.141%	$15.0M	$55.6M	25x	as long as short
Aster XAUUSD1	+0.0057%	4h	4,325.8	−0.046%	$72.9M	$272.0M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,323.8	−0.094%	$20.5M	$29.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,324.8	−0.069%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,322.2	−0.130%	$2.1M	$4.8M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,324.9	−0.067%	$47.2M	$29.3M	—	as long as short
Kalshi KXGOLDPERP	+0.0092%	24h	4,327.4	−0.009%	$3.8M	$44.6M	15x	as long as short
Phoenix GOLD	+0.0096%	1h	4,323.3	−0.104%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,324	−0.088%	$363.0M	$327.7M	1000x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.1	−0.132%	$1.4M	$1.2M	10x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,326.8	−0.024%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,322.7	−0.118%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,324.5	−0.076%	$425.0M	$2.13B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,325.1	−0.062%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0106%	4h	4,326.4	−0.032%	$285.2M	$416.2M	100x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,323.1	−0.109%	$30.1M	$59.6M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,326.5	−0.031%	$20.0M	$39.1M	25x	as long as short
Extended XAU-USD	+0.0128%	1h	4,320.2	−0.175%	$13.2M	$36.8M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,323.8	−0.093%	$70.1M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,326	−0.042%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,326	−0.042%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,322.9	−0.113%	$578K	$135K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0259%	1h	4,324	−0.088%	$163K	$871K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0276%	8h	4,325.3	−0.058%	$173.8M	$299.0M	100x
BloFin XAU-USDT	+0.0341%	4h	4,324.9	−0.067%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDTlong	+0.0364%	4h	4,327.8	long leg	$2.2M	$975K	100x
HTX XAU-USDT	+0.0418%	4h	4,331.1	+0.075%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,325.9	−0.045%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,325.7	−0.050%	$4.6M	$13.3M	25x	as long as short