Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0285%/8h= −31.2% APRpaid last 24h −0.127%

Price spread now: Pacifica against Phemex−0.166%7-day average −0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

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

costs, in and out, $10k−$590.595% of the position

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.268%−$27 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.166%, 7d avg −0.111%

Together, before fees−0.248%+ Points / potential airdropPacifica: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Pacifica is 0.055% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.111%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,325.9	0.0385	pay 0.0192% / 4h	50m 06s	$2.2M	$975K	100x
Short	Pacifica XAU	4,318.7	0.0100	get 0.0013% / 1h	50m 06s	$1.4M	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.166%Rate

Funding earned: −$59.78
Price spread: −0.166% → −0.111%: −$5.49
Slippage, 4 orders: −$39.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$124.77
Costs to cover: 0.595%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Pacifica: live order book, 4 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, 3 min ago	1.05 bp	28.1 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 4 min ago	0.23 bp	4.5 bp −$4	doesn't fit	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
Bluefin GOLD-PERP	−0.0051%	1h	4,315.1	−0.250%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.8	+0.020%	$92K	$7.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.7	−0.168%	$270K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,318	−0.183%	$32K	—	25x	as long as short
Bybit XAUUSDT	+0.0027%	4h	4,325.2	−0.017%	$76.9M	$153.2M	150x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.566%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.2	−0.063%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,322	−0.091%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,354.5	+0.660%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,320.4	−0.128%	$291.7M	$51.6M	25x	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	4,318.4	−0.174%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0060%	4h	4,325.7	−0.006%	$72.7M	$272.7M	20x	as long as short
Paradex XAU-USD-PERP	+0.0071%	8h	4,321.8	−0.096%	$2K	$14K	5x	as long as short
Lighter XAU	+0.0072%	1h	4,322.6	−0.076%	$20.3M	$28.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,318.2	−0.179%	$2.1M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0087%	24h	4,323.7	−0.052%	$3.8M	$44.4M	15x	as long as short
Variational Omni XAU	+0.0092%	4h	4,321	−0.114%	$47.3M	$29.0M	—	as long as short
Phoenix GOLD	+0.0096%	1h	4,320.8	−0.119%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,323.9	−0.047%	$364.7M	$325.2M	1000x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,324	−0.044%	$425.5M	$2.14B	100x	as long as short
Pacifica XAUshort	+0.0100%	1h	4,318.7	−0.166%	$1.4M	$1.2M	10x
Gate XAU_USDT	+0.0100%	4h	4,325.3	−0.014%	$279.5M	$410.5M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0100%	4h	4,323.9	−0.046%	$1.4M	$3.0M	25x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,316.9	−0.209%	$272K	$208K	50x	as long as short
edgeX XAUUSDC	+0.0102%	4h	4,317.9	−0.187%	$30.0M	$59.5M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322	−0.090%	$160K	$87	10x	as long as short
Lighter RH XAU	+0.0136%	1h	4,325.5	−0.011%	$20.0M	$38.7M	25x	as long as short
Extended XAU-USD	+0.0160%	1h	4,318.8	−0.164%	$13.1M	$36.8M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0190%	1h	4,322.5	−0.079%	$163K	$864K	25x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,324.3	−0.038%	$70.2M	$119.2M	100x	as long as short
Bullet GOLD-USD	+0.0207%	1h	4,322.8	−0.072%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0221%	1h	4,322.6	−0.077%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,320.1	−0.136%	$577K	$136K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0289%	8h	4,324	−0.045%	$173.4M	$300.5M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,322.3	−0.083%	$16.4M	$4.6M	100x	as long as short
HTX XAU-USDT	+0.0366%	4h	4,327.4	+0.033%	$3.2M	$5.8M	75x	as long as short
Phemex XAUUSDTlong	+0.0385%	4h	4,325.9	long leg	$2.2M	$975K	100x
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,322.8	−0.073%	$252K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,323.2	−0.063%	$4.5M	$13.2M	25x	as long as short