Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.136%

Price spread now: tradeXYZ against Phemex−0.107%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$810.808% of the position

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −0.107%, 7d avg −0.120%

Together, before fees−0.363%+ Points / potential airdroptradeXYZ: Active · farm board−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.120%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XAUUSDT	4,349.6	0.0199	pay 0.0099% / 4h	59m 57s	$2.2M	$972K	100x
Short	tradeXYZ xyz:GOLD	4,345	0.0050	get 0.0006% / 1h	59m 57s	$293.9M	$48.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now −0.107%Rate

Funding earned: −$31.28
Price spread: −0.107% → −0.120%: $1.33
Slippage, 4 orders: −$50.82
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$110.77
Costs to cover: 0.808%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; tradeXYZ: live order book, 10 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	2.61 bp	29.3 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	0.12 bp	9.1 bp −$9	9.3 bp −$93	11.6 bp −$1,162	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	4,351.9	+0.052%	$92K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,344.2	−0.124%	$266K	—	250x	as long as short
Gate XAU_USDT	+0.0006%	4h	4,350	+0.009%	$264.9M	$418.9M	100x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,344.8	−0.111%	$33K	—	25x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.4	−0.050%	$3.4M	$12.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344	−0.129%	$13.4M	$38.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.018%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.3	−0.031%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0042%	24h	4,345.4	−0.097%	$4.1M	$37.1M	15x	as long as short
Aster XAUUSD1	+0.0043%	4h	4,348.9	−0.017%	$70.9M	$334.1M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.6	+0.712%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.9	−0.063%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,347	−0.062%	$20.6M	$42.7M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.2	−0.125%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLDshort	+0.0050%	1h	4,345	−0.107%	$293.9M	$48.9M	25x
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344.3	−0.123%	$15.1M	$56.7M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,349.1	−0.013%	$20.1M	$40.0M	25x	as long as short
Variational Omni XAU	+0.0061%	4h	4,347.3	−0.055%	$48.4M	$27.7M	—	as long as short
GRVT XAU_USDT_Perp	+0.0062%	4h	4,348.6	−0.023%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0075%	4h	4,342.6	−0.163%	$30.2M	$58.6M	50x	as long as short
MEXC XAU_USDT	+0.0076%	4h	4,348.3	−0.032%	$371.1M	$320.9M	1000x	as long as short
Binance XAUUSDT	+0.0078%	4h	4,348.8	−0.019%	$411.2M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0079%	8h	4,347.4	−0.052%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.125%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,344.7	−0.113%	$274K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347	−0.061%	$161K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0119%	1h	4,347.2	−0.056%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,345.3	−0.100%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0195%	1h	4,348.1	−0.036%	$59K	$83K	10x	as long as short
Phemex XAUUSDTlong	+0.0199%	4h	4,349.6	long leg	$2.2M	$972K	100x
Bybit XAUUSDT	+0.0214%	4h	4,350.3	+0.015%	$84.4M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0220%	4h	4,349	−0.015%	$70.2M	$109.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0265%	8h	4,349.9	+0.006%	$165.4M	$283.2M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.3	−0.099%	$593K	$133K	25x	as long as short
Bluefin GOLD-PERP	+0.0300%	1h	4,342.5	−0.165%	$25K	$14K	20x	as long as short
BloFin XAU-USDT	+0.0308%	4h	4,347.6	−0.047%	$15.7M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0394%	1h	4,347.6	−0.047%	$268K	$767K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0407% / S −0.0222%	1h	4,348.2	−0.033%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0599%	4h	4,353.5	+0.090%	$2.9M	$4.3M	75x	as long as short