Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.117%

Price spread now: Phemex against Phoenix+0.108%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phemex is 0.108% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,344.7	0.0142	pay 0.0018% / 1h	8m 39s	$47K	$77K	25x
Short	Phemex XAUUSDT	4,349.4	0.0225	get 0.0112% / 4h	8m 39s	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Phoenix. 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 PhoenixbpFee PhemexbpOrdersPrice spread, now +0.108%Rate

Funding earned: $17.41
Price spread: +0.108% → 0.000%: $10.79
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $9.2
Costs to cover: 0.190%
Break-even: 3.3 days

Slippage unknown: Phoenix: no order-book sample; Phemex: live order book, 5 min ago. 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 Phoenix no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	1.91 bp	28.9 bp −$29	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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
RISEx XAU/USDC	0.0000%	1h	4,347	+0.052%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,349	+0.098%	$266.5M	$417.7M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352.2	+0.173%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.3	−0.031%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,346.1	+0.033%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.4	−0.030%	$13.2M	$38.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.132%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348	+0.076%	$20.1M	$39.5M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.4	+0.062%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,347	+0.053%	$5.7M	$2.0M	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	4,380.3	+0.819%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.8	+0.002%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,346	+0.030%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.009%	$293.8M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.022%	$15.1M	$56.8M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,344.4	−0.007%	$33K	—	25x	as long as short
Aster XAUUSD1	+0.0064%	4h	4,348.7	+0.093%	$71.4M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	+0.013%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,347.4	+0.062%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0088%	4h	4,347.3	+0.060%	$372.7M	$320.5M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0090%	4h	4,347	+0.052%	$1.4M	$2.9M	25x	as long as short
Binance XAUUSDT	+0.0090%	4h	4,347.5	+0.064%	$413.9M	$2.10B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,343.7	−0.023%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.033%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.2	−0.104%	$25K	$14K	20x	as long as short
edgeX XAUUSDC	+0.0101%	4h	4,342.2	−0.057%	$30.2M	$58.0M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.7	+0.046%	$161K	$87	10x	as long as short
Phoenix GOLDlong	+0.0142%	1h	4,344.7	long leg	$47K	$77K	25x
Polymarket Perps GOLD-USD	+0.0166%	1h	4,347.8	+0.071%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0186%	1h	4,347.6	+0.067%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344.8	+0.001%	$593K	$132K	25x	as long as short
Phemex XAUUSDTshort	+0.0225%	4h	4,349.4	+0.108%	$2.2M	$967K	100x
Bitget XAUUSDT	+0.0234%	4h	4,348.2	+0.081%	$70.1M	$109.1M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,348.7	+0.093%	$85.1M	$145.4M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0299%	8h	4,348.8	+0.094%	$165.4M	$282.0M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0326%	1h	4,346.3	+0.037%	$206K	$825K	25x	as long as short
BloFin XAU-USDT	+0.0330%	4h	4,347.7	+0.069%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0419% / S −0.0240%	1h	4,347.7	+0.069%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0617%	4h	4,351.3	+0.152%	$2.8M	$4.6M	75x	as long as short