Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0167%/8h= +18.2% APRpaid last 24h +0.102%

Price spread now: Phemex against Polymarket Perps+0.096%7-day average +0.095% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

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

costs, in and out, $10k−$720.716% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now +0.096%, 7d avg +0.095%

Together, before fees+0.326%+$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.095%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps GOLD-USD	4,334.1	0.0071	pay 0.0009% / 1h	44m 49s	$4.3M	$1.7M	20x
Short	Phemex XAUUSDT	4,338.3	0.0238	get 0.0119% / 4h	1h 44m	$2.3M	$784K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.096%Rate

Funding earned: $34.99
Price spread: +0.096% → +0.095%: $0.09
Slippage, 4 orders: −$51.62
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.54
Costs to cover: 0.716%
Break-even: 14.3 days

Slippage from Polymarket Perps: live order book, 7 min ago; Phemex: live order book, 2 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 Polymarket Perps live order book, 7 min ago	1.27 bp	5.3 bp −$5	5.9 bp −$59	6.7 bp −$670	doesn't fit
Sell Phemex live order book, 2 min ago	1.33 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit

XAU on 39 exchanges

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
Hotstuff GOLD-PERP	−3.2000%	1h	4,318.3	−0.365%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0044%	1h	4,328.3	−0.135%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,339	+0.114%	$92K	$5.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	0.0000%	1h	4,328.8	−0.122%	$2.1M	$5.2M	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,331.8	−0.053%	$304K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.377%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,337.2	+0.072%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,333	−0.025%	$6.7M	$3.2M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,367.9	+0.780%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,332.1	−0.046%	$292.4M	$51.6M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,330	−0.096%	$15.1M	$59.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0054%	8h	4,333.4	−0.017%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,336.5	+0.055%	$72.4M	$276.0M	20x	as long as short
Polymarket Perps GOLD-USDlong	+0.0071%	1h	4,334.1	long leg	$4.3M	$1.7M	20x
Variational Omni XAU	+0.0074%	4h	4,333.5	−0.013%	$47.3M	$29.2M	—	as long as short
Gate XAU_USDT	+0.0078%	4h	4,336.6	+0.057%	$298.2M	$444.7M	100x	as long as short
Lighter XAU	+0.0080%	1h	4,334.4	+0.007%	$20.2M	$30.4M	25x	as long as short
Lighter RH XAU	+0.0088%	1h	4,337	+0.066%	$19.7M	$39.9M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0094%	4h	4,336.8	+0.062%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0094%	4h	4,334.5	+0.010%	$442.6M	$2.43B	100x	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,335.2	+0.026%	$366.9M	$353.0M	1000x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0096%	1h	4,333.5	−0.014%	$135K	$707K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,329.9	−0.097%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,334.5	+0.009%	$284K	$223K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,333.2	−0.020%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,333.9	−0.005%	$30.3M	$67.7M	50x	as long as short
Extended XAU-USD	+0.0120%	1h	4,331.7	−0.054%	$12.5M	$34.6M	25x	as long as short
Bybit XAUUSDT	+0.0121%	4h	4,336	+0.044%	$82.5M	$172.5M	150x	as long as short
Phoenix GOLD	+0.0127%	1h	4,334.2	+0.002%	$43K	$71K	25x	as long as short
Kalshi KXGOLDPERP	+0.0137%	24h	4,334.9	+0.018%	$3.5M	$51.1M	15x	as long as short
Bullet GOLD-USD	+0.0166%	1h	4,334.8	+0.017%	$59K	$76K	10x	as long as short
RISEx XAU/USDC	+0.0205%	1h	4,334.3	+0.004%	$4.7M	$13.2M	25x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,335	+0.020%	$72.8M	$139.7M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0237%	8h	4,335.8	+0.039%	$170.7M	$362.0M	100x	as long as short
Phemex XAUUSDTshort	+0.0238%	4h	4,338.3	+0.096%	$2.3M	$784K	100x
Kraken Futures PF_XAUUSD	+0.0253%	1h	4,331.3	−0.064%	$583K	$169K	25x	as long as short
BloFin XAU-USDT	+0.0336%	4h	4,334.8	+0.017%	$16.3M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0308%	1h	4,334.8	+0.017%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.1080%	4h	4,340.2	+0.141%	$3.2M	$7.1M	75x	as long as short