Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.122%

Price spread now: Phemex against RISEx+0.102%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$730.729% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.083%+$8 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.102%, 7d avg +0.021%

Together, before fees+0.045%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Phemex is 0.081% dearer against RISEx than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.021%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.083% in total (about 8.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx XAU/USDC	4,340.1	0.0005	pay 0.0001% / 1h	37m 48s	$3.5M	$12.0M	25x
Short	Phemex XAUUSDT	4,344.5	0.0337	get 0.0169% / 4h	3h 37m	$2.2M	$967K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now +0.102%Rate

Funding earned: $69.76
Price spread: +0.102% → +0.021%: $8.11
Slippage, 4 orders: −$54.87
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $4.99
Costs to cover: 0.729%
Break-even: 6.5 days

Slippage from RISEx: live order book, 1 min ago; Phemex: live order book, 6 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 RISEx live order book, 1 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	34.4 bp −$3,443	doesn't fit
Sell Phemex live order book, 6 min ago	2.07 bp	30.4 bp −$30	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
SunX XAU-USDT	0.0000%	4h	4,345.2	+0.118%	$92K	$8.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,337.1	−0.070%	$271K	—	250x	as long as short
RISEx XAU/USDClong	+0.0005%	1h	4,340.1	long leg	$3.5M	$12.0M	25x
Bluefin GOLD-PERP	+0.0009%	1h	4,335.4	−0.108%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,338.1	−0.046%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0026%	4h	4,343.5	+0.077%	$267.9M	$414.4M	100x	as long as short
Extended XAU-USD	+0.0032%	1h	4,337.6	−0.059%	$13.2M	$37.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.238%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,343	+0.066%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,341.9	+0.041%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDT	+0.0041%	4h	4,342.5	+0.054%	$80.3M	$151.8M	150x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,338.9	−0.028%	$5.7M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.5	+0.769%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,340.7	+0.015%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.7	−0.032%	$293.5M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.3	−0.065%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,338.4	−0.039%	$4.3M	$37.4M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,338.5	−0.037%	$2.1M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0081%	4h	4,342.6	+0.058%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,341.7	+0.037%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,340.5	+0.008%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,338.1	−0.046%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.019%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,342.1	+0.046%	$370.2M	$319.3M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.2	+0.003%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0107%	4h	4,342.1	+0.047%	$417.5M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,336.3	−0.087%	$30.1M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.007%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,341	+0.022%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,340.8	+0.016%	$4.3M	$1.9M	20x	as long as short
Bullet GOLD-USD	+0.0217%	1h	4,341.2	+0.024%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,339.6	−0.012%	$205K	$828K	25x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,342.3	+0.051%	$71.0M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.1	−0.046%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,342.8	+0.062%	$166.6M	$281.6M	100x	as long as short
Phemex XAUUSDTshort	+0.0337%	4h	4,344.5	+0.102%	$2.2M	$967K	100x
BloFin XAU-USDT	+0.0372%	4h	4,341.7	+0.038%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.1	+0.024%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0624%	4h	4,345.7	+0.129%	$2.8M	$4.6M	75x	as long as short