Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.136%

Price spread now: Phemex against tradeXYZ+0.086%7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

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

Long on tradeXYZ Short on Phemex

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)+0.121%+$12 · spread now +0.086%, 7d avg +0.120%

Together, before fees+0.384%+ Points / potential airdroptradeXYZ: Active · farm board+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.034% cheaper against tradeXYZ than usual: you would sell low and buy high (spread +0.086% now, against its 7-day average of +0.120%). If the spread goes back, that is −$3 on $10k: about 18 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:GOLD	4,345.9	0.0050	pay 0.0006% / 1h	59m 46s	$293.9M	$48.9M	25x
Short	Phemex XAUUSDT	4,349.6	0.0199	get 0.0099% / 4h	59m 46s	$2.2M	$972K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now +0.086%Rate

Funding earned: $31.28
Price spread: +0.086% → +0.120%: −$3.39
Slippage, 4 orders: −$50.82
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.93
Costs to cover: 0.808%
Break-even: 18.8 days

Slippage from tradeXYZ: live order book, 10 min ago; Phemex: 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 tradeXYZ live order book, 10 min ago	0.12 bp	9.1 bp −$9	9.6 bp −$96	11.2 bp −$1,124	doesn't fit
Sell Phemex live order book, 4 min ago	2.61 bp	33.3 bp −$33	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
RISEx XAU/USDC	0.0000%	1h	4,348.7	+0.065%	$3.4M	$12.2M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.9	+0.138%	$92K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,344.2	−0.038%	$266K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0008%	1h	4,344.8	−0.025%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0008%	4h	4,350.8	+0.112%	$265.1M	$406.7M	100x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344.8	−0.026%	$13.4M	$38.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.104%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.3	+0.055%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0042%	24h	4,345.4	−0.012%	$4.1M	$37.1M	15x	as long as short
Aster XAUUSD1	+0.0044%	4h	4,349.2	+0.075%	$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	+0.798%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.9	+0.023%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,347.7	+0.042%	$20.6M	$37.5M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.2	−0.039%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLDlong	+0.0050%	1h	4,345.9	long leg	$293.9M	$48.9M	25x
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345.3	−0.015%	$15.1M	$56.8M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,349.7	+0.088%	$20.1M	$40.0M	25x	as long as short
Variational Omni XAU	+0.0061%	4h	4,347.3	+0.031%	$48.4M	$27.7M	—	as long as short
GRVT XAU_USDT_Perp	+0.0062%	4h	4,348.6	+0.063%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0075%	4h	4,342.6	−0.077%	$30.2M	$58.6M	50x	as long as short
MEXC XAU_USDT	+0.0076%	4h	4,349.1	+0.073%	$371.2M	$314.3M	1000x	as long as short
Binance XAUUSDT	+0.0079%	4h	4,349.3	+0.078%	$411.3M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,348.7	+0.063%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,345.3	−0.014%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,344.7	−0.027%	$274K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347	+0.025%	$161K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0119%	1h	4,347.2	+0.030%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,345.3	−0.014%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0195%	1h	4,348.1	+0.050%	$59K	$83K	10x	as long as short
Phemex XAUUSDTshort	+0.0199%	4h	4,349.6	+0.086%	$2.2M	$972K	100x
Bybit XAUUSDT	+0.0214%	4h	4,350.5	+0.105%	$84.4M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0220%	4h	4,349.5	+0.082%	$70.2M	$109.5M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0265%	8h	4,350.5	+0.106%	$165.4M	$282.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.3	−0.013%	$593K	$133K	25x	as long as short
Bluefin GOLD-PERP	+0.0300%	1h	4,342.5	−0.079%	$25K	$14K	20x	as long as short
BloFin XAU-USDT	+0.0308%	4h	4,347.6	+0.039%	$15.7M	$4.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0394%	1h	4,347.6	+0.039%	$268K	$767K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0407% / S −0.0222%	1h	4,348.2	+0.053%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0599%	4h	4,353.5	+0.176%	$2.9M	$4.3M	75x	as long as short