Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.006%

Price spread now: Phoenix against Binance−0.080%65s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.080% cheaper against Binance than usual: you would sell low and buy high (spread −0.080% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 5.2 days of funding at the current rate (+$2 a day). The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XAUUSDT	4,366.4	0.0004	pay 0.0002% / 4h	3h 36m	$410.7M	$2.15B	100x
Short	Phoenix GOLD	4,362.9	0.0055	get 0.0007% / 1h	36m 25s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.080%Rate

Funding earned: $10.79
Price spread: −0.080% → 0.000%: −$8.01
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$14.22
Costs to cover: 0.170%
Break-even: 16.2 days

Slippage unknown: Binance: live order book, 8 min ago; Phoenix: no order-book sample. 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 Binance live order book, 8 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	7.2 bp −$721	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
Bluefin GOLD-PERP	−0.0114%	1h	4,356.3	−0.232%	$26K	$22K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,365.5	−0.020%	$71.1M	$201.1M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,366.9	+0.012%	$265.6M	$413.2M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,365.9	−0.012%	$373.5M	$324.6M	1000x	as long as short
Variational Omni XAU	0.0000%	4h	4,366.2	−0.004%	$48.6M	$27.8M	—	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,360.6	−0.133%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,367.5	+0.025%	$93K	$10.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,362	−0.101%	$268K	—	250x	as long as short
Binance XAUUSDTlong	+0.0004%	4h	4,366.4	long leg	$410.7M	$2.15B	100x
edgeX XAUUSDC	+0.0004%	4h	4,358.8	−0.174%	$30.3M	$60.3M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget XAUUSDT	+0.0028%	4h	4,365.8	−0.014%	$69.6M	$113.6M	100x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.366%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,364.2	−0.050%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,365	−0.032%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,399.1	+0.749%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,365.5	−0.021%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,362.3	−0.094%	$294.0M	$52.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,360.5	−0.135%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLDshort	+0.0055%	1h	4,362.9	−0.080%	$48K	$64K	25x
Hotstuff GOLD-PERP	+0.0056%	1h	4,360	−0.146%	$33K	—	25x	as long as short
Lighter XAU	+0.0072%	1h	4,363.6	−0.065%	$20.6M	$43.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0077%	8h	4,364.3	−0.049%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,363.1	−0.077%	$162K	$87	10x	as long as short
Bybit XAUUSDT	+0.0086%	4h	4,367.2	+0.018%	$82.7M	$143.6M	150x	as long as short
Lighter RH XAU	+0.0096%	1h	4,366.2	−0.004%	$20.2M	$40.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,360.5	−0.135%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.7	−0.131%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,361.4	−0.114%	$277K	$204K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0128%	1h	4,364.8	−0.037%	$4.3M	$1.8M	20x	as long as short
Extended XAU-USD	+0.0144%	1h	4,360.7	−0.130%	$13.5M	$44.1M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0158%	4h	4,364.1	−0.052%	$1.4M	$3.1M	25x	as long as short
BloFin XAU-USDT	+0.0160%	4h	4,364.9	−0.035%	$15.6M	$4.6M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0187%	8h	4,368.2	+0.041%	$165.7M	$287.0M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,366	−0.010%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,360.6	−0.132%	$595K	$150K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0232%	1h	4,361.9	−0.103%	$235K	$655K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,366.1	−0.006%	$252K	—	111x	as long as short
HTX XAU-USDT	+0.0688%	4h	4,368	+0.037%	$2.9M	$3.9M	75x	as long as short
Phemex XAUUSDT	+0.0731%	4h	4,367.3	+0.020%	$2.2M	$1.1M	100x	as long as short