Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0131%/8h= −14.4% APRpaid last 24h −0.081%

Price spread now: Phoenix against BloFin−0.120%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.295%−$29 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.120% cheaper against BloFin than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XAU-USDT	4,362.7	0.0240	pay 0.0120% / 4h	1h 08m	$14.8M	$4.3M	100x
Short	Phoenix GOLD	4,357.5	0.0109	get 0.0014% / 1h	8m 23s	$48K	$65K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$27.59
Price spread: −0.120% → 0.000%: −$12.01
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$58.6
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 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 BloFin live order book, 6 min ago	0.05 bp	6.0 bp −$6	6.4 bp −$64	8.5 bp −$846	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
Kraken Futures PF_XAUUSD	−0.0174%	1h	4,362.1	−0.015%	$602K	$139K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,365	+0.052%	$71.5M	$233.8M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,364.6	+0.042%	$410.5M	$2.09B	100x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,365.8	+0.070%	$82.9M	$141.7M	150x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,364	+0.028%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,365.6	+0.066%	$269.5M	$411.5M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,364.5	+0.041%	$376.8M	$354.1M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,364.8	+0.046%	$67.4M	$110.0M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.3	−0.056%	$48.5M	$31.3M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,357.5	−0.119%	$1.4M	$3.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,362.3	−0.010%	$4.0M	$34.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,368.8	+0.138%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,361.5	−0.028%	$268K	—	250x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,362	−0.017%	$5.6M	$1.7M	20x	as long as short
edgeX XAUUSDC	+0.0018%	4h	4,355.3	−0.172%	$30.3M	$57.9M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0018%	1h	4,360.3	−0.056%	$293.4M	$52.7M	25x	as long as short
Lighter XAU	+0.0032%	1h	4,364.2	+0.034%	$21.0M	$44.6M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,365	+0.051%	$20.3M	$42.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,361.5	−0.028%	$13.1M	$46.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.282%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,362.7	−0.001%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,398.6	+0.822%	—	$1.0M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0048%	1h	4,363.3	+0.013%	$235K	$734K	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,364.1	+0.031%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,360.5	−0.052%	$14.4M	$55.6M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0053%	1h	4,362.4	−0.008%	$4.3M	$1.7M	20x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,358.9	−0.088%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,362.9	+0.003%	$162K	$87	10x	as long as short
Bullet GOLD-USD	+0.0099%	1h	4,364.5	+0.041%	$60K	$85K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,360.4	−0.054%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,355.1	−0.175%	$273K	$199K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,357.4	−0.123%	$26K	$21K	20x	as long as short
Phoenix GOLDshort	+0.0109%	1h	4,357.5	−0.120%	$48K	$65K	25x
HTX XAU-USDT	+0.0109%	4h	4,367.2	+0.102%	$2.8M	$3.8M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0157%	8h	4,366	+0.075%	$158.5M	$269.3M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,360.9	−0.042%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDTlong	+0.0240%	4h	4,362.7	long leg	$14.8M	$4.3M	100x
Phemex XAUUSDT	+0.0272%	4h	4,364.6	+0.044%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,364.6	+0.043%	$252K	—	111x	as long as short