Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0283%/8h= −31.0% APRpaid last 24h −0.076%

Price spread now: SunX against Deribit+0.113%7-day average +0.208% · 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−$78as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.786%−$79 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now +0.113%, 7d avg +0.208%

Together, before fees−0.673%−$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and SunX is 0.095% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.208%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,320.3	0.0283	pay 0.0035% / 1h	49m 56s	$193K	$830K	25x
Short	SunX XAU-USDT	4,325.2	0	get 0.0000% / 4h	1h 49m	$92K	$8.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$59.36
Price spread: +0.113% → +0.208%: −$9.48
Slippage, 4 orders: −$53.79
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$137.62
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from Deribit: live order book, 59 min ago; SunX: live order book, 9 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 Deribit live order book, 59 min ago	0.12 bp	8.2 bp −$8	9.4 bp −$94	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	23.53 bp	29.5 bp −$29	47.0 bp −$470	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
Bluefin GOLD-PERP	−0.0050%	1h	4,314.5	−0.134%	$25K	$14K	20x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,325.2	+0.113%	$92K	$8.0M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,317.2	−0.072%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0008%	4h	4,323.7	+0.079%	$77.4M	$157.4M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,317.9	−0.057%	$13.2M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.697%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,322.3	+0.046%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,319.4	−0.021%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.7	+0.773%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.2	−0.049%	$291.4M	$51.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,317	−0.078%	$15.0M	$55.8M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,320.6	+0.007%	$20.3M	$30.2M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,319.8	−0.012%	$32K	—	25x	as long as short
Kalshi KXGOLDPERP	+0.0069%	24h	4,322.6	+0.053%	$3.9M	$43.0M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317.9	−0.056%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0073%	8h	4,320.9	+0.013%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323.7	+0.079%	$1.4M	$3.0M	25x	as long as short
Aster XAUUSD1	+0.0080%	4h	4,323.2	+0.068%	$72.4M	$312.4M	20x	as long as short
Gate XAU_USDT	+0.0082%	4h	4,324.8	+0.105%	$277.2M	$408.9M	100x	as long as short
Variational Omni XAU	+0.0093%	4h	4,320.2	−0.002%	$47.3M	$29.3M	—	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,322.5	+0.052%	$360.8M	$325.7M	1000x	as long as short
Phoenix GOLD	+0.0100%	1h	4,320.2	−0.002%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,317.3	−0.069%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.8	−0.012%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,322.8	+0.057%	$415.2M	$2.14B	100x	as long as short
Lighter RH XAU	+0.0104%	1h	4,322.8	+0.059%	$19.8M	$38.3M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,320.8	+0.012%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0105%	4h	4,319.3	−0.024%	$30.1M	$60.8M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,318.5	−0.041%	$588K	$131K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,322.6	+0.054%	$4.2M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0201%	1h	4,321.6	+0.029%	$59K	$81K	10x	as long as short
HTX XAU-USDT	+0.0215%	4h	4,325.4	+0.119%	$2.8M	$5.0M	75x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,321.6	+0.030%	$4.2M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0236%	4h	4,322.6	+0.054%	$67.9M	$119.2M	100x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0283%	1h	4,320.3	long leg	$193K	$830K	25x
OKX XAU-USDT-SWAP	+0.0316%	8h	4,323.3	+0.069%	$170.3M	$296.6M	100x	as long as short
BloFin XAU-USDT	+0.0340%	4h	4,322.3	+0.045%	$16.1M	$4.4M	100x	as long as short
Phemex XAUUSDT	+0.0409%	4h	4,324.3	+0.094%	$2.2M	$962K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0463% / S −0.0307%	1h	4,321.4	+0.027%	$252K	—	111x	as long as short