Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h +0.019%

Price spread now: Phoenix against Gate−0.130%92s7-day average — · you buy dearer than you sell

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

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.173%+$17 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 0.130% cheaper against Gate than usual: you would sell low and buy high (spread −0.130% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 7.9 days of funding at the current rate (+$2 a day). The two prices were read 92 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	Gate XAU_USDT	4,363.4	0	get 0.0000% / 4h	3h 07m	$265.5M	$421.9M	100x
Short	Phoenix GOLD	4,357.7	0.0055	get 0.0007% / 1h	7m 48s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.130%Rate

Funding earned: $11.53
Price spread: −0.130% → 0.000%: −$12.97
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$23.44
Costs to cover: 0.220%
Break-even: 21.2 days

Slippage unknown: Gate: live order book, 1 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 Gate live order book, 1 min ago	0.01 bp	9.7 bp −$10	10.8 bp −$108	13.0 bp −$1,304	14.3 bp −$7,158
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
Aster XAUUSD1	0.0000%	4h	4,363.3	−0.001%	$70.3M	$211.8M	20x	as long as short
Gate XAU_USDTlong	0.0000%	4h	4,363.4	long leg	$265.5M	$421.9M	100x
Kalshi KXGOLDPERP	0.0000%	24h	4,359.8	−0.082%	$4.1M	$36.7M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,366.9	+0.080%	$93K	$10.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358.9	−0.101%	$273K	—	250x	as long as short
Variational Omni XAU	+0.0022%	4h	4,358.7	−0.107%	$48.4M	$28.5M	—	as long as short
Extended XAU-USD	+0.0032%	1h	4,358.7	−0.107%	$13.5M	$43.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.297%	$619	$54	52x	as long as short
MEXC XAU_USDT	+0.0040%	4h	4,362.7	−0.015%	$372.0M	$330.8M	1000x	as long as short
StandX XAU-USD	+0.0040%	1h	4,360.7	−0.061%	$3.8M	$4.7M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XAUUSDT	+0.0043%	4h	4,362.5	−0.019%	$411.6M	$2.16B	100x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,361.2	−0.050%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,395.9	+0.746%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,362.4	−0.021%	$3.4M	$12.3M	25x	as long as short
edgeX XAUUSDC	+0.0050%	4h	4,353.3	−0.231%	$30.3M	$60.3M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,358.5	−0.111%	$294.0M	$51.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,358	−0.124%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLDshort	+0.0055%	1h	4,357.7	−0.130%	$48K	$64K	25x
Lighter XAU	+0.0072%	1h	4,361.5	−0.042%	$20.6M	$44.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,362.4	−0.021%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,361.7	−0.038%	$162K	$87	10x	as long as short
Bitget XAUUSDT	+0.0090%	4h	4,362.4	−0.022%	$69.0M	$112.4M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,364.7	+0.031%	$20.2M	$41.3M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,359.5	−0.088%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,359.2	−0.095%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,356.8	−0.151%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,355.5	−0.181%	$26K	$22K	20x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,361.7	−0.038%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0140%	4h	4,357.9	−0.126%	$1.4M	$3.1M	25x	as long as short
BloFin XAU-USDT	+0.0166%	4h	4,360.8	−0.059%	$15.4M	$4.6M	100x	as long as short
Hotstuff GOLD-PERP	+0.0176%	1h	4,357.6	−0.132%	$33K	—	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,361.8	−0.036%	$235K	$658K	25x	as long as short
Bybit XAUUSDT	+0.0199%	4h	4,363.3	−0.002%	$83.8M	$145.1M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0210%	8h	4,363.7	+0.008%	$164.2M	$289.2M	100x	as long as short
Bullet GOLD-USD	+0.0212%	1h	4,362.9	−0.010%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,360.4	−0.068%	$595K	$141K	25x	as long as short
Phemex XAUUSDT	+0.0275%	4h	4,363.8	+0.010%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,363.3	−0.002%	$252K	—	111x	as long as short
HTX XAU-USDT	+0.0557%	4h	4,366.9	+0.082%	$2.9M	$3.9M	75x	as long as short