Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0615%/8h= +67.3% APRpaid last 24h +0.134%

Price spread now: Phemex against Hotstuff+0.194%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Phemex is 0.194% dearer against Hotstuff than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff GOLD-PERP	4,299.9	−0.0040	get 0.0005% / 1h	28m 50s	$32K	—	25x
Short	Phemex XAUUSDT	4,308.2	0.0575	get 0.0287% / 4h	3h 28m	$2.2M	$956K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now +0.194%Rate

Funding earned: $129.05
Price spread: +0.194% → 0.000%: $19.37
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $131.43
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 5 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	1.98 bp	24.2 bp −$24	doesn't fit	doesn't fit	doesn't fit

Hotstuff: 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
Hotstuff GOLD-PERPlong	−0.0040%	1h	4,299.9	long leg	$32K	—	25x
SunX XAU-USDT	0.0000%	4h	4,308.8	+0.208%	$92K	$6.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,301	+0.026%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.175%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,304.4	+0.105%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,336.5	+0.851%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,304.3	+0.102%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,299.3	−0.014%	$290.6M	$54.1M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,301.9	+0.047%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,301.6	+0.039%	$15.0M	$55.8M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAUUSD1	+0.0055%	4h	4,301.5	+0.036%	$73.3M	$271.3M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,300.6	+0.016%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,304.6	+0.108%	$2K	$13K	5x	as long as short
Lighter XAU	+0.0080%	1h	4,301.3	+0.033%	$20.2M	$29.1M	25x	as long as short
Extended XAU-USD	+0.0080%	1h	4,299.2	−0.017%	$13.0M	$36.3M	25x	as long as short
Variational Omni XAU	+0.0092%	4h	4,306.3	+0.149%	$46.7M	$29.2M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,306.2	+0.147%	$42K	$86K	25x	as long as short
Bybit XAUUSDT	+0.0097%	4h	4,301	+0.026%	$77.5M	$158.2M	150x	as long as short
Pacifica XAU	+0.0100%	1h	4,301.8	+0.044%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,303.5	+0.083%	$275K	$218K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,304.6	+0.109%	$159K	$87	10x	as long as short
MEXC XAU_USDT	+0.0108%	4h	4,303.5	+0.083%	$354.4M	$339.3M	1000x	as long as short
Binance XAUUSDT	+0.0109%	4h	4,300.3	+0.009%	$435.3M	$2.23B	100x	as long as short
Kalshi KXGOLDPERP	+0.0111%	24h	4,307.2	+0.170%	$3.7M	$46.6M	15x	as long as short
Lighter RH XAU	+0.0112%	1h	4,302	+0.048%	$19.7M	$40.2M	25x	as long as short
edgeX XAUUSDC	+0.0121%	4h	4,304	+0.096%	$30.0M	$62.0M	50x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,304.8	+0.114%	$4.4M	$13.1M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,306	+0.141%	$1.4M	$3.1M	25x	as long as short
Gate XAU_USDT	+0.0148%	4h	4,305.8	+0.137%	$297.3M	$429.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0192%	1h	4,303.3	+0.079%	$134K	$850K	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,303.3	+0.079%	$70.4M	$125.5M	100x	as long as short
Bullet GOLD-USD	+0.0199%	1h	4,305	+0.120%	$58K	$81K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0250%	8h	4,303.9	+0.093%	$170.8M	$330.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,302.6	+0.063%	$573K	$139K	25x	as long as short
BloFin XAU-USDT	+0.0391%	4h	4,305.5	+0.131%	$16.3M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0467% / S −0.0314%	1h	4,304.2	+0.101%	$255K	—	111x	as long as short
Phemex XAUUSDTshort	+0.0575%	4h	4,308.2	+0.194%	$2.2M	$956K	100x
HTX XAU-USDT	+0.1153%	4h	4,311.5	+0.270%	$3.2M	$6.4M	75x	as long as short
Bluefin GOLD-PERP	+0.3365%	1h	4,301.1	+0.029%	$25K	$1K	20x	as long as short