Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.021%

Price spread now: Variational Omni against Injective−0.520%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Variational Omni

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 airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.520% cheaper against Injective than usual: you would sell low and buy high (spread −0.520% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$52 on $10k: about 25 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective XAU/USDC PERP	4,350.4	0.0033	pay 0.0004% / 1h	12m 53s	$619	$54	52x
Short	Variational Omni XAU	4,327.8	0.0104	get 0.0052% / 4h	2h 12m	$46.9M	$28.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Injective. 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 InjectivebpFee Variational OmnibpOrdersPrice spread, now −0.520%Rate

Funding earned: $14.74
Price spread: −0.520% → 0.000%: −$51.99
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$37.28
Costs to cover: 0.000%
Break-even: 24.7 days

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 1 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 Injective no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	1.54 bp	doesn't fit	1.6 bp −$16	4.8 bp −$484	doesn't fit

Injective: 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	−0.0032%	1h	4,319.6	−0.709%	$25K	$14K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,329.7	−0.477%	$92K	$8.2M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,321.9	−0.656%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0007%	4h	4,330.5	−0.459%	$77.9M	$156.3M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,324.2	−0.604%	$13.1M	$37.0M	25x	as long as short
Injective XAU/USDC PERPlong	+0.0033%	1h	4,350.4	long leg	$619	$54	52x
StandX XAU-USD	+0.0040%	1h	4,326.2	−0.557%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,325	−0.584%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,357.9	+0.172%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,325.1	−0.583%	$20.5M	$31.7M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,324.3	−0.600%	$291.6M	$51.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,321.9	−0.656%	$15.0M	$56.6M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,326.5	−0.549%	$3.9M	$12.5M	25x	as long as short
Kalshi KXGOLDPERP	+0.0062%	24h	4,326.9	−0.541%	$4.0M	$42.0M	15x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,321.2	−0.672%	$32K	—	25x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,325.3	−0.577%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,327.3	−0.532%	$19.8M	$38.9M	25x	as long as short
Gate XAU_USDT	+0.0072%	4h	4,330.6	−0.457%	$272.5M	$415.4M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,321.3	−0.669%	$2.0M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0099%	4h	4,330.3	−0.461%	$72.2M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,321.6	−0.664%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,322.8	−0.634%	$272K	$208K	50x	as long as short
GRVT XAU_USDT_Perp	+0.0102%	4h	4,325.7	−0.569%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAUshort	+0.0104%	4h	4,327.8	−0.520%	$46.9M	$28.6M	—
MEXC XAU_USDT	+0.0110%	4h	4,329	−0.493%	$363.2M	$329.1M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,329.4	−0.482%	$414.0M	$2.15B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,324.8	−0.590%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0127%	4h	4,324.5	−0.596%	$30.1M	$60.5M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,325.4	−0.575%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0158%	1h	4,325.8	−0.566%	$58K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0173%	1h	4,325.6	−0.571%	$4.2M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0213%	1h	4,324.9	−0.587%	$195K	$829K	25x	as long as short
HTX XAU-USDT	+0.0235%	4h	4,329	−0.492%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0248%	1h	4,322.5	−0.641%	$589K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0258%	4h	4,328.9	−0.494%	$68.0M	$119.1M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0334%	8h	4,330	−0.469%	$170.5M	$297.3M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,326.1	−0.558%	$16.0M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0454% / S −0.0296%	1h	4,326	−0.562%	$250K	—	111x	as long as short
Phemex XAUUSDT	+0.0463%	4h	4,327.7	−0.522%	$2.2M	$962K	100x	as long as short