Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.025%

Price spread now: Phoenix against OKX−0.076%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 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 0.076% cheaper against OKX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.079%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XAU-USDT-SWAP	4,363.5	0.0195	pay 0.0195% / 8h	7h 28m	$165.6M	$286.3M	100x
Short	Phoenix GOLD	4,360.2	0.0055	get 0.0007% / 1h	28m 51s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$29.41
Price spread: −0.076% → 0.000%: −$7.56
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53.97
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 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 OKX live order book, 5 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.6 bp −$664	15.4 bp −$7,698
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
Hotstuff GOLD-PERP	−0.0016%	1h	4,359.7	−0.087%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,363.6	+0.003%	$71.1M	$200.3M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,364	+0.011%	$265.6M	$415.1M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,362.5	−0.023%	$48.0M	$28.0M	—	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,360	−0.080%	$4.0M	$36.4M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,366.6	+0.071%	$93K	$10.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,358.2	−0.121%	$267K	—	250x	as long as short
MEXC XAU_USDT	+0.0012%	4h	4,363.4	−0.002%	$373.2M	$326.3M	1000x	as long as short
Binance XAUUSDT	+0.0014%	4h	4,362.5	−0.022%	$412.0M	$2.15B	100x	as long as short
edgeX XAUUSDC	+0.0017%	4h	4,356.7	−0.156%	$30.3M	$60.6M	50x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.300%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,363	−0.011%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,362.1	−0.032%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,396.2	+0.749%	—	$1.0M	25x	as long as short
Bitget XAUUSDT	+0.0046%	4h	4,361.5	−0.045%	$69.5M	$113.4M	100x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,362.3	−0.027%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,360	−0.080%	$294.0M	$52.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,357.8	−0.130%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLDshort	+0.0055%	1h	4,360.2	−0.076%	$48K	$64K	25x
BloFin XAU-USDT	+0.0057%	4h	4,363.5	−0.001%	$15.5M	$4.5M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,361.7	−0.041%	$20.6M	$43.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,362.2	−0.030%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,361.8	−0.039%	$162K	$87	10x	as long as short
Lighter RH XAU	+0.0096%	1h	4,363.9	+0.008%	$20.2M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,360.1	−0.078%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,358.9	−0.105%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,360.8	−0.063%	$275K	$204K	50x	as long as short
Bybit XAUUSDT	+0.0111%	4h	4,363.1	−0.010%	$83.1M	$143.7M	150x	as long as short
Extended XAU-USD	+0.0120%	1h	4,359.1	−0.101%	$13.5M	$44.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0128%	1h	4,361.4	−0.048%	$4.3M	$1.8M	20x	as long as short
Bluefin GOLD-PERP	+0.0138%	1h	4,354.6	−0.205%	$26K	$22K	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,362.7	−0.017%	$1.4M	$3.1M	25x	as long as short
OKX XAU-USDT-SWAPlong	+0.0195%	8h	4,363.5	long leg	$165.6M	$286.3M	100x
Bullet GOLD-USD	+0.0214%	1h	4,362.5	−0.023%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,359.4	−0.094%	$595K	$150K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0232%	1h	4,360.6	−0.066%	$235K	$656K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,362.4	−0.026%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0511%	4h	4,365.2	+0.039%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0611%	4h	4,367	+0.080%	$2.9M	$3.9M	75x	as long as short