Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.013%

Price spread now: Variational Omni against Ondo Perps+0.079%7-day average +0.125% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.013%+$1 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.079%, 7d avg +0.125%

Together, before fees−0.040%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.046% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.079% now, against its 7-day average of +0.125%). If the spread goes back, that is −$5 on $10k: about 4.0 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.013% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps XAU-USD.P	4,302.5	0.0050	pay 0.0006% / 1h	33m 08s	$15.0M	$55.8M	25x
Short	Variational Omni XAU	4,305.9	0.0089	get 0.0044% / 4h	3h 33m	$46.6M	$29.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.079%Rate

Funding earned: $8.02
Price spread: +0.079% → +0.125%: −$4.55
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.53
Costs to cover: 0.050%
Break-even: 8.3 days

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	1.54 bp	doesn't fit	1.8 bp −$18	3.6 bp −$356	doesn't fit

Ondo Perps: 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	−0.0024%	1h	4,302.9	+0.010%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,310.6	+0.189%	$92K	$6.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,302.6	+0.003%	$273K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.114%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,308.3	+0.135%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.3	+0.833%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,305	+0.059%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,303.6	+0.026%	$290.9M	$54.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,303.5	+0.024%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.Plong	+0.0050%	1h	4,302.5	long leg	$15.0M	$55.8M	25x

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XAUUSD1	+0.0053%	4h	4,308	+0.128%	$73.4M	$271.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,305.8	+0.077%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,305.1	+0.062%	$2K	$13K	5x	as long as short
Extended XAU-USD	+0.0072%	1h	4,302.4	−0.002%	$13.1M	$36.3M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0074%	4h	4,307.8	+0.123%	$1.4M	$3.0M	25x	as long as short
Lighter XAU	+0.0080%	1h	4,305.8	+0.077%	$20.3M	$28.9M	25x	as long as short
Variational Omni XAUshort	+0.0089%	4h	4,305.9	+0.079%	$46.6M	$29.2M	—
Phoenix GOLD	+0.0095%	1h	4,306.2	+0.086%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,301.6	−0.020%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,305.2	+0.063%	$275K	$218K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,308.6	+0.141%	$19.8M	$39.9M	25x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,306.9	+0.103%	$353.0M	$338.1M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,306.8	+0.100%	$159K	$87	10x	as long as short
Binance XAUUSDT	+0.0106%	4h	4,306.8	+0.101%	$436.0M	$2.23B	100x	as long as short
edgeX XAUUSDC	+0.0109%	4h	4,305.9	+0.078%	$30.0M	$61.8M	50x	as long as short
Kalshi KXGOLDPERP	+0.0110%	24h	4,308.8	+0.147%	$3.7M	$46.5M	15x	as long as short
Bybit XAUUSDT	+0.0110%	4h	4,307.6	+0.118%	$77.6M	$157.7M	150x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,305.8	+0.077%	$4.4M	$13.1M	25x	as long as short
Gate XAU_USDT	+0.0150%	4h	4,309.1	+0.153%	$296.7M	$427.9M	100x	as long as short
Bitget XAUUSDT	+0.0192%	4h	4,307	+0.104%	$70.6M	$125.3M	100x	as long as short
Bullet GOLD-USD	+0.0197%	1h	4,306.7	+0.099%	$58K	$81K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0238%	1h	4,305.2	+0.063%	$134K	$847K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0250%	8h	4,307.5	+0.117%	$171.3M	$330.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,304	+0.034%	$572K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0381%	4h	4,306.9	+0.104%	$16.2M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0467% / S −0.0314%	1h	4,306.8	+0.100%	$255K	—	111x	as long as short
Phemex XAUUSDT	+0.0540%	4h	4,311	+0.197%	$2.2M	$956K	100x	as long as short
HTX XAU-USDT	+0.1150%	4h	4,313.6	+0.259%	$3.2M	$6.2M	75x	as long as short
Bluefin GOLD-PERP	+0.3952%	1h	4,302.6	+0.003%	$25K	$1K	20x	as long as short