Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0165%/8h= +18.0% APRpaid last 24h +0.079%

Price spread now: BloFin against Phoenix+0.186%346s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.292%+$29 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and BloFin is 0.186% dearer against Phoenix 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). The two prices were read 346 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	Phoenix GOLD	4,356.7	0.0121	pay 0.0015% / 1h	41m 40s	$48K	$64K	25x
Short	BloFin XAU-USDT	4,364.8	0.0286	get 0.0143% / 4h	2h 41m	$15.5M	$4.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now +0.186%Rate

Funding earned: $34.61
Price spread: +0.186% → 0.000%: $18.59
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $34.21
Costs to cover: 0.190%
Break-even: 0.1 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 7 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 Phoenix no order-book sample	—	—	—	—	—
Sell BloFin live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	7.7 bp −$767	doesn't fit

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
Bluefin GOLD-PERP	−0.0323%	1h	4,348.6	−0.186%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0104%	1h	4,351.6	−0.117%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,355.7	−0.023%	$69.7M	$280.3M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.7	+0.001%	$263.2M	$406.5M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.2	−0.080%	$4.1M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,358.6	+0.044%	$93K	$9.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.4	−0.122%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.3	−0.123%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.144%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.2	+0.034%	$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
Vest GC-PERP	+0.0046%	1h	4,389	+0.741%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,354.3	−0.056%	$20.6M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,356.8	+0.003%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,352.5	−0.096%	$293.8M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,352.8	−0.090%	$15.0M	$57.5M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353.9	−0.064%	$5.6M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0053%	4h	4,360	+0.076%	$48.4M	$28.4M	—	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,353.9	−0.064%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.6	−0.140%	$2.0M	$5.0M	25x	as long as short
edgeX XAUUSDC	+0.0076%	4h	4,353.6	−0.070%	$30.3M	$60.7M	50x	as long as short
MEXC XAU_USDT	+0.0080%	4h	4,355.2	−0.034%	$372.5M	$321.3M	1000x	as long as short
Binance XAUUSDT	+0.0082%	4h	4,355	−0.040%	$410.2M	$2.11B	100x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,355	−0.039%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.7	−0.115%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.3	+0.059%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,354.3	−0.054%	$161K	$87	10x	as long as short
Phoenix GOLDlong	+0.0121%	1h	4,356.7	long leg	$48K	$64K	25x
RISEx XAU/USDC	+0.0135%	1h	4,355.2	−0.035%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0138%	4h	4,358.7	+0.045%	$1.4M	$3.0M	25x	as long as short
Bitget XAUUSDT	+0.0144%	4h	4,355.8	−0.021%	$69.5M	$109.6M	100x	as long as short
Bullet GOLD-USD	+0.0156%	1h	4,355.3	−0.032%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0183%	4h	4,356.2	−0.011%	$84.1M	$143.6M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,353.8	−0.067%	$234K	$661K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0224%	8h	4,356.8	+0.002%	$164.8M	$284.7M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.8	−0.112%	$593K	$141K	25x	as long as short
BloFin XAU-USDTshort	+0.0286%	4h	4,364.8	+0.186%	$15.5M	$4.6M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,355.3	−0.032%	$253K	—	111x	as long as short
Phemex XAUUSDT	+0.0422%	4h	4,358.9	+0.050%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0531%	4h	4,360.5	+0.087%	$2.9M	$3.9M	75x	as long as short