Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h +0.006%

Price spread now: Bybit against Phoenix+0.087%7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.087% dearer against Phoenix than usual: you sell high and buy low (spread +0.087% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.076% in total) that is about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,352.6	0.0109	pay 0.0014% / 1h	27m 29s	$48K	$65K	25x
Short	Bybit XAUUSDT	4,356.4	0	get 0.0000% / 4h	1h 27m	$82.6M	$141.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$22.81
Price spread: +0.087% → 0.000%: $8.68
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.12
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	13.7 bp −$1,370	37.8 bp −$18.9K

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
Kraken Futures PF_XAUUSD	−0.0175%	1h	4,353.5	+0.022%	$601K	$141K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356.3	+0.086%	$71.4M	$234.4M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,355.4	+0.065%	$409.6M	$2.09B	100x	as long as short
Bybit XAUUSDTshort	0.0000%	4h	4,356.4	+0.087%	$82.6M	$141.2M	150x
RISEx XAU/USDC	0.0000%	1h	4,355.4	+0.064%	$3.5M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.7	+0.095%	$271.0M	$409.1M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,355.4	+0.064%	$376.8M	$351.7M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,355.6	+0.070%	$66.9M	$110.2M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,353.8	+0.028%	$48.0M	$31.7M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,355.7	+0.071%	$1.4M	$3.2M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,353.6	+0.023%	$4.0M	$34.3M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,360	+0.170%	$93K	$10.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.6	0.000%	$267K	—	250x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,354.9	+0.053%	$5.6M	$1.9M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0009%	1h	4,350.9	−0.039%	$292.8M	$53.0M	25x	as long as short
edgeX XAUUSDC	+0.0016%	4h	4,350.8	−0.042%	$30.3M	$58.3M	50x	as long as short
Lighter XAU	+0.0032%	1h	4,354.7	+0.048%	$21.0M	$44.2M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,356.5	+0.090%	$20.2M	$41.9M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,352.1	−0.011%	$13.0M	$49.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.050%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,356.1	+0.080%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,389.6	+0.850%	—	$1.0M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0049%	1h	4,354.3	+0.039%	$221K	$760K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,354.8	+0.051%	$4.3M	$1.7M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.2	−0.033%	$14.4M	$55.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,355.1	+0.057%	$19K	$6K	5x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,350.9	−0.039%	$33K	—	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,355.1	+0.057%	$161K	$87	10x	as long as short
HTX XAU-USDT	+0.0084%	4h	4,358.7	+0.141%	$2.8M	$3.8M	75x	as long as short
Bullet GOLD-USD	+0.0095%	1h	4,355.9	+0.075%	$59K	$85K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,352.3	−0.008%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	+0.017%	$273K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,348.4	−0.097%	$26K	$21K	20x	as long as short
Phoenix GOLDlong	+0.0109%	1h	4,352.6	long leg	$48K	$65K	25x
OKX XAU-USDT-SWAP	+0.0155%	8h	4,357	+0.101%	$158.8M	$267.2M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,352.9	+0.007%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,356	+0.077%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0311%	4h	4,358.9	+0.144%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0388% / S −0.0197%	1h	4,355.9	+0.075%	$251K	—	29x	as long as short