Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.017%

Price spread now: Gate against Phoenix+0.119%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 Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 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. Gate is 0.119% dearer against Phoenix than usual: you sell high and buy low (spread +0.119% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,350.1	0.0136	pay 0.0017% / 1h	31m 05s	$47K	$77K	25x
Short	Gate XAU_USDT	4,355.3	0.0006	get 0.0003% / 4h	1h 31m	$266.1M	$411.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.119%Rate

Funding earned: −$27.31
Price spread: +0.119% → 0.000%: $11.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$37.41
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	0.01 bp	7.5 bp −$8	8.6 bp −$86	12.7 bp −$1,267	14.2 bp −$7,094

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
SunX XAU-USDT	0.0000%	4h	4,358.3	+0.189%	$93K	$9.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.7	−0.009%	$267K	—	250x	as long as short
Gate XAU_USDTshort	+0.0006%	4h	4,355.3	+0.119%	$266.1M	$411.0M	100x
RISEx XAU/USDC	+0.0010%	1h	4,353.9	+0.086%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.8	−0.006%	$13.6M	$39.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.007%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0038%	24h	4,351.6	+0.034%	$4.1M	$36.9M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,353.5	+0.078%	$3.8M	$4.6M	40x	as long as short
Aster XAUUSD1	+0.0041%	4h	4,354.1	+0.092%	$70.4M	$333.6M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,386.9	+0.846%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0046%	1h	4,351.6	+0.034%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,350.6	+0.011%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,350.9	+0.018%	$293.9M	$48.7M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0050%	4h	4,352.3	+0.050%	$1.4M	$3.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.2	+0.003%	$15.1M	$57.5M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,353.1	+0.070%	$20.6M	$42.2M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,353	+0.066%	$48.3M	$27.8M	—	as long as short
Lighter RH XAU	+0.0072%	1h	4,355.1	+0.116%	$20.1M	$39.7M	25x	as long as short
MEXC XAU_USDT	+0.0072%	4h	4,354.1	+0.093%	$372.7M	$318.1M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,354.4	+0.098%	$412.8M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,353.8	+0.085%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0092%	4h	4,347.3	−0.064%	$30.3M	$58.9M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,353	+0.066%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,350.3	+0.005%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,348.5	−0.037%	$275K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,346.2	−0.089%	$25K	$14K	20x	as long as short
Polymarket Perps GOLD-USD	+0.0131%	1h	4,353.1	+0.069%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLDlong	+0.0136%	1h	4,350.1	long leg	$47K	$77K	25x
Hotstuff GOLD-PERP	+0.0144%	1h	4,350.2	+0.002%	$33K	—	25x	as long as short
Phemex XAUUSDT	+0.0147%	4h	4,354.3	+0.096%	$2.2M	$1.1M	100x	as long as short
Bybit XAUUSDT	+0.0196%	4h	4,356	+0.136%	$84.5M	$145.1M	150x	as long as short
Bitget XAUUSDT	+0.0212%	4h	4,355.1	+0.114%	$70.3M	$109.5M	100x	as long as short
Bullet GOLD-USD	+0.0217%	1h	4,353.9	+0.087%	$59K	$83K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,352.9	+0.064%	$258K	$706K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0253%	8h	4,355.8	+0.131%	$165.0M	$281.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.3	+0.027%	$594K	$133K	25x	as long as short
BloFin XAU-USDT	+0.0295%	4h	4,354.1	+0.091%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0403% / S −0.0214%	1h	4,353.8	+0.086%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0562%	4h	4,359.2	+0.210%	$2.9M	$4.2M	75x	as long as short