Funding you earn now, next payment 23:00 UTC+0.0223%/8h= +24.4% APRnext payment +$0.28 per $10,000 · paid last 24h +0.059%
Price spread now: Kraken Futures against Phoenix−0.046%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.111%+$11 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Funding pays, the price is against you. Kraken Futures is 0.046% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.046% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.111% in total) that is about 2.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.111% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.28 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix GOLD | 4,370.3 | −0.0004 | get 0.0000% / 1h | 17m 14s | $48K | $65K | 25x |
| Short | Kraken Futures PF_XAUUSD | 4,368.3 | 0.0219 | get 0.0027% / 1h | 17m 14s | $603K | $136K | 25x |
Phoenix GOLD
Kraken Futures PF_XAUUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $46.84
- Price spread: −0.046% → 0.000%
- −$4.56
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $25.29
- Costs to cover
- 0.170%
- Break-even
- 3.2 days
Slippage unknown: Phoenix: no order-book sample; Kraken Futures: live order book, 61 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 Kraken Futures live order book, 61 min ago | 1.66 bp | 6.8 bp −$7 | 14.7 bp −$147 | doesn't fit | 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 | −0.0222% | 1h | 4,363.8 | −0.148% | $26K | $22K | 20x | as long as short |
| Phoenix GOLDlong | −0.0004% | 1h | 4,370.3 | long leg | $48K | $65K | 25x | |
| Aster XAUUSD1 | 0.0000% | 4h | 4,372.4 | +0.048% | $71.7M | $225.1M | 20x | as long as short |
| Binance XAUUSDT | 0.0000% | 4h | 4,370.6 | +0.007% | $410.5M | $2.14B | 100x | as long as short |
| Bybit XAUUSDT | 0.0000% | 4h | 4,371.1 | +0.019% | $82.6M | $142.5M | 150x | as long as short |
| RISEx XAU/USDC | 0.0000% | 1h | 4,371.4 | +0.026% | $3.4M | $12.3M | 25x | as long as short |
| Gate XAU_USDT | 0.0000% | 4h | 4,371.5 | +0.027% | $267.5M | $417.2M | 100x | as long as short |
| MEXC XAU_USDT | 0.0000% | 4h | 4,370.7 | +0.008% | $375.3M | $324.0M | 1000x | as long as short |
| Bitget XAUUSDT | 0.0000% | 4h | 4,370.5 | +0.005% | $69.6M | $113.4M | 100x | as long as short |
| Variational Omni XAU | 0.0000% | 4h | 4,366.6 | −0.085% | $48.5M | $30.2M | — | as long as short |
Bluefin GOLD-PERP
Aster XAUUSD1
Binance XAUUSDT
Bybit XAUUSDT
RISEx XAU/USDC
Gate XAU_USDT
MEXC XAU_USDT
Bitget XAUUSDT
Variational Omni XAUShow all 39 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT XAU_USDT_Perp | 0.0000% | 4h | 4,373.1 | +0.064% | $1.4M | $3.1M | 25x | as long as short |
| Kalshi KXGOLDPERP | 0.0000% | 24h | 4,368.8 | −0.034% | $4.0M | $36.2M | 15x | as long as short |
| SunX XAU-USDT | 0.0000% | 4h | 4,375.1 | +0.109% | $93K | $10.6M | 20x | as long as short |
| gTrade (Gains Network) XAU/USD | L +0.0002% / S −0.0003% | 1h | 4,367.2 | −0.072% | $268K | — | 250x | as long as short |
| edgeX XAUUSDC | +0.0008% | 4h | 4,362.7 | −0.173% | $30.3M | $59.3M | 50x | as long as short |
| Hotstuff GOLD-PERP | +0.0016% | 1h | 4,367.4 | −0.066% | $33K | — | 25x | as long as short |
| QFEX GOLD-USD | +0.0032% | 1h | 4,369.3 | −0.023% | $5.4M | $1.9M | 20x | as long as short |
| Injective XAU/USDC PERP | +0.0033% | 1h | 4,350.4 | −0.455% | $619 | $54 | 52x | as long as short |
| Lighter XAU | +0.0040% | 1h | 4,369.7 | −0.014% | $20.7M | $44.9M | 25x | as long as short |
| StandX XAU-USD | +0.0040% | 1h | 4,369.2 | −0.025% | $3.8M | $4.7M | 40x | as long as short |
| Vest GC-PERP | +0.0046% | 1h | 4,405.5 | +0.805% | — | $1.0M | 25x | as long as short |
| Lighter RH XAU | +0.0048% | 1h | 4,372.2 | +0.044% | $20.2M | $42.2M | 25x | as long as short |
| tradeXYZ xyz:GOLD | +0.0050% | 1h | 4,367.1 | −0.073% | $294.2M | $52.5M | 25x | as long as short |
| Ondo Perps XAU-USD.P | +0.0050% | 1h | 4,367.6 | −0.061% | $14.6M | $56.9M | 25x | as long as short |
| Paradex XAU-USD-PERP | +0.0054% | 8h | 4,371 | +0.017% | $19K | $5K | 5x | as long as short |
| Extended XAU-USD | +0.0056% | 1h | 4,367.2 | −0.072% | $13.1M | $45.5M | 25x | as long as short |
| Aevo XAU-PERP | +0.0080% | 1h | 4,371.1 | +0.018% | $162K | $87 | 10x | as long as short |
| Pacifica XAU | +0.0100% | 1h | 4,367.8 | −0.057% | $1.4M | $1.2M | 10x | as long as short |
| ApeX Omni XAUUSDT | +0.0100% | 1h | 4,368.8 | −0.035% | $277K | $204K | 50x | as long as short |
| Polymarket Perps GOLD-USD | +0.0103% | 1h | 4,370.8 | +0.011% | $4.3M | $1.8M | 20x | as long as short |
| Bullet GOLD-USD | +0.0108% | 1h | 4,371.3 | +0.022% | $59K | $81K | 10x | as long as short |
| Coinbase International GOLD-PERP-INTX | +0.0152% | 1h | 4,370.1 | −0.005% | $2.0M | $5.1M | 25x | as long as short |
| OKX XAU-USDT-SWAP | +0.0162% | 8h | 4,371.8 | +0.034% | $158.6M | $275.4M | 100x | as long as short |
| HTX XAU-USDT | +0.0176% | 4h | 4,376 | +0.131% | $2.8M | $3.8M | 75x | as long as short |
| Kraken Futures PF_XAUUSDshort | +0.0219% | 1h | 4,368.3 | −0.046% | $603K | $136K | 25x | |
| BloFin XAU-USDT | +0.0240% | 4h | 4,371 | +0.017% | $14.8M | $4.5M | 100x | as long as short |
| Deribit GOLD_USDC-PERPETUAL | +0.0277% | 1h | 4,369.8 | −0.011% | $235K | $736K | 25x | as long as short |
| Phemex XAUUSDT | +0.0316% | 4h | 4,370.6 | +0.007% | $2.2M | $1.1M | 100x | as long as short |
| GMX GOLD/USD [ETH-USDC] | L +0.0389% / S −0.0197% | 1h | 4,370.9 | +0.013% | $252K | — | 111x | as long as short |
GRVT XAU_USDT_Perp
Kalshi KXGOLDPERP
SunX XAU-USDT
gTrade (Gains Network) XAU/USD
edgeX XAUUSDC
Hotstuff GOLD-PERP
QFEX GOLD-USD
Injective XAU/USDC PERP
Lighter XAU
StandX XAU-USD
Vest GC-PERP
Lighter RH XAU
tradeXYZ xyz:GOLD
Ondo Perps XAU-USD.P
Paradex XAU-USD-PERP
Extended XAU-USD
Aevo XAU-PERP
Pacifica XAU
ApeX Omni XAUUSDT
Polymarket Perps GOLD-USD
Bullet GOLD-USD
Coinbase International GOLD-PERP-INTX
OKX XAU-USDT-SWAP
HTX XAU-USDT
BloFin XAU-USDT
Deribit GOLD_USDC-PERPETUAL
Phemex XAUUSDT
GMX GOLD/USD [ETH-USDC]