Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0136%/8h= −14.9% APRpaid last 24h −0.035%

Price spread now: SunX against Phoenix+0.145%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 SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 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. SunX is 0.145% dearer against Phoenix than usual: you sell high and buy low (spread +0.145% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,352	0.0136	pay 0.0017% / 1h	52m 44s	$48K	$77K	25x
Short	SunX XAU-USDT	4,358.3	0	get 0.0000% / 4h	1h 52m	$93K	$9.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.145%Rate

Funding earned: −$28.57
Price spread: +0.145% → 0.000%: $14.48
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$29.1
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 6 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 SunX live order book, 6 min ago	23.65 bp	29.6 bp −$30	47.1 bp −$471	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 38 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	−0.0142%	1h	4,347.2	−0.111%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,354.1	+0.049%	$262.4M	$405.2M	100x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,358.3	+0.145%	$93K	$9.4M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.6	−0.056%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,354.1	+0.048%	$3.4M	$12.4M	25x	as long as short
Lighter XAU	+0.0032%	1h	4,351.5	−0.012%	$20.6M	$41.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,349.6	−0.055%	$13.5M	$40.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.036%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0036%	24h	4,351.8	−0.005%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,355.4	+0.078%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,387.2	+0.809%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,353.5	+0.034%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,350.3	−0.039%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,349.6	−0.055%	$293.6M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,350.4	−0.037%	$15.1M	$57.9M	25x	as long as short
Aster XAUUSD1	+0.0061%	4h	4,353.8	+0.041%	$70.2M	$328.3M	20x	as long as short
Lighter RH XAU	+0.0064%	1h	4,355.1	+0.072%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,353.7	+0.040%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,350.4	−0.037%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,351.3	−0.016%	$275K	$204K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0100%	1h	4,353	+0.023%	$4.3M	$1.9M	20x	as long as short
Hotstuff GOLD-PERP	+0.0104%	1h	4,352.8	+0.018%	$33K	—	25x	as long as short
Variational Omni XAU	+0.0107%	4h	4,352.3	+0.006%	$48.3M	$28.1M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,353.3	+0.031%	$161K	$87	10x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,352.8	+0.018%	$410.6M	$2.09B	100x	as long as short
MEXC XAU_USDT	+0.0120%	4h	4,353.5	+0.035%	$372.4M	$315.3M	1000x	as long as short
edgeX XAUUSDC	+0.0121%	4h	4,347.1	−0.113%	$30.3M	$58.7M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0136%	4h	4,354	+0.047%	$1.4M	$3.0M	25x	as long as short
Phoenix GOLDlong	+0.0136%	1h	4,352	long leg	$48K	$77K	25x
Bullet GOLD-USD	+0.0189%	1h	4,353.9	+0.043%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0207%	4h	4,354	+0.045%	$84.0M	$145.0M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,352.9	+0.022%	$69.7M	$109.0M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,354.4	+0.055%	$164.5M	$282.0M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,350.6	−0.033%	$594K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0302%	1h	4,352.4	+0.009%	$259K	$702K	25x	as long as short
Phemex XAUUSDT	+0.0311%	4h	4,355.7	+0.084%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0398% / S −0.0206%	1h	4,353.9	+0.044%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0614%	4h	4,359	+0.162%	$2.9M	$4.2M	75x	as long as short