Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.003%

Price spread now: Variational Omni against Phoenix+0.052%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Variational Omni is 0.052% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,311.6	0.0095	pay 0.0012% / 1h	45m 29s	$42K	$86K	25x
Short	Variational Omni XAU	4,313.8	0.0106	get 0.0053% / 4h	3h 45m	$46.8M	$29.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.052%Rate

Funding earned: $2.27
Price spread: +0.052% → 0.000%: $5.2
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $0.47
Costs to cover: 0.070%
Break-even: 5.5 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	1.54 bp	doesn't fit	1.5 bp −$15	2.1 bp −$207	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
SunX XAU-USDT	0.0000%	4h	4,318.2	+0.153%	$92K	$6.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,310.5	−0.025%	$269K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,308.7	−0.067%	$32K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.900%	$619	$54	52x	as long as short
Vest GC-PERP	+0.0046%	1h	4,343.7	+0.745%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,309.8	−0.042%	$6.6M	$3.2M	20x	as long as short
Extended XAU-USD	+0.0048%	1h	4,308.4	−0.074%	$13.0M	$36.1M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,307.3	−0.100%	$291.2M	$54.4M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,307.8	−0.088%	$4.3M	$1.8M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,308.2	−0.079%	$15.0M	$55.8M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,309.8	−0.042%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,311.4	−0.005%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0067%	4h	4,312.9	+0.030%	$73.4M	$271.9M	20x	as long as short
Lighter RH XAU	+0.0072%	1h	4,313.8	+0.051%	$19.7M	$39.5M	25x	as long as short
Bybit XAUUSDT	+0.0079%	4h	4,311.7	+0.003%	$77.1M	$157.4M	150x	as long as short
Lighter XAU	+0.0080%	1h	4,311.3	−0.008%	$20.3M	$28.6M	25x	as long as short
Phoenix GOLDlong	+0.0095%	1h	4,311.6	long leg	$42K	$86K	25x
Pacifica XAU	+0.0100%	1h	4,308.5	−0.072%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,310.3	−0.030%	$276K	$218K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,308.6	−0.070%	$25K	$1K	20x	as long as short
Variational Omni XAUshort	+0.0106%	4h	4,313.8	+0.052%	$46.8M	$29.1M	—
Kalshi KXGOLDPERP	+0.0106%	24h	4,316.3	+0.109%	$3.7M	$46.2M	15x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,312.8	+0.028%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0116%	4h	4,310.6	−0.022%	$359.8M	$334.3M	1000x	as long as short
Binance XAUUSDT	+0.0117%	4h	4,311.3	−0.007%	$437.5M	$2.21B	100x	as long as short
edgeX XAUUSDC	+0.0124%	4h	4,311.6	+0.001%	$30.0M	$61.7M	50x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,311.5	−0.002%	$4.4M	$13.1M	25x	as long as short
StandX XAU-USD	+0.0128%	1h	4,315	+0.079%	$3.8M	$4.5M	40x	as long as short
Gate XAU_USDT	+0.0132%	4h	4,313.4	+0.042%	$295.0M	$423.2M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0168%	1h	4,313.2	+0.037%	$134K	$879K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0178%	4h	4,314.5	+0.067%	$1.4M	$3.1M	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,311	−0.014%	$70.3M	$123.8M	100x	as long as short
Bullet GOLD-USD	+0.0203%	1h	4,310	−0.037%	$58K	$81K	10x	as long as short
OKX XAU-USDT-SWAP	+0.0251%	8h	4,311.9	+0.007%	$170.3M	$326.9M	100x	as long as short
Phemex XAUUSDT	+0.0281%	4h	4,317.1	+0.128%	$2.2M	$951K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,311.6	0.000%	$573K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0398%	4h	4,314	+0.056%	$16.4M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0467% / S −0.0314%	1h	4,314.2	+0.060%	$255K	—	111x	as long as short
HTX XAU-USDT	+0.1257%	4h	4,321.7	+0.234%	$3.2M	$6.2M	75x	as long as short