Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.013%

Price spread now: SunX against QFEX+0.119%7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.119%, 7d avg +0.110%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.110%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOLD-USD	4,342.1	0.0042	pay 0.0005% / 1h	46m 40s	$5.7M	$2.0M	20x
Short	SunX XAU-USDT	4,347.3	0	get 0.0000% / 4h	3h 46m	$92K	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against QFEX. 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 QFEXbpFee SunXbpOrdersPrice spread, now +0.119%Rate

Funding earned: −$8.74
Price spread: +0.119% → +0.110%: $0.9
Slippage, 4 orders: −$53.09
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$78.92
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from QFEX: live order book, 7 min ago; SunX: live order book, 12 min ago.

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 QFEX live order book, 7 min ago	1.96 bp	7.0 bp −$7	7.0 bp −$70	9.0 bp −$898	doesn't fit
Sell SunX live order book, 12 min ago	23.60 bp	29.6 bp −$30	47.1 bp −$471	doesn't fit	doesn't fit

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	−0.0006%	1h	4,336.2	−0.135%	$25K	$14K	20x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,347.3	+0.119%	$92K	$8.7M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,338.8	−0.076%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,342.5	+0.010%	$3.5M	$12.1M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,344	+0.044%	$20.0M	$39.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,339.1	−0.068%	$13.3M	$37.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.192%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,343.7	+0.037%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDlong	+0.0042%	1h	4,342.1	long leg	$5.7M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,375.2	+0.762%	—	$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
Lighter XAU	+0.0048%	1h	4,342	−0.003%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,340.1	−0.046%	$293.5M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,339.6	−0.058%	$15.1M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,340.2	−0.044%	$4.3M	$37.5M	15x	as long as short
Gate XAU_USDT	+0.0052%	4h	4,344.8	+0.062%	$267.9M	$411.9M	100x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,340.1	−0.046%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,340.1	−0.046%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0074%	4h	4,344.4	+0.053%	$80.5M	$150.7M	150x	as long as short
Aster XAUUSD1	+0.0076%	4h	4,344.4	+0.053%	$71.5M	$332.4M	20x	as long as short
Variational Omni XAU	+0.0082%	4h	4,340.8	−0.030%	$48.4M	$27.6M	—	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,343.2	+0.025%	$19K	$5K	5x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,343.4	+0.029%	$372.5M	$317.5M	1000x	as long as short
Pacifica XAU	+0.0100%	1h	4,339.5	−0.060%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,337	−0.118%	$274K	$203K	50x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,343.5	+0.032%	$415.0M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0101%	4h	4,336.2	−0.136%	$30.2M	$58.3M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,342.1	+0.001%	$161K	$87	10x	as long as short
Phemex XAUUSDT	+0.0133%	4h	4,343.9	+0.042%	$2.2M	$967K	100x	as long as short
Phoenix GOLD	+0.0136%	1h	4,338.3	−0.088%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0166%	4h	4,341.6	−0.011%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0214%	1h	4,343	+0.022%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,343	+0.021%	$4.3M	$2.0M	20x	as long as short
Bitget XAUUSDT	+0.0244%	4h	4,343.6	+0.035%	$71.1M	$109.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,340.3	−0.041%	$592K	$132K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0280%	1h	4,341.6	−0.012%	$205K	$826K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0316%	8h	4,344.8	+0.062%	$166.3M	$281.6M	100x	as long as short
BloFin XAU-USDT	+0.0352%	4h	4,343.4	+0.029%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0426% / S −0.0251%	1h	4,343.1	+0.024%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0541%	4h	4,347.6	+0.126%	$2.8M	$4.6M	75x	as long as short