Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.020%

Price spread now: Lighter against SunX−0.103%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$690.695% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.171%+$17 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now −0.103%, 7d avg −0.139%

Together, before fees+0.106%+ Points / potential airdropLighter: Season 3 · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.035% dearer against SunX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.139%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XAU-USDT	4,342	0	get 0.0000% / 4h	1h 52m	$92K	$6.0M	20x
Short	Lighter XAU	4,337.5	0.0096	get 0.0012% / 1h	52m 59s	$20.2M	$30.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.103%Rate

Funding earned: $20.16
Price spread: −0.103% → −0.139%: $3.51
Slippage, 4 orders: −$61.46
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$45.79
Costs to cover: 0.695%
Break-even: 22.9 days

Slippage from SunX: live order book, 9 min ago; Lighter: live order book, 4 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 SunX live order book, 9 min ago	26.60 bp	30.6 bp −$31	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.59 bp	0.6 bp −$1	2.7 bp −$27	9.4 bp −$935	21.5 bp −$10.7K

XAU on 39 exchanges

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
Hotstuff GOLD-PERP	−3.0304%	1h	4,318.3	−0.546%	$32K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0043%	1h	4,332.3	−0.223%	$25K	$1K	20x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,342	long leg	$92K	$6.0M	20x
Coinbase International GOLD-PERP-INTX	0.0000%	1h	4,332.3	−0.224%	$2.1M	$5.3M	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,334.1	−0.183%	$274K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.193%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,341.5	−0.012%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,337.2	−0.111%	$6.7M	$3.2M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,371.7	+0.684%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,335.1	−0.159%	$292.7M	$51.5M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,334	−0.185%	$15.1M	$59.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0055%	8h	4,337.4	−0.106%	$2K	$13K	5x	as long as short
Aster XAUUSD1	+0.0069%	4h	4,339.6	−0.057%	$72.6M	$275.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0073%	1h	4,336.8	−0.120%	$4.3M	$1.7M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0073%	1h	4,336.9	−0.118%	$135K	$707K	25x	as long as short
Variational Omni XAU	+0.0087%	4h	4,337.4	−0.106%	$47.3M	$29.2M	—	as long as short
Lighter XAUshort	+0.0096%	1h	4,337.5	−0.103%	$20.2M	$30.3M	25x
Gate XAU_USDT	+0.0096%	4h	4,339.2	−0.065%	$300.5M	$441.6M	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,334.8	−0.165%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,337.3	−0.109%	$285K	$223K	50x	as long as short
Binance XAUUSDT	+0.0103%	4h	4,337.9	−0.095%	$443.8M	$2.43B	100x	as long as short
Lighter RH XAU	+0.0104%	1h	4,339.2	−0.064%	$19.6M	$39.6M	25x	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,338.3	−0.086%	$368.1M	$351.2M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,337.2	−0.112%	$161K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0106%	4h	4,340.9	−0.027%	$1.4M	$3.1M	25x	as long as short
edgeX XAUUSDC	+0.0115%	4h	4,333.8	−0.190%	$30.3M	$67.1M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,334.6	−0.171%	$43K	$71K	25x	as long as short
Bybit XAUUSDT	+0.0128%	4h	4,339.5	−0.059%	$82.6M	$173.3M	150x	as long as short
Extended XAU-USD	+0.0128%	1h	4,334.4	−0.176%	$12.5M	$34.5M	25x	as long as short
Kalshi KXGOLDPERP	+0.0135%	24h	4,340.3	−0.040%	$3.5M	$51.0M	15x	as long as short
Bullet GOLD-USD	+0.0183%	1h	4,338.1	−0.090%	$59K	$76K	10x	as long as short
RISEx XAU/USDC	+0.0205%	1h	4,338.5	−0.081%	$4.7M	$13.3M	25x	as long as short
Phemex XAUUSDT	+0.0212%	4h	4,340	−0.046%	$2.3M	$784K	100x	as long as short
Bitget XAUUSDT	+0.0218%	4h	4,338.4	−0.083%	$73.0M	$139.4M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0240%	8h	4,338.8	−0.074%	$170.6M	$361.0M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0253%	1h	4,334.5	−0.173%	$584K	$167K	25x	as long as short
BloFin XAU-USDT	+0.0345%	4h	4,338.2	−0.087%	$16.3M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0308%	1h	4,337.9	−0.095%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.1096%	4h	4,344.7	+0.062%	$3.2M	$7.1M	75x	as long as short