Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0269%/8h= +29.4% APRpaid last 24h +0.062%

Price spread now: OKX against SunX−0.084%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$670.672% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now −0.084%, 7d avg −0.077%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.161% in total (about 8.4% a year). A funding rate is set anew for every payment. 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	SunX XAU-USDT	4,318.1	0	get 0.0000% / 4h	15m 12s	$92K	$7.1M	20x
Short	OKX XAU-USDT-SWAP	4,314.5	0.0269	get 0.0269% / 8h	15m 12s	$174.8M	$301.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.084%Rate

Funding earned: $56.4
Price spread: −0.084% → −0.077%: −$0.73
Slippage, 4 orders: −$49.16
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$11.48
Costs to cover: 0.672%
Break-even: 8.4 days

Slippage from SunX: live order book, 4 min ago; OKX: 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, 4 min ago	23.48 bp	27.5 bp −$27	40.4 bp −$404	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.2 bp −$621	12.7 bp −$6,353

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
Hotstuff GOLD-PERP	−0.0136%	1h	4,310.3	−0.182%	$32K	—	25x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,318.1	long leg	$92K	$7.1M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,309.9	−0.191%	$269K	—	250x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.748%	$619	$54	52x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,313.1	−0.117%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,345.8	+0.641%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,310.6	−0.175%	$290.6M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,309.9	−0.191%	$15.0M	$55.3M	25x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,315.4	−0.065%	$72.8M	$271.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0063%	8h	4,313.1	−0.117%	$2K	$14K	5x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XAUUSDT	+0.0064%	4h	4,315.1	−0.069%	$77.6M	$153.5M	150x	as long as short
Bluefin GOLD-PERP	+0.0070%	1h	4,309.1	−0.211%	$25K	$1K	20x	as long as short
Lighter XAU	+0.0072%	1h	4,313	−0.119%	$20.3M	$30.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,309.1	−0.209%	$2.0M	$5.0M	25x	as long as short
StandX XAU-USD	+0.0073%	1h	4,317.2	−0.022%	$3.8M	$4.5M	40x	as long as short
Phoenix GOLD	+0.0096%	1h	4,314.7	−0.080%	$42K	$79K	25x	as long as short
Kalshi KXGOLDPERP	+0.0097%	24h	4,314.8	−0.077%	$3.7M	$44.8M	15x	as long as short
Variational Omni XAU	+0.0098%	4h	4,314	−0.096%	$47.1M	$29.0M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,310.7	−0.172%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,315.1	−0.070%	$272K	$209K	50x	as long as short
Lighter RH XAU	+0.0104%	1h	4,315.6	−0.060%	$20.0M	$39.9M	25x	as long as short
MEXC XAU_USDT	+0.0108%	4h	4,313.9	−0.099%	$363.4M	$335.1M	1000x	as long as short
Binance XAUUSDT	+0.0109%	4h	4,314.3	−0.088%	$427.9M	$2.15B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,316.3	−0.042%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0110%	4h	4,315.9	−0.051%	$287.0M	$425.0M	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,313.2	−0.115%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,311.1	−0.163%	$30.0M	$60.4M	50x	as long as short
Extended XAU-USD	+0.0120%	1h	4,309.8	−0.194%	$13.2M	$36.7M	25x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,313.9	−0.098%	$70.2M	$120.0M	100x	as long as short
Bullet GOLD-USD	+0.0205%	1h	4,314.1	−0.094%	$59K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0220%	1h	4,314.3	−0.089%	$4.3M	$1.8M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,311.6	−0.151%	$574K	$138K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0260%	1h	4,313	−0.119%	$161K	$878K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0269%	8h	4,314.5	−0.084%	$174.8M	$301.8M	100x
BloFin XAU-USDT	+0.0349%	4h	4,314.3	−0.089%	$16.6M	$4.9M	100x	as long as short
Phemex XAUUSDT	+0.0425%	4h	4,318.3	+0.004%	$2.2M	$975K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0465% / S −0.0311%	1h	4,314.2	−0.092%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.0516%	4h	4,321.8	+0.084%	$3.2M	$6.0M	75x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,313.5	−0.107%	$4.5M	$13.4M	25x	as long as short