Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.013%

Price spread now: QFEX against SunX−0.092%7-day average −0.110% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$720.725% of the position

Long on SunX Short on QFEX

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)−0.087%−$9 · spread now −0.092%, 7d avg −0.110%

Together, before fees−0.066%−$7 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	SunX XAU-USDT	4,353.7	0	get 0.0000% / 4h	20m 19s	$93K	$8.9M	20x
Short	QFEX GOLD-USD	4,349.7	0.0041	get 0.0005% / 1h	20m 19s	$5.7M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.092%Rate

Funding earned: $8.67
Price spread: −0.092% → −0.110%: $1.87
Slippage, 4 orders: −$54.5
Fee SunX: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$61.95
Costs to cover: 0.725%
Break-even: 57.0 days

Slippage from SunX: live order book, 9 min ago; QFEX: live order book, 3 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	23.63 bp	27.6 bp −$28	40.6 bp −$406	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	2.64 bp	7.6 bp −$8	7.6 bp −$76	9.4 bp −$938	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
Hotstuff GOLD-PERP	−0.0048%	1h	4,346.8	−0.158%	$33K	—	25x	as long as short
RISEx XAU/USDC	0.0000%	1h	4,350.1	−0.082%	$3.4M	$12.3M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,351.6	−0.048%	$265.2M	$415.5M	100x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,353.7	long leg	$93K	$8.9M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,346.8	−0.158%	$271K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,348.5	−0.118%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,346.1	−0.174%	$13.2M	$38.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.075%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,350.9	−0.063%	$20.1M	$39.3M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,350.7	−0.069%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USDshort	+0.0041%	1h	4,349.7	−0.092%	$5.7M	$2.0M	20x
Vest GC-PERP	+0.0046%	1h	4,383.6	+0.687%	—	$1.0M	25x	as long as short
Kalshi KXGOLDPERP	+0.0047%	24h	4,348.6	−0.117%	$4.2M	$37.3M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,348.3	−0.124%	$2.0M	$4.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,347.8	−0.135%	$293.9M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,346.4	−0.168%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0062%	4h	4,351.1	−0.060%	$71.2M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0077%	4h	4,349.2	−0.102%	$48.5M	$28.0M	—	as long as short
Paradex XAU-USD-PERP	+0.0081%	8h	4,350.4	−0.077%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0088%	4h	4,350.6	−0.070%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDT	+0.0090%	4h	4,350.6	−0.071%	$372.9M	$318.3M	1000x	as long as short
Binance XAUUSDT	+0.0091%	4h	4,350.6	−0.072%	$413.5M	$2.09B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,346.5	−0.165%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,349.5	−0.096%	$275K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,343.8	−0.227%	$25K	$14K	20x	as long as short
edgeX XAUUSDC	+0.0101%	4h	4,346.3	−0.169%	$30.2M	$58.1M	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,349.7	−0.092%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,348.4	−0.122%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0157%	1h	4,350.3	−0.078%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0187%	1h	4,350.6	−0.071%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,346.7	−0.160%	$593K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0211%	4h	4,352.6	−0.026%	$2.2M	$967K	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,348.2	−0.126%	$206K	$822K	25x	as long as short
Bitget XAUUSDT	+0.0234%	4h	4,351	−0.063%	$70.0M	$109.4M	100x	as long as short
Bybit XAUUSDT	+0.0244%	4h	4,351.9	−0.042%	$85.3M	$144.9M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0294%	8h	4,351.7	−0.046%	$165.6M	$282.3M	100x	as long as short
BloFin XAU-USDT	+0.0331%	4h	4,350.1	−0.083%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0417% / S −0.0236%	1h	4,350.6	−0.071%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0624%	4h	4,355.4	+0.039%	$2.9M	$4.3M	75x	as long as short