Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.030%

Price spread now: Phoenix against Bitget−0.041%109s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.041% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XAUUSDT	4,358.7	0.0180	pay 0.0090% / 4h	2h 17m	$69.5M	$109.6M	100x
Short	Phoenix GOLD	4,356.9	0.0121	get 0.0015% / 1h	17m 35s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$12.37
Price spread: −0.041% → 0.000%: −$4.06
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.43
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Phoenix: no order-book sample. 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 Bitget live order book, 1 min ago	0.01 bp	6.8 bp −$7	8.2 bp −$82	10.6 bp −$1,055	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 38 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
Gate XAU_USDT	0.0000%	4h	4,359.9	+0.028%	$263.4M	$413.0M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,364.8	+0.141%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,357.1	−0.036%	$270K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,355.1	−0.082%	$33K	—	25x	as long as short
Aster XAUUSD1	+0.0029%	4h	4,359.4	+0.016%	$70.6M	$294.3M	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,354.4	−0.097%	$13.5M	$42.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.189%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,357.5	−0.027%	$4.1M	$36.0M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,359.3	+0.014%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,394	+0.811%	—	$1.0M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.3	−0.077%	$294.3M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.1	−0.081%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,357.8	−0.020%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,357.2	−0.034%	$20.7M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,359.9	+0.027%	$20.2M	$40.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0070%	1h	4,360	+0.031%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,355.8	−0.066%	$2.0M	$5.0M	25x	as long as short
Variational Omni XAU	+0.0078%	4h	4,359	+0.008%	$48.3M	$28.1M	—	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,358.1	−0.013%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0094%	4h	4,353.4	−0.122%	$30.3M	$59.8M	50x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,358.5	−0.004%	$375.9M	$323.6M	1000x	as long as short
Pacifica XAU	+0.0100%	1h	4,355.2	−0.080%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.1	−0.037%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,353	−0.130%	$26K	$14K	20x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,358.3	−0.010%	$409.1M	$2.09B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,359.7	+0.024%	$161K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,360	+0.031%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLDshort	+0.0121%	1h	4,356.9	−0.041%	$48K	$64K	25x
RISEx XAU/USDC	+0.0135%	1h	4,357.7	−0.022%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0164%	1h	4,361	+0.053%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0174%	4h	4,359.4	+0.017%	$84.0M	$143.8M	150x	as long as short
Bitget XAUUSDTlong	+0.0180%	4h	4,358.7	long leg	$69.5M	$109.6M	100x
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,358.8	+0.003%	$243K	$671K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0236%	8h	4,359.4	+0.017%	$164.8M	$281.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,358.1	−0.014%	$594K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0331%	4h	4,362	+0.075%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,361.1	+0.056%	$252K	—	111x	as long as short
HTX XAU-USDT	+0.0542%	4h	4,364.3	+0.129%	$2.9M	$3.9M	75x	as long as short