Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.027%

Price spread now: SunX against Coinbase International+0.138%7-day average +0.197% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$690.691% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.554%−$55 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now +0.138%, 7d avg +0.197%

Together, before fees−0.492%−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and SunX is 0.059% cheaper against Coinbase International than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.197%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International GOLD-PERP-INTX	4,346.7	0.0048	pay 0.0006% / 1h	49m 37s	$2.0M	$4.9M	25x
Short	SunX XAU-USDT	4,352.7	0	get 0.0000% / 4h	1h 49m	$92K	$9.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Coinbase International. 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 Coinbase InternationalbpFee SunXbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$10.08
Price spread: +0.138% → +0.197%: −$5.92
Slippage, 4 orders: −$51.14
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$85.14
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; SunX: live order book, 9 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 Coinbase International live order book, 4 min ago	0.46 bp	5.5 bp −$6	7.5 bp −$75	46.6 bp −$4,658	doesn't fit
Sell SunX live order book, 9 min ago	23.65 bp	29.6 bp −$30	47.1 bp −$471	doesn't fit	doesn't fit

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
Bluefin GOLD-PERP	−0.0084%	1h	4,342.4	−0.099%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0032%	1h	4,344.6	−0.048%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,349.3	+0.059%	$264.0M	$406.0M	100x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,352.7	+0.138%	$92K	$9.4M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.7	−0.069%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	+0.020%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.2	−0.079%	$13.6M	$40.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.086%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,346.2	−0.012%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.060%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,381.8	+0.808%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,346.7	0.000%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,346.1	−0.013%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTXlong	+0.0048%	1h	4,346.7	long leg	$2.0M	$4.9M	25x
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345	−0.039%	$293.2M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.8	−0.067%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0056%	4h	4,347.8	+0.026%	$70.0M	$330.0M	20x	as long as short
Lighter RH XAU	+0.0080%	1h	4,348.8	+0.049%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347.2	+0.013%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.2	−0.058%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.090%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	+0.027%	$48.3M	$27.9M	—	as long as short
Polymarket Perps GOLD-USD	+0.0107%	1h	4,347.5	+0.018%	$4.3M	$1.9M	20x	as long as short
Binance XAUUSDT	+0.0108%	4h	4,347	+0.006%	$410.0M	$2.10B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,347.8	+0.026%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,347.4	+0.015%	$371.0M	$316.1M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.063%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	+0.039%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,352	+0.122%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0196%	1h	4,348.5	+0.042%	$58K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,348.5	+0.042%	$84.0M	$145.0M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,347.5	+0.017%	$69.7M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,348.5	+0.041%	$164.4M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.3	−0.032%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,346	−0.016%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0343%	4h	4,350.5	+0.088%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0398% / S −0.0207%	1h	4,348.5	+0.042%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0600%	4h	4,353.8	+0.164%	$2.8M	$4.2M	75x	as long as short