Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h −0.075%

Price spread now: SunX against Deribit+0.143%7-day average +0.208% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$690.692% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.784%−$78 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now +0.143%, 7d avg +0.208%

Together, before fees−0.710%−$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SunX is 0.065% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.208%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,344.3	0.0211	pay 0.0026% / 1h	5m 38s	$204K	$826K	25x
Short	SunX XAU-USDT	4,350.5	0	get 0.0000% / 4h	3h 05m	$92K	$8.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now +0.143%Rate

Funding earned: −$44.22
Price spread: +0.143% → +0.208%: −$6.5
Slippage, 4 orders: −$54.18
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$119.9
Costs to cover: 0.692%
Break-even: never at this rate

Slippage from Deribit: live order book, 48 min ago; SunX: 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 Deribit live order book, 48 min ago	0.12 bp	3.6 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	23.60 bp	29.6 bp −$30	47.1 bp −$471	doesn't fit	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
Bluefin GOLD-PERP	−0.0008%	1h	4,338.9	−0.125%	$25K	$14K	20x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,350.5	+0.143%	$92K	$8.6M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342	−0.054%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,346.6	+0.053%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342	−0.054%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.141%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	+0.023%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,345.1	+0.018%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,378.3	+0.783%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,342.5	−0.041%	$293.7M	$49.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.9	−0.032%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,343.8	−0.012%	$4.0M	$38.9M	15x	as long as short
Bybit XAUUSDT	+0.0055%	4h	4,347.1	+0.064%	$80.1M	$152.0M	150x	as long as short
Lighter XAU	+0.0056%	1h	4,345	+0.017%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.7	−0.060%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,347.6	+0.076%	$268.3M	$419.0M	100x	as long as short
Paradex XAU-USD-PERP	+0.0067%	8h	4,345.7	+0.033%	$19K	$5K	5x	as long as short
Hotstuff GOLD-PERP	+0.0072%	1h	4,342.6	−0.039%	$33K	—	25x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.6	+0.075%	$20.2M	$40.2M	25x	as long as short
Aster XAUUSD1	+0.0098%	4h	4,346.5	+0.050%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.4	−0.044%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	−0.090%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,345.4	+0.024%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,345.1	+0.018%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,346.2	+0.044%	$370.3M	$321.7M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346	+0.040%	$418.8M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.098%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,342	−0.053%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,343.9	−0.009%	$1.4M	$2.9M	25x	as long as short
Phemex XAUUSDT	+0.0201%	4h	4,349	+0.108%	$2.2M	$967K	100x	as long as short
Polymarket Perps GOLD-USD	+0.0204%	1h	4,345.9	+0.037%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,346.1	+0.041%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0211%	1h	4,344.3	long leg	$204K	$826K	25x
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,342.8	−0.034%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0274%	4h	4,346.6	+0.054%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,347.3	+0.069%	$167.2M	$283.1M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,345	+0.017%	$15.7M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0410%	4h	4,346.8	+0.058%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,346.1	+0.042%	$250K	—	111x	as long as short