Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0368%/8h= +40.2% APRpaid last 24h +0.136%

Price spread now: Phemex against Hotstuff+0.142%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Phemex is 0.142% dearer against Hotstuff than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff GOLD-PERP	4,344.8	−0.0016	get 0.0002% / 1h	46m 57s	$33K	—	25x
Short	Phemex XAUUSDT	4,351	0.0352	get 0.0176% / 4h	1h 46m	$2.2M	$1.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now +0.142%Rate

Funding earned: $77.18
Price spread: +0.142% → 0.000%: $14.18
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $74.36
Costs to cover: 0.170%
Break-even: 0.3 days

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 1 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	3.11 bp	29.6 bp −$30	doesn't fit	doesn't fit	doesn't fit

Hotstuff: 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 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-PERPlong	−0.0016%	1h	4,344.8	long leg	$33K	—	25x
Bluefin GOLD-PERP	−0.0007%	1h	4,342.2	−0.061%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,348.9	+0.095%	$264.6M	$407.2M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,352.1	+0.167%	$92K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.3	−0.035%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.5	+0.063%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.9	−0.044%	$13.6M	$39.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.129%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,345.1	+0.007%	$4.2M	$36.4M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.4	+0.083%	$3.8M	$4.6M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,380.6	+0.824%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,347.2	+0.055%	$5.6M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.1	−0.039%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.3	−0.012%	$293.3M	$48.8M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.9	−0.022%	$15.1M	$57.7M	25x	as long as short
Aster XAUUSD1	+0.0051%	4h	4,348.2	+0.079%	$70.0M	$331.4M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,346.2	+0.032%	$20.6M	$41.9M	25x	as long as short
Lighter RH XAU	+0.0080%	1h	4,348.8	+0.092%	$20.1M	$39.4M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,347	+0.051%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.7	−0.002%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,344	−0.018%	$274K	$203K	50x	as long as short
Binance XAUUSDT	+0.0100%	4h	4,347.5	+0.062%	$411.2M	$2.10B	100x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	+0.071%	$48.3M	$27.9M	—	as long as short
MEXC XAU_USDT	+0.0104%	4h	4,347.4	+0.059%	$371.2M	$316.5M	1000x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347.2	+0.056%	$161K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0117%	1h	4,347.1	+0.053%	$4.3M	$1.9M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0118%	4h	4,349.4	+0.107%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,342.6	−0.051%	$30.2M	$58.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,347.8	+0.069%	$47K	$77K	25x	as long as short
Bybit XAUUSDT	+0.0199%	4h	4,348.6	+0.087%	$84.4M	$145.1M	150x	as long as short
Bullet GOLD-USD	+0.0207%	1h	4,348	+0.074%	$58K	$83K	10x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,347.5	+0.061%	$69.6M	$109.3M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0233%	1h	4,345.8	+0.023%	$259K	$704K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,348.1	+0.076%	$164.4M	$282.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344.5	−0.008%	$593K	$133K	25x	as long as short
Phemex XAUUSDTshort	+0.0352%	4h	4,351	+0.142%	$2.2M	$1.1M	100x
BloFin XAU-USDT	+0.0366%	4h	4,347.8	+0.069%	—	$4.7M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0399% / S −0.0208%	1h	4,347.8	+0.069%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0580%	4h	4,353.1	+0.191%	$2.8M	$4.2M	75x	as long as short