Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.888%

Price spread now: Hotstuff against Phemex−0.015%440s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Hotstuff

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 440 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	Phemex XAUUSDT	4,320.2	0.0196	pay 0.0098% / 4h	44m 04s	$2.2M	$733K	100x
Short	Hotstuff GOLD-PERP	4,319.6	0.0024	get 0.0003% / 1h	44m 04s	$35K	$3K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$36.13
Price spread: −0.015% → 0.000%: −$1.48
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$54.61
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Hotstuff: 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 Phemex live order book, 2 min ago	1.78 bp	31.7 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

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 exchanges

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
Coinbase International GOLD-PERP-INTX	−0.0032%	1h	4,315.5	−0.110%	$2.1M	$5.1M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,323.8	+0.083%	$92K	$5.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,316.2	−0.093%	$308K	—	250x	as long as short
Hotstuff GOLD-PERPshort	+0.0024%	1h	4,319.6	−0.015%	$35K	$3K	25x
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.699%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0038%	4h	4,320.9	+0.016%	$71.1M	$277.6M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,318.1	−0.050%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,318.1	−0.050%	$6.6M	$3.3M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,352.4	+0.744%	—	$1.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,316.1	−0.097%	$15.2M	$59.2M	25x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0055%	1h	4,316.7	−0.082%	$291.7M	$46.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0057%	8h	4,318.8	−0.034%	$2K	$13K	5x	as long as short
RISEx XAU/USDC	+0.0062%	1h	4,319.8	−0.010%	$4.7M	$13.4M	25x	as long as short
Variational Omni XAU	+0.0067%	4h	4,315.6	−0.107%	$47.1M	$27.9M	—	as long as short
Lighter XAU	+0.0072%	1h	4,319	−0.029%	$20.0M	$30.4M	25x	as long as short
MEXC XAU_USDT	+0.0078%	4h	4,319.4	−0.019%	$349.8M	$354.1M	1000x	as long as short
Binance XAUUSDT	+0.0080%	4h	4,319.8	−0.009%	$443.2M	$2.45B	100x	as long as short
Gate XAU_USDT	+0.0084%	4h	4,322	+0.040%	$304.2M	$437.0M	100x	as long as short
GRVT XAU_USDT_Perp	+0.0090%	4h	4,316.4	−0.089%	$1.4M	$3.1M	25x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,313	−0.168%	$30.1M	$67.0M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,316.2	−0.094%	$1.4M	$1.5M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,312.3	−0.184%	$286K	$228K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,313.4	−0.157%	$25K	$1K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,317.6	−0.061%	$160K	$87	10x	as long as short
Phoenix GOLD	+0.0124%	1h	4,315.8	−0.103%	$43K	$71K	25x	as long as short
Lighter RH XAU	+0.0128%	1h	4,321.2	+0.021%	$19.5M	$39.4M	25x	as long as short
Kalshi KXGOLDPERP	+0.0147%	24h	4,320.6	+0.008%	$3.5M	$52.0M	15x	as long as short
Bybit XAUUSDT	+0.0166%	4h	4,321.4	+0.026%	$85.1M	$169.6M	150x	as long as short
Phemex XAUUSDTlong	+0.0196%	4h	4,320.2	long leg	$2.2M	$733K	100x
Kraken Futures PF_XAUUSD	+0.0198%	1h	4,317.5	−0.065%	$581K	$166K	25x	as long as short
Bitget XAUUSDT	+0.0202%	4h	4,319.4	−0.020%	$73.1M	$142.0M	100x	as long as short
Extended XAU-USD	+0.0208%	1h	4,316	−0.099%	$12.6M	$34.4M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0213%	1h	4,318.4	−0.043%	$135K	$661K	25x	as long as short
Bullet GOLD-USD	+0.0220%	1h	4,320.2	−0.002%	$59K	$77K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0220%	1h	4,319.7	−0.012%	$4.3M	$1.7M	20x	as long as short
OKX XAU-USDT-SWAP	+0.0224%	8h	4,320.6	+0.008%	$171.3M	$365.5M	100x	as long as short
BloFin XAU-USDT	+0.0319%	4h	4,319.2	−0.025%	$16.5M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0424% / S −0.0257%	1h	4,320.2	0.000%	$252K	—	111x	as long as short
HTX XAU-USDT	+0.1017%	4h	4,326.3	+0.140%	$3.2M	$7.1M	75x	as long as short