Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0019%/8h= −2.0% APRpaid last 24h +0.007%

Price spread now: Binance against Phoenix−0.067%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 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 −$1 a day on $10k at the current rate, and Binance is 0.067% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,356.9	0.0121	pay 0.0015% / 1h	14m 53s	$48K	$64K	25x
Short	Binance XAUUSDT	4,354	0.0102	get 0.0051% / 4h	2h 14m	$409.1M	$2.10B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.067%Rate

Funding earned: −$3.92
Price spread: −0.067% → 0.000%: −$6.71
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$27.64
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 14 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 Phoenix no order-book sample	—	—	—	—	—
Sell Binance live order book, 14 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.5 bp −$655	doesn't fit

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
Hotstuff GOLD-PERP	−0.0016%	1h	4,354.8	−0.048%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356	−0.022%	$263.2M	$413.6M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,362.5	+0.127%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,352.9	−0.092%	$270K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.9	−0.137%	$13.5M	$41.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.149%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0034%	24h	4,354.2	−0.062%	$4.1M	$36.0M	15x	as long as short
Aster XAUUSD1	+0.0035%	4h	4,354.8	−0.049%	$70.4M	$298.2M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.3	+0.032%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,390.9	+0.780%	—	$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	4,350.9	−0.138%	$294.1M	$48.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.1	−0.041%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,357.8	+0.021%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,355.7	−0.027%	$20.7M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0064%	1h	4,357.3	+0.010%	$20.1M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,354.9	−0.046%	$2.0M	$5.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0074%	1h	4,356.6	−0.007%	$4.3M	$1.9M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,358.1	+0.028%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0086%	4h	4,356	−0.020%	$48.2M	$28.1M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,355.1	−0.041%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,354.9	−0.047%	$375.7M	$323.8M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,358.5	+0.036%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,350.7	−0.143%	$25K	$14K	20x	as long as short
Binance XAUUSDTshort	+0.0102%	4h	4,354	−0.067%	$409.1M	$2.10B	100x
Aevo XAU-PERP	+0.0104%	1h	4,356.6	−0.006%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0112%	4h	4,353.3	−0.082%	$30.3M	$59.9M	50x	as long as short
GRVT XAU_USDT_Perp	+0.0116%	4h	4,360	+0.071%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLDlong	+0.0121%	1h	4,356.9	long leg	$48K	$64K	25x
RISEx XAU/USDC	+0.0135%	1h	4,358	+0.024%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0167%	1h	4,357.6	+0.016%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0177%	4h	4,354.9	−0.047%	$84.0M	$143.8M	150x	as long as short
Bitget XAUUSDT	+0.0184%	4h	4,353.7	−0.073%	$69.4M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0209%	1h	4,354.9	−0.046%	$242K	$672K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0238%	8h	4,355.9	−0.023%	$164.9M	$281.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,354.7	−0.051%	$594K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0340%	4h	4,359.9	+0.068%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,357.4	+0.012%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0554%	4h	4,363.2	+0.144%	$2.9M	$3.9M	75x	as long as short