Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h +0.001%

Price spread now: Bybit against Phoenix+0.095%75s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.095% dearer against Phoenix than usual: you sell high and buy low (spread +0.095% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 7 days (−0.067% in total) that is about 9.9 days. The two prices were read 75 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	Phoenix GOLD	4,319.8	0.0100	pay 0.0012% / 1h	26m 21s	$47K	$79K	25x
Short	Bybit XAUUSDT	4,323.9	0.0009	get 0.0005% / 4h	1h 26m	$77.4M	$155.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$19.06
Price spread: +0.095% → 0.000%: $9.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.57
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.01 bp	6.4 bp −$6	7.8 bp −$78	10.4 bp −$1,037	30.7 bp −$15.4K

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 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	−0.0089%	1h	4,317.2	−0.060%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,326.7	+0.160%	$92K	$7.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,318.9	−0.021%	$270K	—	250x	as long as short
Bybit XAUUSDTshort	+0.0009%	4h	4,323.9	+0.095%	$77.4M	$155.0M	150x
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.709%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,323.4	+0.083%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,322	+0.051%	$5.4M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,356	+0.838%	—	$1.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,319.4	−0.009%	$32K	—	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,319	−0.019%	$291.5M	$51.5M	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	4,319.7	−0.003%	$15.0M	$55.5M	25x	as long as short
Lighter XAU	+0.0064%	1h	4,322.2	+0.056%	$20.3M	$30.5M	25x	as long as short
Aster XAUUSD1	+0.0066%	4h	4,324.7	+0.114%	$72.5M	$277.4M	20x	as long as short
Extended XAU-USD	+0.0072%	1h	4,319.1	−0.016%	$12.9M	$36.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,319.5	−0.007%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0075%	8h	4,323.1	+0.076%	$2K	$13K	5x	as long as short
Kalshi KXGOLDPERP	+0.0077%	24h	4,324.4	+0.106%	$3.8M	$43.7M	15x	as long as short
GRVT XAU_USDT_Perp	+0.0080%	4h	4,323	+0.075%	$1.4M	$3.0M	25x	as long as short
Variational Omni XAU	+0.0090%	4h	4,322.5	+0.063%	$47.4M	$28.8M	—	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,323.7	+0.089%	$362.1M	$330.9M	1000x	as long as short
Binance XAUUSDT	+0.0096%	4h	4,323.1	+0.076%	$417.2M	$2.13B	100x	as long as short
Phoenix GOLDlong	+0.0100%	1h	4,319.8	long leg	$47K	$79K	25x
Pacifica XAU	+0.0100%	1h	4,320	+0.004%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,319.9	+0.003%	$272K	$208K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,322.6	+0.066%	$160K	$87	10x	as long as short
Gate XAU_USDT	+0.0106%	4h	4,325	+0.119%	$280.9M	$418.0M	100x	as long as short
edgeX XAUUSDC	+0.0111%	4h	4,318.4	−0.032%	$30.0M	$59.4M	50x	as long as short
Lighter RH XAU	+0.0112%	1h	4,325.1	+0.122%	$19.8M	$38.9M	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0153%	1h	4,320.1	+0.008%	$584K	$135K	25x	as long as short
Bullet GOLD-USD	+0.0177%	1h	4,323.1	+0.076%	$59K	$82K	10x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,325.4	+0.131%	$4.2M	$12.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0209%	1h	4,323.4	+0.083%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0222%	4h	4,322.8	+0.069%	$67.7M	$118.0M	100x	as long as short
HTX XAU-USDT	+0.0251%	4h	4,328.3	+0.197%	$2.8M	$4.9M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0305%	8h	4,323	+0.074%	$171.7M	$298.1M	100x	as long as short
Phemex XAUUSDT	+0.0325%	4h	4,324.6	+0.111%	$2.2M	$967K	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0329%	1h	4,321.8	+0.046%	$191K	$836K	25x	as long as short
BloFin XAU-USDT	+0.0336%	4h	4,323	+0.075%	$16.1M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,323.5	+0.085%	$252K	—	111x	as long as short