Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.013%

Price spread now: SunX against QFEX+0.129%7-day average +0.111% · 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−$71as in the Price arb table

costs, in and out, $10k−$730.733% of the position

Long on QFEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.023%+$2 · spread now +0.129%, 7d avg +0.111%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.111%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX GOLD-USD	4,332.7	0.0044	pay 0.0005% / 1h	8m 56s	$5.5M	$2.1M	20x
Short	SunX XAU-USDT	4,338.3	0	get 0.0000% / 4h	2h 08m	$92K	$8.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against QFEX. 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 QFEXbpFee SunXbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$9.21
Price spread: +0.129% → +0.111%: $1.85
Slippage, 4 orders: −$55.25
Fee QFEX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$80.61
Costs to cover: 0.733%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; SunX: live order book, 10 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 QFEX live order book, 5 min ago	2.66 bp	7.7 bp −$8	7.7 bp −$77	9.3 bp −$932	doesn't fit
Sell SunX live order book, 10 min ago	23.52 bp	29.5 bp −$29	47.0 bp −$470	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	−0.0052%	1h	4,327.8	−0.114%	$25K	$14K	20x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,338.3	+0.129%	$92K	$8.1M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,330.6	−0.048%	$271K	—	250x	as long as short
Bybit XAUUSDT	+0.0006%	4h	4,334.7	+0.046%	$78.4M	$156.7M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,329.8	−0.067%	$13.1M	$36.8M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.409%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,333.7	+0.023%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USDlong	+0.0044%	1h	4,332.7	long leg	$5.5M	$2.1M	20x
Vest GC-PERP	+0.0046%	1h	4,367	+0.792%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,332.1	−0.014%	$20.4M	$31.8M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329.5	−0.074%	$292.0M	$51.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,330.4	−0.053%	$15.0M	$56.5M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,335.5	+0.064%	$3.8M	$12.5M	25x	as long as short
Kalshi KXGOLDPERP	+0.0063%	24h	4,334.8	+0.048%	$4.0M	$42.2M	15x	as long as short
Gate XAU_USDT	+0.0064%	4h	4,334.1	+0.033%	$272.5M	$417.1M	100x	as long as short
Lighter RH XAU	+0.0072%	1h	4,334.3	+0.038%	$19.9M	$39.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,330	−0.062%	$2.0M	$4.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,334.2	+0.034%	$19K	$5K	5x	as long as short
Aster XAUUSD1	+0.0097%	4h	4,334.4	+0.039%	$72.3M	$330.2M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,330.5	−0.051%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330	−0.062%	$273K	$208K	50x	as long as short
Variational Omni XAU	+0.0101%	4h	4,331.5	−0.028%	$46.8M	$28.6M	—	as long as short
Hotstuff GOLD-PERP	+0.0104%	1h	4,331.4	−0.030%	$32K	—	25x	as long as short
GRVT XAU_USDT_Perp	+0.0104%	4h	4,333.5	+0.017%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,333.1	+0.010%	$364.0M	$330.8M	1000x	as long as short
Binance XAUUSDT	+0.0111%	4h	4,333.5	+0.017%	$414.7M	$2.12B	100x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,333.3	+0.014%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0126%	4h	4,327.8	−0.113%	$30.1M	$60.3M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,326.6	−0.141%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0160%	1h	4,334.7	+0.045%	$58K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0177%	1h	4,334.4	+0.039%	$4.2M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0212%	1h	4,332.5	−0.005%	$195K	$827K	25x	as long as short
HTX XAU-USDT	+0.0233%	4h	4,336.9	+0.097%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,331	−0.040%	$590K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0254%	4h	4,333.6	+0.021%	$68.1M	$119.0M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0331%	8h	4,333.4	+0.016%	$170.6M	$297.5M	100x	as long as short
BloFin XAU-USDT	+0.0357%	4h	4,333.3	+0.015%	$16.0M	$4.5M	100x	as long as short
Phemex XAUUSDT	+0.0381%	4h	4,335.2	+0.057%	$2.2M	$962K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0460% / S −0.0303%	1h	4,334.7	+0.045%	$253K	—	111x	as long as short