Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.022%

Price spread now: Lighter against SunX−0.136%7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now −0.136%, 7d avg −0.140%

Together, before fees+0.165%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.140%, 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	SunX XAU-USDT	4,345.8	0	get 0.0000% / 4h	3h 41m	$92K	$8.7M	20x
Short	Lighter XAU	4,339.9	0.0040	get 0.0005% / 1h	41m 23s	$20.8M	$34.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.136%Rate

Funding earned: $8.4
Price spread: −0.136% → −0.140%: $0.47
Slippage, 4 orders: −$50.39
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$49.52
Costs to cover: 0.584%
Break-even: 48.3 days

Slippage from SunX: live order book, 8 min ago; Lighter: live order book, 7 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 SunX live order book, 8 min ago	23.50 bp	27.5 bp −$28	40.5 bp −$405	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.26 bp	0.5 bp $0	1.5 bp −$15	10.5 bp −$1,052	23.7 bp −$11.9K

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-PERP	−0.0120%	1h	4,338.9	−0.158%	$33K	—	25x	as long as short
Bluefin GOLD-PERP	−0.0024%	1h	4,335.8	−0.229%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,342.6	−0.073%	$267.7M	$413.7M	100x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,345.8	long leg	$92K	$8.7M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,336.9	−0.204%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,339.9	−0.135%	$3.5M	$12.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,336.5	−0.214%	$13.3M	$37.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.107%	$619	$54	52x	as long as short
Lighter XAUshort	+0.0040%	1h	4,339.9	−0.136%	$20.8M	$34.5M	25x
Lighter RH XAU	+0.0040%	1h	4,341.2	−0.105%	$20.0M	$39.3M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,343.7	−0.047%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,338.9	−0.158%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,373.4	+0.636%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,338.4	−0.169%	$293.5M	$49.3M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,337.2	−0.196%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,339.3	−0.148%	$4.3M	$37.5M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.7	−0.139%	$2.1M	$4.8M	25x	as long as short
Bybit XAUUSDT	+0.0059%	4h	4,341.8	−0.092%	$80.5M	$151.4M	150x	as long as short
Aster XAUUSD1	+0.0076%	4h	4,341.9	−0.090%	$71.4M	$332.3M	20x	as long as short
Paradex XAU-USD-PERP	+0.0083%	8h	4,340.4	−0.124%	$19K	$5K	5x	as long as short
Variational Omni XAU	+0.0087%	4h	4,342.7	−0.069%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,337	−0.201%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,339.3	−0.149%	$274K	$203K	50x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,341.2	−0.105%	$369.6M	$319.1M	1000x	as long as short
Binance XAUUSDT	+0.0103%	4h	4,341.2	−0.104%	$417.0M	$2.09B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,340.7	−0.117%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0110%	4h	4,337.2	−0.198%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,339.8	−0.137%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0174%	4h	4,343.4	−0.054%	$1.4M	$2.9M	25x	as long as short
Bullet GOLD-USD	+0.0215%	1h	4,341.2	−0.104%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,340.8	−0.114%	$4.3M	$1.9M	20x	as long as short
Bitget XAUUSDT	+0.0246%	4h	4,341.5	−0.098%	$71.0M	$109.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0257%	1h	4,339.7	−0.139%	$205K	$827K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.3	−0.171%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0319%	8h	4,341.6	−0.095%	$166.4M	$281.6M	100x	as long as short
Phemex XAUUSDT	+0.0347%	4h	4,344.6	−0.026%	$2.2M	$967K	100x	as long as short
BloFin XAU-USDT	+0.0361%	4h	4,343.1	−0.060%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.2	−0.104%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0555%	4h	4,347	+0.028%	$2.8M	$4.6M	75x	as long as short