Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0029%/8h= −3.1% APRpaid last 24h −0.017%

Price spread now: Hotstuff against Variational Omni−0.094%7-day average — · you buy dearer than you sell

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

Long on Variational Omni 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 airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Hotstuff is 0.094% cheaper against Variational Omni than usual: you would sell low and buy high (−$9 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	Variational Omni XAU	4,334.6	0.0101	pay 0.0050% / 4h	2h 05m	$46.8M	$28.7M	—
Short	Hotstuff GOLD-PERP	4,330.5	0.0072	get 0.0009% / 1h	5m 16s	$32K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Variational Omni. 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 Variational OmnibpFee HotstuffbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$6.04
Price spread: −0.094% → 0.000%: −$9.43
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$20.46
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 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 Variational Omni RFQ quote, 4 min ago	1.55 bp	doesn't fit	1.7 bp −$17	4.4 bp −$438	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 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
SunX XAU-USDT	0.0000%	4h	4,336.1	+0.034%	$92K	$8.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,329.4	−0.121%	$271K	—	250x	as long as short
Bybit XAUUSDT	+0.0004%	4h	4,333.2	−0.032%	$78.4M	$156.4M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,329.2	−0.125%	$13.1M	$36.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.365%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,337.3	+0.063%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,332.6	−0.046%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,366.4	+0.734%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,331.7	−0.068%	$20.4M	$31.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,329.7	−0.113%	$292.0M	$51.6M	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	4,329.5	−0.118%	$15.0M	$56.4M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,334.5	−0.001%	$3.8M	$12.5M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,334.6	0.000%	$270.9M	$419.3M	100x	as long as short
Kalshi KXGOLDPERP	+0.0064%	24h	4,334.5	−0.002%	$4.0M	$42.3M	15x	as long as short
Paradex XAU-USD-PERP	+0.0070%	8h	4,333.5	−0.026%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,334	−0.014%	$19.9M	$39.0M	25x	as long as short
Hotstuff GOLD-PERPshort	+0.0072%	1h	4,330.5	−0.094%	$32K	—	25x
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,332	−0.060%	$2.0M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0093%	4h	4,333.9	−0.016%	$72.4M	$329.7M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,336.1	+0.034%	$1.4M	$3.0M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,330.2	−0.101%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,333.2	−0.033%	$273K	$208K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,326.7	−0.181%	$25K	$14K	20x	as long as short
Variational Omni XAUlong	+0.0101%	4h	4,334.6	long leg	$46.8M	$28.7M	—
Binance XAUUSDT	+0.0109%	4h	4,332.9	−0.039%	$414.2M	$2.12B	100x	as long as short
MEXC XAU_USDT	+0.0110%	4h	4,332.9	−0.039%	$363.6M	$331.2M	1000x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,332.5	−0.048%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0121%	4h	4,331.7	−0.068%	$30.1M	$60.5M	50x	as long as short
Phoenix GOLD	+0.0127%	1h	4,332.8	−0.041%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0159%	1h	4,333.1	−0.034%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0175%	1h	4,333	−0.037%	$4.2M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0212%	1h	4,331.3	−0.076%	$195K	$826K	25x	as long as short
HTX XAU-USDT	+0.0222%	4h	4,336.6	+0.047%	$2.8M	$5.0M	75x	as long as short
Kraken Futures PF_XAUUSD	+0.0247%	1h	4,329.6	−0.114%	$590K	$130K	25x	as long as short
Bitget XAUUSDT	+0.0248%	4h	4,332.6	−0.045%	$68.1M	$118.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0328%	8h	4,333	−0.037%	$170.5M	$297.2M	100x	as long as short
Phemex XAUUSDT	+0.0370%	4h	4,334.2	−0.009%	$2.2M	$962K	100x	as long as short
BloFin XAU-USDT	+0.0381%	4h	4,332.4	−0.051%	$16.0M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0461% / S −0.0304%	1h	4,332.9	−0.038%	$253K	—	111x	as long as short