Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.005%

Price spread now: Phoenix against Variational Omni−0.023%84s7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 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 · farm boardneeds both histories

Funding pays, the price is against you. Phoenix is 0.023% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 31 hours of funding at the current rate (+$2 a day). The two prices were read 84 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	Variational Omni XAU	4,355.7	0.0061	pay 0.0031% / 4h	2h 38m	$48.3M	$28.4M	—
Short	Phoenix GOLD	4,354.7	0.0121	get 0.0015% / 1h	38m 01s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.023%Rate

Funding earned: $12.58
Price spread: −0.023% → 0.000%: −$2.32
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.27
Costs to cover: 0.070%
Break-even: 5.2 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phoenix: 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, 1 min ago	1.54 bp	doesn't fit	1.8 bp −$18	6.0 bp −$599	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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	−0.0323%	1h	4,348.4	−0.167%	$25K	$14K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,356	+0.006%	$69.7M	$290.8M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,358	+0.053%	$263.3M	$407.7M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.9	−0.042%	$4.1M	$36.5M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,360	+0.098%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.4	−0.098%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.4	−0.098%	$13.6M	$43.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,354.9	−0.019%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.121%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,355.4	−0.007%	$20.6M	$43.5M	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	4,357.7	+0.046%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,389.2	+0.769%	—	$1.0M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,357.8	+0.048%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,353.4	−0.053%	$294.0M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,353.3	−0.056%	$15.0M	$57.7M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,355.8	+0.002%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,353.6	−0.048%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAUlong	+0.0061%	4h	4,355.7	long leg	$48.3M	$28.4M	—
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.9	−0.110%	$2.0M	$5.0M	25x	as long as short
MEXC XAU_USDT	+0.0082%	4h	4,356.1	+0.010%	$372.4M	$321.6M	1000x	as long as short
Paradex XAU-USD-PERP	+0.0084%	8h	4,356.3	+0.014%	$19K	$5K	5x	as long as short
Binance XAUUSDT	+0.0085%	4h	4,355.5	−0.005%	$409.4M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,351.9	−0.087%	$30.3M	$60.4M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.5	−0.051%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	−0.054%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,354.4	−0.031%	$161K	$87	10x	as long as short
Phoenix GOLDshort	+0.0121%	1h	4,354.7	−0.023%	$48K	$64K	25x
RISEx XAU/USDC	+0.0135%	1h	4,356.4	+0.016%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0138%	4h	4,357.4	+0.038%	$1.4M	$3.0M	25x	as long as short
Bitget XAUUSDT	+0.0148%	4h	4,357	+0.029%	$69.3M	$109.6M	100x	as long as short
Bullet GOLD-USD	+0.0158%	1h	4,355.4	−0.007%	$59K	$83K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0164%	1h	4,353.7	−0.046%	$234K	$661K	25x	as long as short
Bybit XAUUSDT	+0.0183%	4h	4,356.5	+0.017%	$84.1M	$143.6M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0225%	8h	4,357.1	+0.032%	$164.9M	$284.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,352.7	−0.070%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.209%	$15.5M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0368%	4h	4,359.7	+0.090%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,355.3	−0.009%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0527%	4h	4,359.5	+0.087%	$2.9M	$3.9M	75x	as long as short