Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h −0.001%

Price spread now: Phoenix against Bybit−0.110%45s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.110% cheaper against Bybit than usual: you would sell low and buy high (spread −0.110% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 6.8 days of funding at the current rate (+$2 a day). The two prices were read 45 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	Bybit XAUUSDT	4,343.6	0.0083	pay 0.0041% / 4h	3h 44m	$80.4M	$150.9M	150x
Short	Phoenix GOLD	4,338.8	0.0136	get 0.0017% / 1h	44m 31s	$47K	$77K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.110%Rate

Funding earned: $11.3
Price spread: −0.110% → 0.000%: −$11.03
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.73
Costs to cover: 0.180%
Break-even: 18.0 days

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.01 bp	6.2 bp −$6	7.7 bp −$77	14.1 bp −$1,412	37.1 bp −$18.6K
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	−0.0018%	1h	4,336.8	−0.156%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,344.5	+0.022%	$267.9M	$412.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,346	+0.056%	$92K	$8.7M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,338.1	−0.127%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,342.1	−0.034%	$3.5M	$12.1M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,343.4	−0.006%	$20.0M	$39.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,338.8	−0.111%	$13.3M	$37.9M	25x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,340.3	−0.076%	$33K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.157%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,344.3	+0.016%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0042%	1h	4,341.9	−0.039%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,374	+0.700%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,341.5	−0.049%	$20.8M	$34.5M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,339.2	−0.101%	$293.4M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,339.2	−0.100%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,339.5	−0.094%	$4.3M	$37.5M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,338.1	−0.126%	$2.1M	$4.8M	25x	as long as short
Aster XAUUSD1	+0.0075%	4h	4,343.9	+0.007%	$71.5M	$332.4M	20x	as long as short
Paradex XAU-USD-PERP	+0.0082%	8h	4,342.5	−0.026%	$19K	$5K	5x	as long as short
Bybit XAUUSDTlong	+0.0083%	4h	4,343.6	long leg	$80.4M	$150.9M	150x
Variational Omni XAU	+0.0087%	4h	4,342.7	−0.020%	$48.3M	$27.7M	—	as long as short
Pacifica XAU	+0.0100%	1h	4,338.9	−0.109%	$1.4M	$1.1M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,342.7	−0.020%	$369.8M	$318.2M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.7	−0.066%	$274K	$203K	50x	as long as short
Binance XAUUSDT	+0.0101%	4h	4,342.8	−0.019%	$415.0M	$2.09B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,341.1	−0.057%	$161K	$87	10x	as long as short
edgeX XAUUSDC	+0.0113%	4h	4,338.3	−0.121%	$30.2M	$58.3M	50x	as long as short
Phoenix GOLDshort	+0.0136%	1h	4,338.8	−0.110%	$47K	$77K	25x
GRVT XAU_USDT_Perp	+0.0166%	4h	4,341.6	−0.045%	$1.4M	$2.9M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0211%	1h	4,340.4	−0.073%	$205K	$826K	25x	as long as short
Bullet GOLD-USD	+0.0212%	1h	4,341	−0.060%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0218%	1h	4,340.8	−0.064%	$4.3M	$2.0M	20x	as long as short
Bitget XAUUSDT	+0.0244%	4h	4,343.4	−0.005%	$71.1M	$109.4M	100x	as long as short
Phemex XAUUSDT	+0.0256%	4h	4,343.9	+0.008%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,338.4	−0.120%	$592K	$132K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0317%	8h	4,344	+0.009%	$166.3M	$281.6M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,341.7	−0.043%	$15.6M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,341.7	−0.044%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0549%	4h	4,345.5	+0.044%	$2.8M	$4.6M	75x	as long as short