Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0398%/8h= −43.6% APRpaid last 24h −0.104%

Price spread now: SunX against GMX+0.096%7-day average +0.091% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.346%−$35 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.096%, 7d avg +0.091%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.091%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,348.5	L +0.0398% / S −0.0207%	pay 0.0050% / 1h	49m 57s	$251K	—	111x
Short	SunX XAU-USDT	4,352.7	0	get 0.0000% / 4h	1h 49m	$92K	$9.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. 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 GMXbpFee SunXbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$83.63
Price spread: +0.096% → +0.091%: $0.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$103.05
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 9 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell SunX live order book, 9 min ago	23.65 bp	29.6 bp −$30	47.1 bp −$471	doesn't fit	doesn't fit

GMX: 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 38 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	−0.0084%	1h	4,342.4	−0.140%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0032%	1h	4,345.5	−0.069%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,349.2	+0.016%	$264.1M	$405.9M	100x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,352.7	+0.096%	$92K	$9.4M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.7	−0.110%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,348.8	+0.006%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.5	−0.114%	$13.6M	$40.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.044%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0037%	24h	4,346.2	−0.053%	$4.1M	$36.2M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	+0.018%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,381.8	+0.766%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,348.1	−0.009%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,346.1	−0.055%	$20.6M	$41.9M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,346.7	−0.042%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345.1	−0.078%	$293.3M	$48.6M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,345.2	−0.076%	$15.1M	$57.8M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,349.1	+0.014%	$70.0M	$329.7M	20x	as long as short
Lighter RH XAU	+0.0072%	1h	4,348.8	+0.007%	$20.1M	$39.3M	25x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,348.3	−0.004%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,345.3	−0.074%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,350.6	+0.049%	$275K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,347.9	−0.014%	$48.3M	$27.9M	—	as long as short
Polymarket Perps GOLD-USD	+0.0107%	1h	4,347.5	−0.023%	$4.3M	$1.9M	20x	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,347.8	−0.015%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0114%	4h	4,348	−0.011%	$371.3M	$316.0M	1000x	as long as short
Binance XAUUSDT	+0.0114%	4h	4,348.2	−0.007%	$410.1M	$2.10B	100x	as long as short
GRVT XAU_USDT_Perp	+0.0132%	4h	4,353.6	+0.117%	$1.4M	$3.0M	25x	as long as short
edgeX XAUUSDC	+0.0136%	4h	4,348.4	−0.002%	$30.3M	$58.7M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,352	+0.080%	$47K	$77K	25x	as long as short
Bullet GOLD-USD	+0.0196%	1h	4,348.5	0.000%	$58K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0204%	4h	4,349.1	+0.013%	$84.0M	$144.9M	150x	as long as short
Bitget XAUUSDT	+0.0210%	4h	4,348.2	−0.008%	$69.7M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,349.3	+0.018%	$164.5M	$282.5M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,345.3	−0.074%	$593K	$133K	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0279%	1h	4,346	−0.058%	$259K	$703K	25x	as long as short
Phemex XAUUSDT	+0.0343%	4h	4,350.5	+0.046%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0398% / S −0.0207%	1h	4,348.5	long leg	$251K	—	111x
HTX XAU-USDT	+0.0600%	4h	4,353.8	+0.122%	$2.8M	$4.2M	75x	as long as short