Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h +0.016%

Price spread now: Phoenix against Paradex−0.012%106s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phoenix

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 airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 106 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	Paradex XAU-USD-PERP	4,359	0.0080	pay 0.0080% / 8h	7h 21m	$19K	$5K	5x
Short	Phoenix GOLD	4,358.5	0.0055	get 0.0007% / 1h	21m 42s	$48K	$64K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$5.28
Price spread: −0.012% → 0.000%: −$1.17
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.45
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Paradex and 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
Aster XAUUSD1	0.0000%	4h	4,359.1	+0.002%	$71.0M	$200.7M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,360.2	+0.026%	$266.2M	$417.1M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,356.2	−0.064%	$4.0M	$36.7M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,364.2	+0.118%	$93K	$10.2M	20x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.4	+0.032%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,355.1	−0.089%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,355.1	−0.089%	$30.3M	$60.4M	50x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,359.5	+0.012%	$373.8M	$328.3M	1000x	as long as short
Binance XAUUSDT	+0.0025%	4h	4,359.4	+0.009%	$411.6M	$2.15B	100x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,356.9	−0.048%	$33K	—	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.197%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,360.6	+0.036%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,359.3	+0.007%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393.6	+0.794%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,359.9	+0.021%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.6	−0.078%	$293.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,354.7	−0.099%	$14.7M	$57.2M	25x	as long as short
Phoenix GOLDshort	+0.0055%	1h	4,358.5	−0.012%	$48K	$64K	25x
Bitget XAUUSDT	+0.0062%	4h	4,359.8	+0.018%	$69.1M	$113.9M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,358.5	−0.012%	$20.6M	$44.1M	25x	as long as short
Extended XAU-USD	+0.0072%	1h	4,354.8	−0.097%	$13.5M	$43.7M	25x	as long as short
Paradex XAU-USD-PERPlong	+0.0080%	8h	4,359	long leg	$19K	$5K	5x
Aevo XAU-PERP	+0.0088%	1h	4,358.2	−0.018%	$161K	$87	10x	as long as short
BloFin XAU-USDT	+0.0091%	4h	4,361.9	+0.066%	$15.5M	$4.5M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,360.2	+0.026%	$20.2M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,354.3	−0.108%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.5	−0.058%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.028%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,352.6	−0.148%	$26K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0112%	4h	4,360.5	+0.033%	$83.5M	$144.4M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,358.1	−0.021%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,361.1	+0.048%	$1.4M	$3.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0163%	1h	4,356.9	−0.048%	$235K	$656K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0199%	8h	4,360.4	+0.032%	$163.8M	$289.3M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,359.5	+0.011%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,356.2	−0.064%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,359	0.000%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0457%	4h	4,361.7	+0.062%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0568%	4h	4,364	+0.115%	$2.9M	$3.9M	75x	as long as short