Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.137%

Price spread now: Hotstuff against Phemex−0.121%7-day average — · you buy dearer than you sell

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

Long on Phemex 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 airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Hotstuff is 0.121% cheaper against Phemex than usual: you would sell low and buy high (−$12 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	Phemex XAUUSDT	4,351.1	0.0208	pay 0.0104% / 4h	36m 48s	$2.2M	$967K	100x
Short	Hotstuff GOLD-PERP	4,345.8	0.0144	get 0.0018% / 1h	36m 48s	$33K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Phemex. 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 PhemexbpFee HotstuffbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$13.45
Price spread: −0.121% → 0.000%: −$12.11
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$42.56
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 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 Phemex live order book, 2 min ago	2.28 bp	28.1 bp −$28	doesn't fit	doesn't fit	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
RISEx XAU/USDC	0.0000%	1h	4,347.3	−0.088%	$3.4M	$12.3M	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.2	+0.002%	$92K	$9.0M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.2	−0.180%	$271K	—	250x	as long as short
Gate XAU_USDT	+0.0012%	4h	4,349.4	−0.038%	$267.8M	$411.4M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,346.6	−0.104%	$20.8M	$37.8M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,344.3	−0.154%	$13.3M	$38.5M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.015%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,349.3	−0.040%	$20.1M	$39.2M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,349.3	−0.041%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,346.3	−0.110%	$5.7M	$2.0M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	+0.0044%	24h	4,346.2	−0.112%	$4.1M	$37.2M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.7	+0.681%	—	$1.1M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,344.3	−0.156%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,345.1	−0.137%	$293.8M	$48.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.4	−0.176%	$15.1M	$56.7M	25x	as long as short
Aster XAUUSD1	+0.0065%	4h	4,348.3	−0.063%	$71.0M	$333.7M	20x	as long as short
Variational Omni XAU	+0.0079%	4h	4,348.9	−0.050%	$48.4M	$27.7M	—	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,348.7	−0.056%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,349.1	−0.045%	$1.4M	$3.0M	25x	as long as short
MEXC XAU_USDT	+0.0094%	4h	4,348.4	−0.060%	$372.6M	$317.1M	1000x	as long as short
Binance XAUUSDT	+0.0095%	4h	4,348.3	−0.064%	$414.3M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,343.6	−0.171%	$30.2M	$58.2M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,344.7	−0.146%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347.7	−0.077%	$275K	$203K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,347	−0.093%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,347.3	−0.087%	$47K	$77K	25x	as long as short
Hotstuff GOLD-PERPshort	+0.0144%	1h	4,345.8	−0.121%	$33K	—	25x
Polymarket Perps GOLD-USD	+0.0154%	1h	4,346.4	−0.107%	$4.3M	$1.9M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344.2	−0.159%	$592K	$132K	25x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,347.2	−0.089%	$59K	$82K	10x	as long as short
Phemex XAUUSDTlong	+0.0208%	4h	4,351.1	long leg	$2.2M	$967K	100x
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,345.6	−0.126%	$243K	$788K	25x	as long as short
Bitget XAUUSDT	+0.0234%	4h	4,349	−0.048%	$70.0M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0238%	4h	4,349	−0.048%	$85.1M	$144.9M	150x	as long as short
OKX XAU-USDT-SWAP	+0.0284%	8h	4,349.2	−0.043%	$165.6M	$281.7M	100x	as long as short
BloFin XAU-USDT	+0.0347%	4h	4,348	−0.071%	$15.6M	$4.5M	100x	as long as short
Bluefin GOLD-PERP	+0.0405%	1h	4,340.9	−0.234%	$25K	$14K	20x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0413% / S −0.0230%	1h	4,347.2	−0.089%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0628%	4h	4,353.6	+0.057%	$2.9M	$4.3M	75x	as long as short