Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.037%

Price spread now: SunX against Phoenix+0.118%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. SunX is 0.118% dearer against Phoenix than usual: you sell high and buy low (spread +0.118% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.240% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix GOLD	4,358.5	0.0055	pay 0.0007% / 1h	22m 23s	$48K	$64K	25x
Short	SunX XAU-USDT	4,363.6	0	get 0.0000% / 4h	3h 22m	$93K	$10.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. 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 PhoenixbpFee SunXbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$11.53
Price spread: +0.118% → 0.000%: $11.77
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$14.76
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; SunX: live order book, 7 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 Phoenix no order-book sample	—	—	—	—	—
Sell SunX live order book, 7 min ago	61.72 bp	70.2 bp −$70	doesn't fit	doesn't fit	doesn't fit

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	4,359.3	+0.019%	$71.0M	$200.6M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,360.2	+0.038%	$266.2M	$417.0M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,355.9	−0.060%	$4.0M	$36.6M	15x	as long as short
SunX XAU-USDTshort	0.0000%	4h	4,363.6	+0.118%	$93K	$10.2M	20x
Variational Omni XAU	0.0000%	4h	4,360.4	+0.044%	$47.8M	$28.1M	—	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,355.1	−0.078%	$267K	—	250x	as long as short
edgeX XAUUSDC	+0.0022%	4h	4,355.1	−0.077%	$30.3M	$60.4M	50x	as long as short
MEXC XAU_USDT	+0.0022%	4h	4,359.1	+0.014%	$372.8M	$328.2M	1000x	as long as short
Binance XAUUSDT	+0.0024%	4h	4,358.9	+0.008%	$411.6M	$2.15B	100x	as long as short
Hotstuff GOLD-PERP	+0.0032%	1h	4,356.9	−0.037%	$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	−0.185%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,360.6	+0.048%	$3.8M	$4.7M	40x	as long as short
QFEX GOLD-USD	+0.0045%	1h	4,359.3	+0.018%	$5.6M	$1.9M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,393.6	+0.805%	—	$1.0M	25x	as long as short
RISEx XAU/USDC	+0.0048%	1h	4,359.9	+0.033%	$3.4M	$12.3M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.7	−0.064%	$293.7M	$51.5M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.2	−0.077%	$14.7M	$57.3M	25x	as long as short
Phoenix GOLDlong	+0.0055%	1h	4,358.5	long leg	$48K	$64K	25x
Bitget XAUUSDT	+0.0060%	4h	4,359.5	+0.022%	$69.1M	$113.9M	100x	as long as short
Lighter XAU	+0.0072%	1h	4,359.6	+0.025%	$20.6M	$44.1M	25x	as long as short
Extended XAU-USD	+0.0080%	1h	4,356.4	−0.047%	$13.5M	$43.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,360.4	+0.043%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,359	+0.011%	$161K	$87	10x	as long as short
BloFin XAU-USDT	+0.0091%	4h	4,361.9	+0.078%	$15.5M	$4.5M	100x	as long as short
Lighter RH XAU	+0.0096%	1h	4,361.7	+0.073%	$20.2M	$41.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0096%	1h	4,354.3	−0.096%	$2.0M	$5.1M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.8	−0.040%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.8	−0.016%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,351.4	−0.163%	$25K	$22K	20x	as long as short
Bybit XAUUSDT	+0.0110%	4h	4,359.7	+0.027%	$83.5M	$144.4M	150x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,358.1	−0.009%	$4.3M	$1.8M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0152%	4h	4,361.1	+0.060%	$1.4M	$3.1M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0163%	1h	4,358.6	+0.002%	$235K	$656K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0199%	8h	4,360	+0.034%	$163.8M	$289.3M	100x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,359.5	+0.023%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0225%	1h	4,356.7	−0.041%	$594K	$151K	25x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0389% / S −0.0197%	1h	4,360.4	+0.043%	$252K	—	111x	as long as short
Phemex XAUUSDT	+0.0532%	4h	4,363.1	+0.106%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0575%	4h	4,363.4	+0.111%	$2.9M	$3.9M	75x	as long as short