Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0211%/8h= +23.1% APRpaid last 24h +0.075%

Price spread now: Deribit against SunX−0.143%7-day average −0.208% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$690.692% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.784%+$78 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now −0.143%, 7d avg −0.208%

Together, before fees+0.710%+$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.065% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.208%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XAU-USDT	4,350.5	0	get 0.0000% / 4h	3h 05m	$92K	$8.6M	20x
Short	Deribit GOLD_USDC-PERPETUAL	4,344.3	0.0211	get 0.0026% / 1h	5m 55s	$204K	$826K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.143%Rate

Funding earned: $44.22
Price spread: −0.143% → −0.208%: $6.52
Slippage, 4 orders: −$54.17
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$18.43
Costs to cover: 0.692%
Break-even: 9.9 days

Slippage from SunX: live order book, 13 min ago; Deribit: live order book, 48 min ago.

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 SunX live order book, 13 min ago	23.60 bp	27.6 bp −$28	40.5 bp −$405	doesn't fit	doesn't fit
Sell Deribit live order book, 48 min ago	0.12 bp	8.4 bp −$8	9.1 bp −$91	doesn't fit	doesn't fit

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	−0.0008%	1h	4,338.9	−0.268%	$25K	$14K	20x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,350.5	long leg	$92K	$8.6M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342	−0.197%	$272K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,346.2	−0.099%	$3.7M	$12.5M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,342.1	−0.194%	$13.2M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.003%	$619	$54	52x	as long as short
Hotstuff GOLD-PERP	+0.0040%	1h	4,341.5	−0.208%	$33K	—	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.3	−0.120%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,345.1	−0.125%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,378.3	+0.638%	—	$1.0M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:GOLD	+0.0050%	1h	4,342.5	−0.185%	$293.7M	$49.1M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.6	−0.183%	$15.0M	$56.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0052%	24h	4,343.8	−0.155%	$4.0M	$38.9M	15x	as long as short
Bybit XAUUSDT	+0.0055%	4h	4,347.1	−0.078%	$80.1M	$152.0M	150x	as long as short
Lighter XAU	+0.0056%	1h	4,345.1	−0.126%	$20.7M	$34.8M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,341.7	−0.203%	$2.1M	$4.7M	25x	as long as short
Gate XAU_USDT	+0.0062%	4h	4,347.6	−0.067%	$268.3M	$419.0M	100x	as long as short
Paradex XAU-USD-PERP	+0.0066%	8h	4,345.7	−0.111%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0080%	1h	4,347.6	−0.068%	$20.2M	$40.2M	25x	as long as short
Aster XAUUSD1	+0.0097%	4h	4,346.5	−0.093%	$71.5M	$331.5M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,342	−0.196%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	−0.233%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,345.4	−0.119%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,345.1	−0.126%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,346.2	−0.100%	$370.7M	$321.6M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,346.2	−0.100%	$418.8M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0135%	4h	4,340	−0.241%	$30.2M	$57.9M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,342	−0.196%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perp	+0.0154%	4h	4,343.9	−0.153%	$1.4M	$2.9M	25x	as long as short
Phemex XAUUSDT	+0.0201%	4h	4,349	−0.036%	$2.2M	$967K	100x	as long as short
Polymarket Perps GOLD-USD	+0.0204%	1h	4,345.9	−0.106%	$4.2M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0206%	1h	4,346.1	−0.102%	$59K	$82K	10x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0211%	1h	4,344.3	−0.143%	$204K	$826K	25x
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,342.8	−0.177%	$590K	$135K	25x	as long as short
Bitget XAUUSDT	+0.0274%	4h	4,346.7	−0.087%	$71.1M	$108.8M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0330%	8h	4,347.2	−0.077%	$167.2M	$283.1M	100x	as long as short
BloFin XAU-USDT	+0.0360%	4h	4,345	−0.127%	$15.7M	$4.4M	100x	as long as short
HTX XAU-USDT	+0.0410%	4h	4,346.8	−0.086%	$2.8M	$4.6M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,346.1	−0.101%	$250K	—	111x	as long as short