Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.034%

Price spread now: Phoenix against SunX−0.188%69s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$23 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.188% cheaper against SunX than usual: you would sell low and buy high (spread −0.188% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 4.6 days of funding at the current rate (+$4 a day). The two prices were read 69 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	SunX XAU-USDT	4,348.7	0	get 0.0000% / 4h	3h 15m	$92K	$8.6M	20x
Short	Phoenix GOLD	4,340.5	0.0136	get 0.0017% / 1h	15m 57s	$47K	$77K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.188%Rate

Funding earned: $28.63
Price spread: −0.188% → 0.000%: −$18.76
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.14
Costs to cover: 0.150%
Break-even: 8.3 days

Slippage unknown: SunX: live order book, 13 min ago; 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 SunX live order book, 13 min ago	23.59 bp	27.6 bp −$28	40.5 bp −$405	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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
SunX XAU-USDTlong	0.0000%	4h	4,348.7	long leg	$92K	$8.6M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,339.6	−0.207%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,344.7	−0.091%	$3.8M	$12.5M	25x	as long as short
Bluefin GOLD-PERP	+0.0012%	1h	4,337.5	−0.258%	$25K	$14K	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,339.7	−0.206%	$13.3M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.040%	$619	$54	52x	as long as short
Bybit XAUUSDT	+0.0034%	4h	4,344.6	−0.092%	$80.0M	$152.1M	150x	as long as short
StandX XAU-USD	+0.0040%	1h	4,345.5	−0.073%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,343.8	−0.112%	$5.6M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,376.4	+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	4,340.4	−0.190%	$293.6M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.5	−0.166%	$15.0M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,341.9	−0.155%	$4.3M	$37.4M	15x	as long as short
Lighter XAU	+0.0056%	1h	4,342.6	−0.140%	$20.7M	$34.7M	25x	as long as short
Hotstuff GOLD-PERP	+0.0056%	1h	4,340.6	−0.185%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,339.3	−0.215%	$2.1M	$4.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,344	−0.107%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0072%	1h	4,345.1	−0.082%	$20.2M	$40.1M	25x	as long as short
Gate XAU_USDT	+0.0084%	4h	4,345.1	−0.082%	$268.2M	$418.1M	100x	as long as short
Aster XAUUSD1	+0.0094%	4h	4,345.4	−0.075%	$71.5M	$331.8M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,340.5	−0.188%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,341.2	−0.172%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0107%	4h	4,343.1	−0.129%	$48.4M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,343.2	−0.126%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,343.8	−0.111%	$371.5M	$320.9M	1000x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,343.9	−0.110%	$418.4M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0129%	4h	4,340.2	−0.195%	$30.2M	$58.2M	50x	as long as short
Phoenix GOLDshort	+0.0136%	1h	4,340.5	−0.188%	$47K	$77K	25x
Deribit GOLD_USDC-PERPETUAL	+0.0165%	1h	4,341.8	−0.158%	$204K	$826K	25x	as long as short
Phemex XAUUSDT	+0.0168%	4h	4,346.4	−0.052%	$2.2M	$967K	100x	as long as short
GRVT XAU_USDT_Perp	+0.0182%	4h	4,344.6	−0.093%	$1.4M	$2.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0210%	1h	4,343.6	−0.116%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0211%	1h	4,343.8	−0.111%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,340.8	−0.181%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0268%	4h	4,344.4	−0.099%	$71.0M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0327%	8h	4,344.6	−0.093%	$167.1M	$282.7M	100x	as long as short
BloFin XAU-USDT	+0.0359%	4h	4,344.2	−0.102%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0427% / S −0.0252%	1h	4,343.8	−0.111%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0512%	4h	4,346.8	−0.043%	$2.8M	$4.6M	75x	as long as short