Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0045%/8h= −4.9% APRpaid last 24h −0.028%

Price spread now: Injective against Variational Omni−0.197%76s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Injective is 0.197% cheaper against Variational Omni than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 76 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	Variational Omni XAU	4,359	0.0078	pay 0.0039% / 4h	2h 18m	$48.3M	$28.1M	—
Short	Injective XAU/USDC PERP	4,350.4	0.0033	get 0.0004% / 1h	18m 03s	$619	$54	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −0.197%Rate

Funding earned: −$9.41
Price spread: −0.197% → 0.000%: −$19.75
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$29.18
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: 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 Variational Omni RFQ quote, 1 min ago	1.55 bp	doesn't fit	1.7 bp −$17	4.0 bp −$405	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 38 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
Gate XAU_USDT	0.0000%	4h	4,360.5	+0.033%	$263.4M	$412.9M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,364.8	+0.133%	$93K	$9.5M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,357.1	−0.044%	$270K	—	250x	as long as short
Aster XAUUSD1	+0.0025%	4h	4,359.3	+0.006%	$70.6M	$293.7M	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,354.6	−0.102%	$13.5M	$42.0M	25x	as long as short
Injective XAU/USDC PERPshort	+0.0033%	1h	4,350.4	−0.197%	$619	$54	52x
Kalshi KXGOLDPERP	+0.0034%	24h	4,357.5	−0.035%	$4.1M	$36.0M	15x	as long as short
StandX XAU-USD	+0.0040%	1h	4,359.3	+0.006%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,394	+0.802%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.9	−0.072%	$294.3M	$48.4M	25x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.6	−0.078%	$14.9M	$58.0M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,358.6	−0.010%	$5.6M	$1.9M	20x	as long as short
Lighter XAU	+0.0056%	1h	4,359.5	+0.012%	$20.7M	$43.7M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,361.9	+0.066%	$20.2M	$40.9M	25x	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,355.9	−0.072%	$33K	—	25x	as long as short
Polymarket Perps GOLD-USD	+0.0070%	1h	4,360	+0.022%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,355.8	−0.074%	$2.0M	$5.0M	25x	as long as short
Variational Omni XAUlong	+0.0078%	4h	4,359	long leg	$48.3M	$28.1M	—
Paradex XAU-USD-PERP	+0.0083%	8h	4,359.4	+0.008%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0094%	4h	4,353.4	−0.130%	$30.3M	$59.8M	50x	as long as short
MEXC XAU_USDT	+0.0096%	4h	4,358.9	−0.002%	$376.0M	$323.5M	1000x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,358.6	−0.010%	$409.1M	$2.09B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,356.8	−0.051%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,357.1	−0.045%	$275K	$204K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,353	−0.138%	$26K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,359.7	+0.016%	$161K	$87	10x	as long as short
GRVT XAU_USDT_Perp	+0.0110%	4h	4,360	+0.022%	$1.4M	$2.9M	25x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.9	−0.049%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,359.1	+0.002%	$3.4M	$12.4M	25x	as long as short
Bullet GOLD-USD	+0.0164%	1h	4,361	+0.045%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0174%	4h	4,359.5	+0.011%	$84.0M	$143.8M	150x	as long as short
Bitget XAUUSDT	+0.0180%	4h	4,358.4	−0.015%	$69.5M	$109.6M	100x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,358.8	−0.005%	$243K	$671K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0236%	8h	4,359.9	+0.020%	$164.9M	$282.4M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,358.1	−0.022%	$594K	$139K	25x	as long as short
Phemex XAUUSDT	+0.0331%	4h	4,362	+0.067%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0391% / S −0.0197%	1h	4,361.1	+0.048%	$252K	—	111x	as long as short
HTX XAU-USDT	+0.0542%	4h	4,364.3	+0.121%	$2.9M	$3.9M	75x	as long as short