Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.025%

Price spread now: Lighter against Binance−0.055%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$120.122% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 2 days (all we have)−0.004%$0 · spread now −0.055%, 7d avg −0.030%

Together, before fees−0.018%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.025% cheaper against Binance than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of −0.030%). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XAUUSDT	4,344.6	0	get 0.0000% / 4h	2h 00m	$411.5M	$2.11B	100x
Short	Lighter XAU	4,342.2	0.0032	get 0.0004% / 1h	0m 21s	$20.7M	$46.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.055%Rate

Funding earned: $6.72
Price spread: −0.055% → −0.030%: −$2.53
Slippage, 4 orders: −$2.21
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.02
Costs to cover: 0.122%
Break-even: 15.4 days

Slippage from Binance: live order book, 14 min ago; Lighter: live order book, 3 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 Binance live order book, 14 min ago	0.01 bp	5.1 bp −$5	6.1 bp −$61	10.3 bp −$1,033	doesn't fit
Sell Lighter live order book, 3 min ago	0.01 bp	0.8 bp −$1	6.0 bp −$60	11.8 bp −$1,176	31.2 bp −$15.6K

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
Bluefin GOLD-PERP	−0.0575%	1h	4,338.1	−0.150%	$26K	$21K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,344	−0.014%	$71.1M	$240.4M	20x	as long as short
Binance XAUUSDTlong	0.0000%	4h	4,344.6	long leg	$411.5M	$2.11B	100x
Bybit XAUUSDT	0.0000%	4h	4,345.9	+0.029%	$82.6M	$144.7M	150x	as long as short
Gate XAU_USDT	0.0000%	4h	4,346.6	+0.045%	$273.9M	$413.9M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,343.8	−0.019%	$371.2M	$350.9M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,345.4	+0.018%	$67.3M	$113.9M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,344.2	−0.009%	$47.8M	$33.5M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,342	−0.061%	$1.4M	$3.3M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,342.4	−0.051%	$3.9M	$34.1M	15x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet GOLD-USD	0.0000%	1h	4,345.1	+0.011%	$59K	$84K	10x	as long as short
SunX XAU-USDT	0.0000%	4h	4,349.2	+0.106%	$92K	$10.9M	20x	as long as short
HTX XAU-USDT	0.0000%	4h	4,348.7	+0.095%	$2.8M	$3.8M	75x	as long as short
edgeX XAUUSDC	+0.0010%	4h	4,337.8	−0.158%	$30.2M	$58.0M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0032%	1h	4,340.7	−0.090%	$292.3M	$53.7M	25x	as long as short
Lighter XAUshort	+0.0032%	1h	4,342.2	−0.055%	$20.7M	$46.8M	25x
Lighter RH XAU	+0.0032%	1h	4,344.5	−0.002%	$20.2M	$45.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.2	−0.034%	$13.2M	$50.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.133%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,343.6	−0.024%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,381.7	+0.853%	—	$995K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,342.8	−0.042%	$4.3M	$2.3M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,342.7	−0.044%	$14.3M	$54.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,344.8	+0.004%	$19K	$6K	5x	as long as short
QFEX GOLD-USD	+0.0052%	1h	4,344	−0.014%	$5.5M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,340.6	−0.093%	$2.0M	$5.2M	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,342.8	−0.043%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,342.2	−0.055%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343	−0.038%	$272K	$204K	50x	as long as short
Phoenix GOLD	+0.0109%	1h	4,343.4	−0.028%	$47K	$69K	25x	as long as short
Hotstuff GOLD-PERP	+0.0136%	1h	4,339.7	−0.113%	$33K	—	25x	as long as short
OKX XAU-USDT-SWAP	+0.0174%	8h	4,345.9	+0.029%	$158.1M	$274.8M	100x	as long as short
RISEx XAU/USDC	+0.0190%	1h	4,344.5	−0.003%	$3.4M	$12.6M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,344.4	−0.006%	$14.8M	$4.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0333%	1h	4,341.9	−0.064%	$599K	$160K	25x	as long as short
Phemex XAUUSDT	+0.0386%	4h	4,345.4	+0.017%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0450% / S −0.0246%	1h	4,345.2	+0.013%	$251K	—	29x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0695%	1h	4,344.2	−0.010%	$221K	$878K	25x	as long as short