Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.020%

Price spread now: Bybit against Bullet+0.029%7-day average — · you sell dearer than you buy

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

Long on Bullet Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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. Bybit is 0.029% dearer against Bullet than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet GOLD-USD	4,334.2	0.0159	pay 0.0020% / 1h	27m 59s	$59K	$77K	10x
Short	Bybit XAUUSDT	4,335.5	0.0128	get 0.0064% / 4h	1h 27m	$82.7M	$169.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bullet. 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 BulletbpFee BybitbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$6.39
Price spread: +0.029% → 0.000%: $2.95
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.44
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Bybit: live order book, 4 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 Bullet no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	6.2 bp −$62	10.6 bp −$1,058	33.2 bp −$16.6K

Bullet: 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 exchanges

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
Hotstuff GOLD-PERP	−3.2000%	1h	4,331.1	−0.073%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,338.2	+0.090%	$92K	$5.8M	20x	as long as short
Coinbase International GOLD-PERP-INTX	0.0000%	1h	4,328.4	−0.135%	$2.1M	$5.0M	25x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,330.4	−0.088%	$304K	—	250x	as long as short
Bluefin GOLD-PERP	+0.0024%	1h	4,327.8	−0.148%	$25K	$1K	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0027%	1h	4,332.6	−0.038%	$135K	$708K	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.373%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0038%	4h	4,335.9	+0.038%	$72.1M	$276.2M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,335	+0.017%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0041%	1h	4,333	−0.029%	$6.7M	$3.2M	20x	as long as short

Show all 39 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,367.6	+0.770%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,330.7	−0.082%	$292.7M	$51.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,329.4	−0.112%	$15.1M	$59.7M	25x	as long as short
Paradex XAU-USD-PERP	+0.0053%	8h	4,333.6	−0.016%	$2K	$13K	5x	as long as short
Variational Omni XAU	+0.0064%	4h	4,333.5	−0.017%	$47.3M	$28.7M	—	as long as short
Lighter XAU	+0.0072%	1h	4,333.7	−0.012%	$20.1M	$30.4M	25x	as long as short
Gate XAU_USDT	+0.0076%	4h	4,336.2	+0.045%	$298.7M	$447.6M	100x	as long as short
MEXC XAU_USDT	+0.0078%	4h	4,334.3	+0.002%	$368.1M	$355.3M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0078%	4h	4,334.1	−0.003%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0079%	4h	4,334.2	−0.002%	$441.5M	$2.43B	100x	as long as short
edgeX XAUUSDC	+0.0084%	4h	4,330	−0.097%	$30.3M	$66.9M	50x	as long as short
Lighter RH XAU	+0.0096%	1h	4,335.9	+0.038%	$19.7M	$40.0M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,330.9	−0.077%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,330.6	−0.085%	$287K	$227K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,332.9	−0.031%	$160K	$87	10x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,334.2	−0.001%	$4.3M	$1.7M	20x	as long as short
Phoenix GOLD	+0.0127%	1h	4,332	−0.052%	$43K	$71K	25x	as long as short
Bybit XAUUSDTshort	+0.0128%	4h	4,335.5	+0.029%	$82.7M	$169.4M	150x
Kalshi KXGOLDPERP	+0.0140%	24h	4,335.3	+0.024%	$3.5M	$51.2M	15x	as long as short
Extended XAU-USD	+0.0144%	1h	4,330.4	−0.089%	$12.5M	$34.5M	25x	as long as short
Bullet GOLD-USDlong	+0.0159%	1h	4,334.2	long leg	$59K	$77K	10x
Bitget XAUUSDT	+0.0198%	4h	4,334.1	−0.004%	$72.8M	$139.9M	100x	as long as short
RISEx XAU/USDC	+0.0205%	1h	4,334.2	−0.001%	$4.7M	$13.2M	25x	as long as short
Phemex XAUUSDT	+0.0208%	4h	4,336.7	+0.057%	$2.3M	$777K	100x	as long as short
OKX XAU-USDT-SWAP	+0.0232%	8h	4,335.7	+0.034%	$170.8M	$361.6M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0253%	1h	4,331.2	−0.070%	$583K	$167K	25x	as long as short
BloFin XAU-USDT	+0.0321%	4h	4,334.6	+0.008%	$16.4M	$5.3M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0461% / S −0.0308%	1h	4,335.2	+0.022%	$254K	—	111x	as long as short
HTX XAU-USDT	+0.1046%	4h	4,340.1	+0.135%	$3.2M	$7.1M	75x	as long as short