Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.017%

Price spread now: GRVT against Bullet−0.045%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on GRVT

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 airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and GRVT is 0.045% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet GOLD-USD	4,343.1	0.0214	pay 0.0027% / 1h	22m 55s	$59K	$82K	10x
Short	GRVT XAU_USDT_Perp	4,341.2	0.0204	get 0.0102% / 4h	3h 22m	$1.4M	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$2.05
Price spread: −0.045% → 0.000%: −$4.46
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$23.51
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; GRVT: live order book, 6 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 GRVT live order book, 6 min ago	0.01 bp	4.6 bp −$5	4.6 bp −$46	7.0 bp −$704	doesn't fit

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 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-USDT	0.0000%	4h	4,346.9	+0.088%	$92K	$8.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,339.3	−0.087%	$271K	—	250x	as long as short
RISEx XAU/USDC	+0.0005%	1h	4,342.9	−0.006%	$3.9M	$12.4M	25x	as long as short
Bybit XAUUSDT	+0.0028%	4h	4,344.9	+0.041%	$80.0M	$152.1M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,339.5	−0.083%	$13.3M	$37.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.169%	$619	$54	52x	as long as short
Bluefin GOLD-PERP	+0.0036%	1h	4,335.8	−0.168%	$25K	$14K	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,341.6	−0.035%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,340.3	−0.064%	$5.5M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,375.2	+0.739%	—	$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
Lighter XAU	+0.0048%	1h	4,342.4	−0.015%	$20.7M	$34.7M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,339.6	−0.081%	$293.6M	$49.2M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,340	−0.072%	$15.1M	$56.9M	25x	as long as short
Kalshi KXGOLDPERP	+0.0051%	24h	4,340.3	−0.064%	$4.2M	$37.4M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,338.2	−0.113%	$2.1M	$4.8M	25x	as long as short
Paradex XAU-USD-PERP	+0.0057%	8h	4,342.4	−0.016%	$19K	$5K	5x	as long as short
Lighter RH XAU	+0.0064%	1h	4,345	+0.044%	$20.2M	$40.0M	25x	as long as short
Hotstuff GOLD-PERP	+0.0080%	1h	4,338	−0.117%	$33K	—	25x	as long as short
Gate XAU_USDT	+0.0086%	4h	4,345.6	+0.058%	$269.4M	$417.0M	100x	as long as short
Aster XAUUSD1	+0.0092%	4h	4,345.1	+0.046%	$71.5M	$331.8M	20x	as long as short
Pacifica XAU	+0.0100%	1h	4,338.6	−0.103%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,338.1	−0.116%	$274K	$203K	50x	as long as short
Variational Omni XAU	+0.0102%	4h	4,340.5	−0.060%	$48.3M	$27.6M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,341.9	−0.029%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0116%	4h	4,343.9	+0.018%	$371.3M	$320.2M	1000x	as long as short
Binance XAUUSDT	+0.0118%	4h	4,343.9	+0.019%	$418.0M	$2.09B	100x	as long as short
edgeX XAUUSDC	+0.0131%	4h	4,338	−0.117%	$30.2M	$58.1M	50x	as long as short
Phoenix GOLD	+0.0136%	1h	4,338.8	−0.099%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perpshort	+0.0204%	4h	4,341.2	−0.045%	$1.4M	$2.9M	25x
Bullet GOLD-USDlong	+0.0214%	1h	4,343.1	long leg	$59K	$82K	10x
Polymarket Perps GOLD-USD	+0.0214%	1h	4,342.9	−0.005%	$4.3M	$1.9M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0234%	1h	4,341.9	−0.028%	$205K	$826K	25x	as long as short
Phemex XAUUSDT	+0.0247%	4h	4,344.7	+0.036%	$2.2M	$967K	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0259%	1h	4,340.1	−0.070%	$592K	$132K	25x	as long as short
Bitget XAUUSDT	+0.0264%	4h	4,343.8	+0.017%	$71.0M	$109.2M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0326%	8h	4,344.7	+0.037%	$167.2M	$282.1M	100x	as long as short
BloFin XAU-USDT	+0.0358%	4h	4,341.8	−0.030%	$15.7M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0428% / S −0.0252%	1h	4,343.1	0.000%	$250K	—	111x	as long as short
HTX XAU-USDT	+0.0588%	4h	4,346.5	+0.079%	$2.8M	$4.6M	75x	as long as short