Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.008%

Price spread now: Coinbase International against Bybit−0.070%7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.399%+$40 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now −0.070%, 7d avg −0.118%

Together, before fees+0.366%+$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.048% dearer against Bybit than usual: you sell high and buy low (spread −0.070% now, against its 7-day average of −0.118%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours. Mind the row above: over the last 7 days funding on this pair paid +0.399%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,358.7	0.0179	pay 0.0089% / 4h	2h 44m	$84.2M	$145.2M	150x
Short	Coinbase International GOLD-PERP-INTX	4,355.6	0.0072	get 0.0009% / 1h	44m 58s	$2.0M	$5.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$22.47
Price spread: −0.070% → −0.118%: $4.76
Slippage, 4 orders: −$1.67
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$40.38
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Coinbase International: live order book, 4 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 Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	6.7 bp −$67	11.4 bp −$1,142	37.3 bp −$18.7K
Sell Coinbase International live order book, 4 min ago	0.12 bp	6.4 bp −$6	7.5 bp −$75	doesn't fit	doesn't fit

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
Bluefin GOLD-PERP	−0.0346%	1h	4,351.5	−0.165%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0112%	1h	4,355.4	−0.075%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,358.3	−0.008%	$69.2M	$274.8M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,359.4	+0.017%	$263.4M	$405.4M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,355.9	−0.063%	$4.1M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,363.2	+0.105%	$93K	$9.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,354.7	−0.090%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,354.7	−0.091%	$13.5M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.189%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,357.6	−0.024%	$20.7M	$43.4M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
StandX XAU-USD	+0.0040%	1h	4,360.5	+0.042%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,392	+0.765%	—	$1.0M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,360.1	+0.032%	$20.1M	$40.7M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,355.9	−0.063%	$294.0M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.5	−0.073%	$14.9M	$57.6M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,357.9	−0.017%	$5.6M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0053%	4h	4,360	+0.031%	$48.4M	$28.4M	—	as long as short
Polymarket Perps GOLD-USD	+0.0057%	1h	4,357	−0.038%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTXshort	+0.0072%	1h	4,355.6	−0.070%	$2.0M	$5.0M	25x
MEXC XAU_USDT	+0.0074%	4h	4,358.7	+0.002%	$372.8M	$320.5M	1000x	as long as short
edgeX XAUUSDC	+0.0076%	4h	4,353.6	−0.115%	$30.3M	$60.7M	50x	as long as short
Binance XAUUSDT	+0.0076%	4h	4,357.8	−0.020%	$410.0M	$2.11B	100x	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,358.7	0.000%	$19K	$5K	5x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,358.1	−0.013%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,355.1	−0.082%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.3	+0.014%	$275K	$204K	50x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.7	−0.045%	$48K	$64K	25x	as long as short
Bitget XAUUSDT	+0.0134%	4h	4,358.9	+0.006%	$69.5M	$110.9M	100x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,357.9	−0.017%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0138%	4h	4,364	+0.121%	$1.4M	$3.0M	25x	as long as short
Bullet GOLD-USD	+0.0155%	1h	4,358.4	−0.006%	$59K	$83K	10x	as long as short
Bybit XAUUSDTlong	+0.0179%	4h	4,358.7	long leg	$84.2M	$145.2M	150x
Deribit GOLD_USDC-PERPETUAL	+0.0186%	1h	4,357.3	−0.031%	$235K	$661K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0221%	8h	4,359.2	+0.012%	$164.8M	$285.9M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,355.2	−0.080%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.141%	$15.5M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0391%	4h	4,361.3	+0.060%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,358.7	0.000%	$253K	—	111x	as long as short
HTX XAU-USDT	+0.0529%	4h	4,363.6	+0.113%	$2.9M	$3.9M	75x	as long as short