Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0197%/8h= +21.5% APRpaid last 24h +0.003%

Price spread now: GMX against Bybit−0.037%7-day average −0.010% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.037%, 7d avg −0.010%

Together, before fees+0.143%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.027% cheaper against Bybit than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of −0.010%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$6 a day). At the pace of the last 3 days (+0.092% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XAUUSDT	4,366	0	get 0.0000% / 4h	1h 06m	$82.9M	$141.7M	150x
Short	GMX GOLD/USD [ETH-USDC]	4,364.3	L +0.0389% / S −0.0197%	get 0.0025% / 1h	6m 53s	$252K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.037%Rate

Funding earned: $41.28
Price spread: −0.037% → −0.010%: −$2.71
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: $15.56
Costs to cover: 0.230%
Break-even: 4.4 days

Slippage unknown: Bybit: live order book, 7 min ago; GMX: 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 Bybit live order book, 7 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	11.0 bp −$1,095	32.4 bp −$16.2K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Kraken Futures PF_XAUUSD	−0.0174%	1h	4,362	−0.091%	$602K	$139K	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,365.5	−0.010%	$71.5M	$233.7M	20x	as long as short
Binance XAUUSDT	0.0000%	4h	4,364.7	−0.028%	$410.5M	$2.09B	100x	as long as short
Bybit XAUUSDTlong	0.0000%	4h	4,366	long leg	$82.9M	$141.7M	150x
RISEx XAU/USDC	0.0000%	1h	4,364.2	−0.041%	$3.4M	$12.4M	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,365.8	−0.004%	$269.5M	$411.8M	100x	as long as short
MEXC XAU_USDT	0.0000%	4h	4,364.6	−0.031%	$376.6M	$354.3M	1000x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,365.1	−0.020%	$67.4M	$110.0M	100x	as long as short
Variational Omni XAU	0.0000%	4h	4,360.3	−0.130%	$48.5M	$31.3M	—	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,362.8	−0.073%	$1.4M	$3.1M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXGOLDPERP	0.0000%	24h	4,362.2	−0.086%	$4.0M	$34.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,368.6	+0.060%	$93K	$10.6M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,361.2	−0.109%	$268K	—	250x	as long as short
QFEX GOLD-USD	+0.0002%	1h	4,363.4	−0.059%	$5.6M	$1.7M	20x	as long as short
edgeX XAUUSDC	+0.0018%	4h	4,355.3	−0.246%	$30.3M	$57.9M	50x	as long as short
tradeXYZ xyz:GOLD	+0.0019%	1h	4,360.3	−0.130%	$293.4M	$52.7M	25x	as long as short
Hotstuff GOLD-PERP	+0.0024%	1h	4,359.9	−0.139%	$33K	—	25x	as long as short
Lighter XAU	+0.0032%	1h	4,364.1	−0.044%	$21.0M	$44.6M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,366.3	+0.008%	$20.3M	$42.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,361.5	−0.103%	$13.1M	$46.3M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.356%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,363.6	−0.054%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,399	+0.757%	—	$1.0M	25x	as long as short
Paradex XAU-USD-PERP	+0.0050%	8h	4,364.1	−0.044%	$19K	$6K	5x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,360.2	−0.131%	$14.4M	$55.6M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0051%	1h	4,363	−0.068%	$4.3M	$1.7M	20x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,362.9	−0.070%	$162K	$87	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0094%	1h	4,363.6	−0.054%	$235K	$734K	25x	as long as short
Bullet GOLD-USD	+0.0099%	1h	4,364.5	−0.034%	$60K	$85K	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,361.5	−0.102%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,360.4	−0.127%	$274K	$199K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,357.4	−0.196%	$26K	$21K	20x	as long as short
Phoenix GOLD	+0.0109%	1h	4,357.5	−0.194%	$48K	$65K	25x	as long as short
HTX XAU-USDT	+0.0109%	4h	4,367.2	+0.029%	$2.8M	$3.8M	75x	as long as short
OKX XAU-USDT-SWAP	+0.0158%	8h	4,365.7	−0.006%	$158.5M	$269.7M	100x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0208%	1h	4,360.9	−0.116%	$2.0M	$5.1M	25x	as long as short
BloFin XAU-USDT	+0.0240%	4h	4,364.6	−0.031%	$14.8M	$4.3M	100x	as long as short
Phemex XAUUSDT	+0.0272%	4h	4,364.4	−0.036%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]short	L +0.0389% / S −0.0197%	1h	4,364.3	−0.037%	$252K	—	111x