Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0030%/8h= −3.2% APRpaid last 24h +0.009%

Price spread now: Bybit against Coinbase International+0.105%7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.389%−$39 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.105%, 7d avg +0.117%

Together, before fees−0.392%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.117%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International GOLD-PERP-INTX	4,323.4	0.0072	pay 0.0009% / 1h	37m 57s	$2.1M	$4.8M	25x
Short	Bybit XAUUSDT	4,328	0.0042	get 0.0021% / 4h	37m 57s	$77.5M	$153.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$6.23
Price spread: +0.105% → +0.117%: −$1.15
Slippage, 4 orders: −$2.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.61
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Bybit: live order book, 1 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 Coinbase International live order book, 6 min ago	0.81 bp	5.9 bp −$6	7.9 bp −$79	45.2 bp −$4,516	doesn't fit
Sell Bybit live order book, 1 min ago	0.01 bp	5.5 bp −$6	7.0 bp −$70	10.7 bp −$1,071	34.3 bp −$17.2K

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	−0.0162%	1h	4,320.5	−0.067%	$25K	$1K	20x	as long as short
SunX XAU-USDT	0.0000%	4h	4,332	+0.199%	$92K	$7.3M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,323.8	+0.008%	$270K	—	250x	as long as short
Hotstuff GOLD-PERP	+0.0016%	1h	4,322.6	−0.019%	$32K	—	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.625%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,328.1	+0.109%	$3.8M	$4.5M	40x	as long as short
Bybit XAUUSDTshort	+0.0042%	4h	4,328	+0.105%	$77.5M	$153.1M	150x
QFEX GOLD-USD	+0.0045%	1h	4,324.6	+0.028%	$5.5M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,359.7	+0.840%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,323	−0.009%	$291.9M	$51.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,322.8	−0.014%	$15.0M	$55.7M	25x	as long as short
Aster XAUUSD1	+0.0059%	4h	4,328.5	+0.117%	$72.9M	$272.1M	20x	as long as short
Lighter XAU	+0.0064%	1h	4,325.8	+0.055%	$20.4M	$29.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0067%	8h	4,326	+0.059%	$2K	$14K	5x	as long as short
Coinbase International GOLD-PERP-INTXlong	+0.0072%	1h	4,323.4	long leg	$2.1M	$4.8M	25x
Kalshi KXGOLDPERP	+0.0091%	24h	4,328.5	+0.118%	$3.8M	$44.5M	15x	as long as short
Variational Omni XAU	+0.0091%	4h	4,327	+0.083%	$47.2M	$29.3M	—	as long as short
Phoenix GOLD	+0.0096%	1h	4,324.3	+0.021%	$47K	$79K	25x	as long as short
MEXC XAU_USDT	+0.0098%	4h	4,326.5	+0.072%	$363.7M	$326.8M	1000x	as long as short
GRVT XAU_USDT_Perp	+0.0098%	4h	4,327.7	+0.100%	$1.4M	$3.1M	25x	as long as short
Binance XAUUSDT	+0.0099%	4h	4,326.6	+0.074%	$425.7M	$2.13B	100x	as long as short
Pacifica XAU	+0.0100%	1h	4,322.9	−0.013%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,324.3	+0.020%	$272K	$208K	50x	as long as short
Gate XAU_USDT	+0.0102%	4h	4,328.8	+0.125%	$280.6M	$414.2M	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,326.3	+0.068%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0108%	4h	4,322.8	−0.015%	$30.1M	$59.4M	50x	as long as short
Lighter RH XAU	+0.0120%	1h	4,328.4	+0.115%	$20.1M	$38.9M	25x	as long as short
Extended XAU-USD	+0.0144%	1h	4,322.9	−0.012%	$13.2M	$36.7M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0166%	1h	4,325.2	+0.042%	$163K	$869K	25x	as long as short
Bitget XAUUSDT	+0.0194%	4h	4,327	+0.082%	$70.3M	$118.6M	100x	as long as short
Bullet GOLD-USD	+0.0205%	1h	4,327.5	+0.095%	$58K	$81K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0219%	1h	4,327.6	+0.097%	$4.3M	$2.0M	20x	as long as short
Kraken Futures PF_XAUUSD	+0.0228%	1h	4,324.6	+0.027%	$578K	$135K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0279%	8h	4,327.4	+0.093%	$173.8M	$299.6M	100x	as long as short
BloFin XAU-USDT	+0.0339%	4h	4,326.9	+0.080%	$16.4M	$4.6M	100x	as long as short
Phemex XAUUSDT	+0.0360%	4h	4,329.7	+0.146%	$2.2M	$974K	100x	as long as short
HTX XAU-USDT	+0.0397%	4h	4,331.9	+0.196%	$3.2M	$5.9M	75x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0462% / S −0.0307%	1h	4,327.7	+0.099%	$253K	—	111x	as long as short
RISEx XAU/USDC	+0.0643%	1h	4,327.3	+0.091%	$4.6M	$13.3M	25x	as long as short