Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.044%

Price spread now: BloFin against Deribit+0.070%57s7-day average +0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.221% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.422%−$42 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now +0.070%, 7d avg +0.122%

Together, before fees−0.380%−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.052% cheaper against Deribit than usual: you would sell low and buy high (spread +0.070% now, against its 7-day average of +0.122%). If the spread goes back, that is −$5 on $10k: about 39 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 4 days funding on this pair cost −0.422%, so the current rate has only just turned in your favour. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,345.1	0.0187	pay 0.0023% / 1h	5m 29s	$253K	$752K	25x
Short	BloFin XAU-USDT	4,348.1	0.0293	get 0.0147% / 4h	1h 05m	$15.5M	$4.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.070%Rate

Funding earned: $22.24
Price spread: +0.070% → +0.122%: −$5.22
Slippage, 4 orders: −$3.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$5.05
Costs to cover: 0.221%
Break-even: 8.6 days

Slippage from Deribit: live order book, 58 min ago; BloFin: live order book, 3 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 Deribit live order book, 58 min ago	0.12 bp	5.9 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.26 bp	6.3 bp −$6	6.3 bp −$63	7.7 bp −$773	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
Gate XAU_USDT	0.0000%	4h	4,349.7	+0.105%	$264.3M	$417.2M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.7	+0.152%	$92K	$9.1M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,342.7	−0.054%	$266K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,347.1	+0.047%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.8	−0.030%	$13.4M	$38.7M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.122%	$619	$54	52x	as long as short
Aster XAUUSD1	+0.0040%	4h	4,348.3	+0.073%	$70.8M	$334.0M	20x	as long as short
StandX XAU-USD	+0.0040%	1h	4,348.4	+0.076%	$3.8M	$4.6M	40x	as long as short
Kalshi KXGOLDPERP	+0.0041%	24h	4,345.6	+0.012%	$4.1M	$37.1M	15x	as long as short
Vest GC-PERP	+0.0046%	1h	4,380.3	+0.810%	—	$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
QFEX GOLD-USD	+0.0046%	1h	4,347.3	+0.051%	$5.7M	$2.0M	20x	as long as short
Lighter XAU	+0.0048%	1h	4,346.7	+0.037%	$20.6M	$42.6M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.9	−0.028%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.7	−0.009%	$293.8M	$48.9M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,344	−0.025%	$15.1M	$56.8M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0054%	4h	4,350.1	+0.115%	$1.4M	$2.9M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,348.8	+0.085%	$20.1M	$39.9M	25x	as long as short
Variational Omni XAU	+0.0057%	4h	4,346	+0.022%	$48.5M	$27.7M	—	as long as short
Hotstuff GOLD-PERP	+0.0064%	1h	4,344	−0.025%	$33K	—	25x	as long as short
MEXC XAU_USDT	+0.0074%	4h	4,347.8	+0.061%	$370.9M	$320.6M	1000x	as long as short
Binance XAUUSDT	+0.0074%	4h	4,347.7	+0.060%	$410.5M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0078%	8h	4,347.6	+0.057%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0085%	4h	4,343.7	−0.032%	$30.2M	$58.5M	50x	as long as short
Aevo XAU-PERP	+0.0096%	1h	4,345.9	+0.018%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,344	−0.026%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,347	+0.044%	$275K	$203K	50x	as long as short
Polymarket Perps GOLD-USD	+0.0116%	1h	4,346.8	+0.039%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0136%	1h	4,348.6	+0.081%	$47K	$77K	25x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0187%	1h	4,345.1	long leg	$253K	$752K	25x
Bullet GOLD-USD	+0.0192%	1h	4,347.1	+0.045%	$60K	$83K	10x	as long as short
Phemex XAUUSDT	+0.0199%	4h	4,350.6	+0.126%	$2.2M	$1.1M	100x	as long as short
Bybit XAUUSDT	+0.0208%	4h	4,348.8	+0.085%	$84.4M	$145.4M	150x	as long as short
Bitget XAUUSDT	+0.0216%	4h	4,347.9	+0.065%	$70.2M	$109.3M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0260%	8h	4,349	+0.090%	$165.3M	$283.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0270%	1h	4,344.1	−0.023%	$593K	$133K	25x	as long as short
BloFin XAU-USDTshort	+0.0293%	4h	4,348.1	+0.070%	$15.5M	$4.6M	100x
GMX GOLD/USD [ETH-USDC]	L +0.0405% / S −0.0220%	1h	4,346.9	+0.041%	$248K	—	111x	as long as short
Bluefin GOLD-PERP	+0.0426%	1h	4,342.3	−0.064%	$25K	$14K	20x	as long as short
HTX XAU-USDT	+0.0588%	4h	4,353.1	+0.184%	$2.9M	$4.2M	75x	as long as short