Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0673%/8h= −73.6% APRpaid last 24h −0.030%

Price spread now: Bybit against Deribit+0.060%7-day average +0.137% · 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−$30as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.671%−$67 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.060%, 7d avg +0.137%

Together, before fees−0.655%−$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Bybit is 0.077% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.137%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,339.6	0.0673	pay 0.0084% / 1h	9m 11s	$221K	$884K	25x
Short	Bybit XAUUSDT	4,342.2	0	get 0.0000% / 4h	2h 09m	$82.6M	$144.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$141.24
Price spread: +0.060% → +0.137%: −$7.69
Slippage, 4 orders: −$4.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$171.22
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Deribit: live order book, 15 min ago; Bybit: live order book, 10 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, 15 min ago	0.12 bp	7.3 bp −$7	10.2 bp −$102	doesn't fit	doesn't fit
Sell Bybit live order book, 10 min ago	0.01 bp	5.9 bp −$6	8.9 bp −$89	11.1 bp −$1,107	36.1 bp −$18.1K

XAU on 38 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	−0.0441%	1h	4,334.7	−0.112%	$26K	$21K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,345.1	+0.127%	$71.1M	$241.0M	20x	as long as short
Bybit XAUUSDTshort	0.0000%	4h	4,342.2	+0.060%	$82.6M	$144.9M	150x
Gate XAU_USDT	0.0000%	4h	4,343.4	+0.088%	$273.2M	$413.5M	100x	as long as short
Bitget XAUUSDT	0.0000%	4h	4,342.3	+0.063%	$67.1M	$114.0M	100x	as long as short
GRVT XAU_USDT_Perp	0.0000%	4h	4,342.3	+0.062%	$1.4M	$3.3M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,341.5	+0.044%	$3.9M	$34.1M	15x	as long as short
Bullet GOLD-USD	0.0000%	1h	4,342.2	+0.060%	$58K	$84K	10x	as long as short
SunX XAU-USDT	0.0000%	4h	4,346.3	+0.154%	$92K	$10.9M	20x	as long as short
Binance XAUUSDT	+0.0006%	4h	4,342	+0.055%	$415.5M	$2.12B	100x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XAU_USDT	+0.0010%	4h	4,341.5	+0.043%	$373.2M	$350.3M	1000x	as long as short
Variational Omni XAU	+0.0016%	4h	4,342	+0.056%	$47.8M	$34.0M	—	as long as short
HTX XAU-USDT	+0.0017%	4h	4,346.2	+0.152%	$2.8M	$3.8M	75x	as long as short
BloFin XAU-USDT	+0.0025%	4h	4,342.1	+0.057%	$14.8M	$4.3M	100x	as long as short
Lighter XAU	+0.0032%	1h	4,340.9	+0.029%	$20.7M	$46.8M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,343.6	+0.091%	$20.2M	$45.1M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.8	+0.097%	$13.2M	$50.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.249%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,343.6	+0.092%	$3.8M	$4.7M	40x	as long as short
edgeX XAUUSDC	+0.0045%	4h	4,338.3	−0.029%	$30.2M	$58.0M	50x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.1	+0.979%	—	$995K	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,339.5	−0.002%	$293.0M	$52.6M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,341.6	+0.046%	$4.3M	$2.3M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.1	+0.034%	$14.5M	$54.5M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,342.5	+0.067%	$19K	$6K	5x	as long as short
QFEX GOLD-USD	+0.0052%	1h	4,342.5	+0.067%	$5.5M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,338.1	−0.035%	$2.0M	$5.2M	25x	as long as short
Aevo XAU-PERP	+0.0080%	1h	4,342.3	+0.062%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,341.5	+0.044%	$1.4M	$1.3M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,340.4	+0.018%	$272K	$204K	50x	as long as short
Phoenix GOLD	+0.0109%	1h	4,343.5	+0.090%	$47K	$69K	25x	as long as short
Hotstuff GOLD-PERP	+0.0168%	1h	4,339.5	−0.002%	$33K	—	25x	as long as short
RISEx XAU/USDC	+0.0190%	1h	4,342.1	+0.057%	$3.4M	$12.6M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0198%	8h	4,342.6	+0.069%	$157.9M	$275.0M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0333%	1h	4,339.1	−0.012%	$599K	$140K	25x	as long as short
Phemex XAUUSDT	+0.0414%	4h	4,345.6	+0.138%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0495% / S −0.0311%	1h	4,342.1	+0.057%	$251K	—	29x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0673%	1h	4,339.6	long leg	$221K	$884K	25x