Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.061%

Price spread now: GRVT against Deribit+0.043%7-day average +0.133% · 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−$28as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.716%−$72 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now +0.043%, 7d avg +0.133%

Together, before fees−0.640%+ Points / potential airdropGRVT: Active · farm board−$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and GRVT is 0.090% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.133%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,351.5	0.0187	pay 0.0023% / 1h	58m 33s	$260K	$700K	25x
Short	GRVT XAU_USDT_Perp	4,353.4	0.0134	get 0.0067% / 4h	1h 58m	$1.4M	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$11.09
Price spread: +0.043% → +0.133%: −$9
Slippage, 4 orders: −$2.56
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$38.65
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; GRVT: live order book, 5 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, 5 min ago	0.12 bp	5.9 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit
Sell GRVT live order book, 5 min ago	0.01 bp	4.5 bp −$5	4.6 bp −$46	8.0 bp −$803	doesn't fit

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	−0.0322%	1h	4,345.9	−0.129%	$25K	$14K	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.7	+0.119%	$263.2M	$403.7M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,356.9	+0.124%	$93K	$9.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,349.2	−0.052%	$269K	—	250x	as long as short
RISEx XAU/USDC	+0.0010%	1h	4,354.9	+0.079%	$3.4M	$12.4M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,350.7	−0.017%	$13.5M	$41.4M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.025%	$619	$54	52x	as long as short
Kalshi KXGOLDPERP	+0.0036%	24h	4,350.7	−0.018%	$4.1M	$36.1M	15x	as long as short
Lighter XAU	+0.0040%	1h	4,354.2	+0.062%	$20.6M	$41.7M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,353.4	+0.044%	$3.8M	$4.6M	40x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,386.2	+0.797%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,353.5	+0.046%	$5.5M	$1.9M	20x	as long as short
Hotstuff GOLD-PERP	+0.0048%	1h	4,349.8	−0.039%	$33K	—	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,349	−0.057%	$2.0M	$4.9M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,350.3	−0.028%	$293.6M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,352.2	+0.016%	$15.1M	$58.0M	25x	as long as short
Lighter RH XAU	+0.0056%	1h	4,356.5	+0.115%	$20.1M	$39.3M	25x	as long as short
Aster XAUUSD1	+0.0058%	4h	4,355.3	+0.088%	$70.1M	$324.8M	20x	as long as short
Paradex XAU-USD-PERP	+0.0087%	8h	4,354.1	+0.061%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.4	−0.002%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,351.5	0.000%	$275K	$204K	50x	as long as short
Variational Omni XAU	+0.0105%	4h	4,351.6	+0.003%	$48.2M	$28.0M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,351.3	−0.006%	$161K	$87	10x	as long as short
MEXC XAU_USDT	+0.0118%	4h	4,355	+0.081%	$373.0M	$315.1M	1000x	as long as short
edgeX XAUUSDC	+0.0118%	4h	4,346.1	−0.124%	$30.2M	$59.3M	50x	as long as short
Binance XAUUSDT	+0.0119%	4h	4,355.1	+0.083%	$411.0M	$2.09B	100x	as long as short
Polymarket Perps GOLD-USD	+0.0120%	1h	4,352.4	+0.021%	$4.3M	$1.9M	20x	as long as short
Phoenix GOLD	+0.0121%	1h	4,350.1	−0.032%	$47K	$60K	25x	as long as short
GRVT XAU_USDT_Perpshort	+0.0134%	4h	4,353.4	+0.043%	$1.4M	$3.0M	25x
Deribit GOLD_USDC-PERPETUALlong	+0.0187%	1h	4,351.5	long leg	$260K	$700K	25x
Bullet GOLD-USD	+0.0202%	1h	4,353	+0.034%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0202%	4h	4,356.1	+0.105%	$84.1M	$145.0M	150x	as long as short
Bitget XAUUSDT	+0.0208%	4h	4,355.5	+0.092%	$69.7M	$108.9M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0247%	8h	4,356	+0.103%	$164.6M	$281.7M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,350.2	−0.029%	$593K	$133K	25x	as long as short
Phemex XAUUSDT	+0.0333%	4h	4,355.7	+0.096%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0396% / S −0.0204%	1h	4,353.2	+0.039%	$251K	—	111x	as long as short
HTX XAU-USDT	+0.0611%	4h	4,357.2	+0.132%	$2.9M	$4.1M	75x	as long as short