Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.014%

Price spread now: OKX against Deribit+0.051%7-day average +0.130% · 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−$220.220% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.688%−$69 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.051%, 7d avg +0.130%

Together, before fees−0.625%−$63 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 OKX is 0.079% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.130%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit GOLD_USDC-PERPETUAL	4,320.8	0.0375	pay 0.0047% / 1h	45m 43s	$192K	$831K	25x
Short	OKX XAU-USDT-SWAP	4,323	0.0315	get 0.0315% / 8h	1h 45m	$170.3M	$297.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.051%Rate

Funding earned: −$12.7
Price spread: +0.051% → +0.130%: −$7.86
Slippage, 4 orders: −$5.02
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$42.58
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from Deribit: live order book, 63 min ago; OKX: 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, 63 min ago	0.12 bp	8.2 bp −$8	9.4 bp −$94	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	7.9 bp −$789	13.3 bp −$6,628

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	−0.0099%	1h	4,314.1	−0.155%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,318.6	−0.051%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,325.3	+0.104%	$92K	$7.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,317.8	−0.070%	$270K	—	250x	as long as short
Bybit XAUUSDT	+0.0009%	4h	4,323.1	+0.054%	$77.3M	$156.7M	150x	as long as short
Extended XAU-USD	+0.0032%	1h	4,318.8	−0.047%	$13.2M	$36.6M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.686%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,321.7	+0.021%	$3.8M	$4.5M	40x	as long as short
QFEX GOLD-USD	+0.0042%	1h	4,321	+0.005%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,353.5	+0.757%	—	$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
tradeXYZ xyz:GOLD	+0.0050%	1h	4,318.9	−0.044%	$291.4M	$51.7M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,317.5	−0.077%	$15.0M	$55.7M	25x	as long as short
Lighter XAU	+0.0056%	1h	4,321.1	+0.007%	$20.3M	$30.3M	25x	as long as short
Kalshi KXGOLDPERP	+0.0071%	24h	4,323.3	+0.058%	$3.9M	$43.3M	15x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,317.9	−0.067%	$2.1M	$4.9M	25x	as long as short
Paradex XAU-USD-PERP	+0.0074%	8h	4,322.2	+0.033%	$19K	$5K	5x	as long as short
Aster XAUUSD1	+0.0078%	4h	4,323.8	+0.070%	$72.4M	$307.7M	20x	as long as short
GRVT XAU_USDT_Perp	+0.0082%	4h	4,321.1	+0.007%	$1.4M	$3.0M	25x	as long as short
Gate XAU_USDT	+0.0086%	4h	4,324.8	+0.094%	$282.3M	$412.0M	100x	as long as short
Variational Omni XAU	+0.0095%	4h	4,320.7	−0.001%	$47.3M	$29.2M	—	as long as short
Lighter RH XAU	+0.0096%	1h	4,324.4	+0.083%	$19.8M	$38.5M	25x	as long as short
Phoenix GOLD	+0.0100%	1h	4,319.8	−0.023%	$47K	$79K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,318.5	−0.053%	$1.4M	$1.2M	10x	as long as short
MEXC XAU_USDT	+0.0100%	4h	4,322.3	+0.036%	$361.9M	$327.3M	1000x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,320.1	−0.016%	$272K	$208K	50x	as long as short
Binance XAUUSDT	+0.0102%	4h	4,322.4	+0.036%	$415.2M	$2.14B	100x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,320.6	−0.004%	$160K	$87	10x	as long as short
edgeX XAUUSDC	+0.0117%	4h	4,316.5	−0.100%	$30.0M	$61.3M	50x	as long as short
Kraken Futures PF_XAUUSD	+0.0154%	1h	4,318.6	−0.051%	$587K	$131K	25x	as long as short
RISEx XAU/USDC	+0.0184%	1h	4,324.9	+0.094%	$4.2M	$12.8M	25x	as long as short
Bullet GOLD-USD	+0.0194%	1h	4,321.6	+0.019%	$59K	$82K	10x	as long as short
Polymarket Perps GOLD-USD	+0.0216%	1h	4,321.6	+0.019%	$4.2M	$1.9M	20x	as long as short
HTX XAU-USDT	+0.0219%	4h	4,324	+0.074%	$2.8M	$4.9M	75x	as long as short
Bitget XAUUSDT	+0.0236%	4h	4,322.6	+0.042%	$68.0M	$119.3M	100x	as long as short
OKX XAU-USDT-SWAPshort	+0.0315%	8h	4,323	+0.051%	$170.3M	$297.2M	100x
BloFin XAU-USDT	+0.0341%	4h	4,322.3	+0.034%	$16.2M	$4.4M	100x	as long as short
Deribit GOLD_USDC-PERPETUALlong	+0.0375%	1h	4,320.8	long leg	$192K	$831K	25x
Phemex XAUUSDT	+0.0403%	4h	4,324.3	+0.082%	$2.2M	$962K	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0464% / S −0.0307%	1h	4,321.6	+0.019%	$252K	—	111x	as long as short