Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h +0.034%

Price spread now: Bybit against gTrade (Gains Network)+0.137%52s7-day average +0.109% · 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−$2782.781% of the position

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.045%+$5 on $10k

Price spread, last 3 days (all we have)−0.100%−$10 · spread now +0.137%, 7d avg +0.109%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bybit is 0.028% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.109%. The two prices were read 52 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	gTrade (Gains Network) XAU/USD	4,352.5	L +0.0002% / S −0.0003%	pay 0.0000% / 1h	40m 31s	$269K	—	250x
Short	Bybit XAUUSDT	4,358.4	0.0183	get 0.0092% / 4h	2h 40m	$84.2M	$143.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now +0.137%Rate

Funding earned: $37.95
Price spread: +0.137% → +0.109%: $2.77
Slippage, 4 orders: −$260.15
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$237.43
Costs to cover: 2.781%
Break-even: 50.8 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 59 min ago; Bybit: live order book, 4 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 gTrade (Gains Network) virtual book (oracle venue), 59 min ago	130.01 bp	133.5 bp −$134	196.7 bp −$1,967	1352.9 bp −$135.3K	5907.8 bp −$2.95M
Sell Bybit live order book, 4 min ago	0.01 bp	5.6 bp −$6	6.7 bp −$67	15.2 bp −$1,515	42.1 bp −$21.0K

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	−0.0318%	1h	4,348.4	−0.094%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0024%	1h	4,354.2	+0.040%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,357.8	+0.123%	$69.7M	$282.6M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,359.5	+0.161%	$263.3M	$406.9M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.1	+0.014%	$4.1M	$36.5M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,361.1	+0.199%	$93K	$9.7M	20x	as long as short
gTrade (Gains Network) XAU/USDlong	L +0.0002% / S −0.0003%	1h	4,352.5	long leg	$269K	—	250x
Extended XAU-USD	+0.0032%	1h	4,353.8	+0.030%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.047%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,356.1	+0.083%	$3.8M	$4.7M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest GC-PERP	+0.0046%	1h	4,389.1	+0.842%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,356.9	+0.101%	$20.7M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,358.8	+0.144%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,354.2	+0.040%	$293.8M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,355.3	+0.064%	$15.0M	$57.6M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,357.8	+0.122%	$5.6M	$1.9M	20x	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,354.8	+0.054%	$4.3M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0061%	4h	4,355.7	+0.074%	$48.3M	$28.4M	—	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.6	−0.043%	$2.0M	$5.0M	25x	as long as short
MEXC XAU_USDT	+0.0080%	4h	4,358.1	+0.128%	$372.5M	$321.4M	1000x	as long as short
Binance XAUUSDT	+0.0082%	4h	4,357.3	+0.111%	$410.4M	$2.10B	100x	as long as short
Paradex XAU-USD-PERP	+0.0085%	8h	4,357.4	+0.113%	$19K	$5K	5x	as long as short
edgeX XAUUSDC	+0.0098%	4h	4,351.9	−0.013%	$30.3M	$60.4M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,353.7	+0.028%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,353.3	+0.020%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,355.8	+0.077%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,354.7	+0.051%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,357.9	+0.124%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perp	+0.0138%	4h	4,358.7	+0.142%	$1.4M	$3.0M	25x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0140%	1h	4,355.2	+0.063%	$234K	$661K	25x	as long as short
Bitget XAUUSDT	+0.0146%	4h	4,358.6	+0.140%	$69.4M	$109.6M	100x	as long as short
Bullet GOLD-USD	+0.0156%	1h	4,355.5	+0.071%	$59K	$83K	10x	as long as short
Bybit XAUUSDTshort	+0.0183%	4h	4,358.4	+0.137%	$84.2M	$143.6M	150x
OKX XAU-USDT-SWAP	+0.0224%	8h	4,358.7	+0.143%	$165.0M	$284.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,353.1	+0.015%	$594K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.283%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0394% / S −0.0199%	1h	4,355.5	+0.071%	$253K	—	111x	as long as short
Phemex XAUUSDT	+0.0411%	4h	4,360.9	+0.193%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0530%	4h	4,361	+0.196%	$2.9M	$3.9M	75x	as long as short