Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0495%/8h= −54.2% APRpaid last 24h −0.024%

Price spread now: Bitget against GMX+0.012%7-day average −0.001% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.250%−$25 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now +0.012%, 7d avg −0.001%

Together, before fees−0.300%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX GOLD/USD [ETH-USDC]	4,342.1	L +0.0495% / S −0.0311%	pay 0.0062% / 1h	9m 55s	$251K	—	29x
Short	Bitget XAUUSDT	4,342.7	0	get 0.0000% / 4h	2h 09m	$67.1M	$114.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$104.03
Price spread: +0.012% → −0.001%: $1.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$126.75
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 9 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 9 min ago	0.01 bp	6.7 bp −$7	8.6 bp −$86	12.6 bp −$1,260	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0421%	1h	4,334.7	−0.171%	$26K	$21K	20x	as long as short
Aster XAUUSD1	0.0000%	4h	4,344.9	+0.064%	$71.1M	$241.0M	20x	as long as short
Bybit XAUUSDT	0.0000%	4h	4,342	−0.003%	$82.6M	$144.9M	150x	as long as short
Gate XAU_USDT	0.0000%	4h	4,343.4	+0.030%	$273.2M	$413.5M	100x	as long as short
Bitget XAUUSDTshort	0.0000%	4h	4,342.7	+0.012%	$67.1M	$114.0M	100x
GRVT XAU_USDT_Perp	0.0000%	4h	4,342.1	−0.002%	$1.4M	$3.3M	25x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,341.4	−0.017%	$3.9M	$34.1M	15x	as long as short
Bullet GOLD-USD	0.0000%	1h	4,342.2	+0.002%	$58K	$84K	10x	as long as short
SunX XAU-USDT	0.0000%	4h	4,346.3	+0.095%	$92K	$10.9M	20x	as long as short
Binance XAUUSDT	+0.0010%	4h	4,342.1	−0.001%	$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
Variational Omni XAU	+0.0016%	4h	4,342	−0.002%	$47.8M	$34.0M	—	as long as short
MEXC XAU_USDT	+0.0020%	4h	4,342	−0.002%	$374.0M	$349.9M	1000x	as long as short
HTX XAU-USDT	+0.0027%	4h	4,346.2	+0.093%	$2.8M	$3.8M	75x	as long as short
Lighter XAU	+0.0032%	1h	4,340.9	−0.028%	$20.7M	$46.8M	25x	as long as short
Lighter RH XAU	+0.0032%	1h	4,343.6	+0.034%	$20.2M	$45.0M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.9	+0.040%	$13.2M	$50.9M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.191%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,343.4	+0.029%	$3.8M	$4.7M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,382.2	+0.922%	—	$995K	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,339.4	−0.063%	$293.0M	$52.6M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,341.8	−0.008%	$4.3M	$2.3M	20x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,341.1	−0.025%	$14.5M	$54.5M	25x	as long as short
Paradex XAU-USD-PERP	+0.0051%	8h	4,342.8	+0.016%	$19K	$6K	5x	as long as short
QFEX GOLD-USD	+0.0052%	1h	4,342.5	+0.008%	$5.5M	$1.9M	20x	as long as short
edgeX XAUUSDC	+0.0066%	4h	4,338.8	−0.077%	$30.2M	$57.7M	50x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,338.1	−0.093%	$2.0M	$5.2M	25x	as long as short
BloFin XAU-USDT	+0.0086%	4h	4,342.2	0.000%	$14.8M	$4.3M	100x	as long as short
Aevo XAU-PERP	+0.0088%	1h	4,341.8	−0.007%	$161K	$87	10x	as long as short
Pacifica XAU	+0.0100%	1h	4,341.7	−0.010%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,337.3	−0.111%	$272K	$204K	50x	as long as short
Phoenix GOLD	+0.0109%	1h	4,343.5	+0.031%	$47K	$69K	25x	as long as short
Hotstuff GOLD-PERP	+0.0176%	1h	4,339.7	−0.056%	$33K	—	25x	as long as short
RISEx XAU/USDC	+0.0190%	1h	4,342.1	0.000%	$3.4M	$12.6M	25x	as long as short
OKX XAU-USDT-SWAP	+0.0202%	8h	4,342.7	+0.013%	$157.9M	$275.0M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0333%	1h	4,338.9	−0.074%	$598K	$140K	25x	as long as short
Phemex XAUUSDT	+0.0417%	4h	4,345.8	+0.083%	$2.2M	$1.1M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0495% / S −0.0311%	1h	4,342.1	long leg	$251K	—	29x
Deribit GOLD_USDC-PERPETUAL	+0.0903%	1h	4,340.9	−0.029%	$221K	$884K	25x	as long as short