Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0256%/8h= −28.0% APRpaid last 24h −0.096%

Price spread now: GRVT against GMX+0.077%69s7-day average −0.007% · you sell dearer than you buy

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.332%−$33 on $10k

Price spread, last 3 days (all we have)−0.101%−$10 · spread now +0.077%, 7d avg −0.007%

Together, before fees−0.433%+ Points / potential airdropGRVT: Active · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.084% dearer against GMX than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of −0.007%): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 26 hours. The two prices were read 69 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	GMX GOLD/USD [ETH-USDC]	4,355.3	L +0.0394% / S −0.0199%	pay 0.0049% / 1h	42m 05s	$253K	—	111x
Short	GRVT XAU_USDT_Perp	4,358.7	0.0138	get 0.0069% / 4h	2h 42m	$1.4M	$3.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$53.76
Price spread: +0.077% → −0.007%: $8.44
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$66.32
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 2 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 GRVT live order book, 2 min ago	0.01 bp	4.7 bp −$5	5.3 bp −$53	doesn't fit	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 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	−0.0323%	1h	4,348.6	−0.153%	$25K	$14K	20x	as long as short
Hotstuff GOLD-PERP	−0.0104%	1h	4,351.6	−0.085%	$33K	—	25x	as long as short
Aster XAUUSD1	0.0000%	4h	4,355.7	+0.010%	$69.7M	$280.1M	20x	as long as short
Gate XAU_USDT	0.0000%	4h	4,356.8	+0.035%	$263.4M	$406.4M	100x	as long as short
Kalshi KXGOLDPERP	0.0000%	24h	4,353.2	−0.048%	$4.1M	$36.6M	15x	as long as short
SunX XAU-USDT	0.0000%	4h	4,358.6	+0.077%	$93K	$9.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,351.4	−0.090%	$269K	—	250x	as long as short
Extended XAU-USD	+0.0032%	1h	4,351.2	−0.095%	$13.6M	$43.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	−0.112%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,358.2	+0.067%	$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	+0.774%	—	$1.0M	25x	as long as short
Lighter XAU	+0.0048%	1h	4,354.5	−0.018%	$20.6M	$43.5M	25x	as long as short
Lighter RH XAU	+0.0048%	1h	4,357.1	+0.041%	$20.1M	$40.8M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,352.3	−0.069%	$293.8M	$48.4M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,351.5	−0.086%	$14.9M	$57.6M	25x	as long as short
QFEX GOLD-USD	+0.0051%	1h	4,353.9	−0.032%	$5.6M	$1.9M	20x	as long as short
Variational Omni XAU	+0.0053%	4h	4,360	+0.108%	$48.4M	$28.4M	—	as long as short
Polymarket Perps GOLD-USD	+0.0060%	1h	4,353.9	−0.032%	$4.3M	$1.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,350.6	−0.108%	$2.0M	$5.0M	25x	as long as short
edgeX XAUUSDC	+0.0076%	4h	4,353.6	−0.038%	$30.3M	$60.7M	50x	as long as short
MEXC XAU_USDT	+0.0078%	4h	4,355.3	+0.001%	$372.2M	$321.2M	1000x	as long as short
Binance XAUUSDT	+0.0080%	4h	4,355.2	−0.003%	$410.2M	$2.11B	100x	as long as short
Paradex XAU-USD-PERP	+0.0086%	8h	4,354.9	−0.009%	$19K	$5K	5x	as long as short
Pacifica XAU	+0.0100%	1h	4,351.5	−0.087%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,359.3	+0.091%	$275K	$204K	50x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,354.3	−0.022%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0121%	1h	4,356.7	+0.032%	$48K	$64K	25x	as long as short
RISEx XAU/USDC	+0.0135%	1h	4,354.6	−0.017%	$3.4M	$12.4M	25x	as long as short
GRVT XAU_USDT_Perpshort	+0.0138%	4h	4,358.7	+0.077%	$1.4M	$3.0M	25x
Bitget XAUUSDT	+0.0142%	4h	4,355.7	+0.008%	$69.5M	$110.0M	100x	as long as short
Bullet GOLD-USD	+0.0156%	1h	4,355.3	0.000%	$59K	$83K	10x	as long as short
Bybit XAUUSDT	+0.0181%	4h	4,356.2	+0.021%	$84.1M	$143.5M	150x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0210%	1h	4,353.8	−0.034%	$234K	$661K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0223%	8h	4,356.8	+0.035%	$164.8M	$284.8M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0269%	1h	4,351.8	−0.080%	$593K	$141K	25x	as long as short
BloFin XAU-USDT	+0.0286%	4h	4,364.8	+0.218%	$15.5M	$4.6M	100x	as long as short
GMX GOLD/USD [ETH-USDC]long	L +0.0394% / S −0.0199%	1h	4,355.3	long leg	$253K	—	111x
Phemex XAUUSDT	+0.0422%	4h	4,358.9	+0.082%	$2.2M	$1.1M	100x	as long as short
HTX XAU-USDT	+0.0531%	4h	4,360.5	+0.120%	$2.9M	$3.9M	75x	as long as short