Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.018%

Price spread now: Bullet against GRVT−0.191%66s7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. Bullet is 0.191% cheaper against GRVT than usual: you would sell low and buy high (spread −0.191% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 20 days of funding at the current rate (+$1 a day). The two prices were read 66 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	GRVT XAU_USDT_Perp	4,336.3	0.0128	pay 0.0064% / 4h	2h 28m	$1.4M	$2.9M	25x
Short	Bullet GOLD-USD	4,328	0.0160	get 0.0020% / 1h	28m 13s	$59K	$82K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against GRVT. 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 GRVTbpFee BulletbpOrdersPrice spread, now −0.191%Rate

Funding earned: $6.63
Price spread: −0.191% → 0.000%: −$19.14
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$29.51
Costs to cover: 0.170%
Break-even: 38.2 days

Slippage unknown: GRVT: live order book, 6 min ago; Bullet: no order-book sample. 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 GRVT live order book, 6 min ago	0.01 bp	5.2 bp −$5	5.4 bp −$54	6551.5 bp −$655.1K	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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
SunX XAU-USDT	0.0000%	4h	4,332.3	−0.093%	$92K	$8.4M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,324.1	−0.282%	$271K	—	250x	as long as short
Bluefin GOLD-PERP	+0.0009%	1h	4,322.9	−0.309%	$25K	$14K	20x	as long as short
Extended XAU-USD	+0.0032%	1h	4,323.9	−0.285%	$13.3M	$37.1M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.326%	$619	$54	52x	as long as short
Lighter XAU	+0.0040%	1h	4,328.6	−0.178%	$20.6M	$30.9M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,337.5	+0.028%	$3.8M	$4.6M	40x	as long as short
QFEX GOLD-USD	+0.0044%	1h	4,328	−0.191%	$5.4M	$2.1M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,361.8	+0.588%	—	$1.0M	25x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,325.8	−0.242%	$292.1M	$50.5M	25x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,324.9	−0.262%	$15.0M	$56.6M	25x	as long as short
RISEx XAU/USDC	+0.0054%	1h	4,328.9	−0.170%	$3.7M	$12.3M	25x	as long as short
Kalshi KXGOLDPERP	+0.0058%	24h	4,330.3	−0.138%	$4.0M	$40.7M	15x	as long as short
Bybit XAUUSDT	+0.0058%	4h	4,330.3	−0.139%	$78.7M	$154.7M	150x	as long as short
Gate XAU_USDT	+0.0064%	4h	4,331	−0.122%	$274.3M	$405.8M	100x	as long as short
Paradex XAU-USD-PERP	+0.0072%	8h	4,329.2	−0.165%	$19K	$5K	5x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0072%	1h	4,326.7	−0.221%	$2.1M	$4.7M	25x	as long as short
Lighter RH XAU	+0.0088%	1h	4,330.8	−0.126%	$19.9M	$38.7M	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,326.1	−0.235%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,328.3	−0.185%	$275K	$204K	50x	as long as short
Aster XAUUSD1	+0.0110%	4h	4,330.7	−0.130%	$71.4M	$332.1M	20x	as long as short
Variational Omni XAU	+0.0111%	4h	4,333.1	−0.073%	$48.3M	$27.5M	—	as long as short
Aevo XAU-PERP	+0.0112%	1h	4,327.7	−0.199%	$160K	$87	10x	as long as short
MEXC XAU_USDT	+0.0120%	4h	4,329	−0.167%	$364.1M	$323.6M	1000x	as long as short
Binance XAUUSDT	+0.0120%	4h	4,328.8	−0.172%	$413.8M	$2.14B	100x	as long as short
Phoenix GOLD	+0.0127%	1h	4,333.4	−0.067%	$47K	$77K	25x	as long as short
GRVT XAU_USDT_Perplong	+0.0128%	4h	4,336.3	long leg	$1.4M	$2.9M	25x
Hotstuff GOLD-PERP	+0.0136%	1h	4,329.4	−0.159%	$32K	—	25x	as long as short
edgeX XAUUSDC	+0.0138%	4h	4,329.7	−0.151%	$30.1M	$58.7M	50x	as long as short
Bullet GOLD-USDshort	+0.0160%	1h	4,328	−0.191%	$59K	$82K	10x
Polymarket Perps GOLD-USD	+0.0169%	1h	4,328.3	−0.184%	$4.2M	$2.0M	20x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0212%	1h	4,326.6	−0.224%	$200K	$824K	25x	as long as short
Kraken Futures PF_XAUUSD	+0.0248%	1h	4,324.5	−0.272%	$589K	$130K	25x	as long as short
HTX XAU-USDT	+0.0258%	4h	4,331.1	−0.120%	$2.8M	$4.8M	75x	as long as short
Bitget XAUUSDT	+0.0282%	4h	4,329	−0.169%	$73.3M	$113.5M	100x	as long as short
OKX XAU-USDT-SWAP	+0.0338%	8h	4,330	−0.145%	$169.8M	$291.6M	100x	as long as short
Phemex XAUUSDT	+0.0365%	4h	4,333.3	−0.070%	$2.2M	$960K	100x	as long as short
BloFin XAU-USDT	+0.0378%	4h	4,333.7	−0.059%	$16.1M	$4.4M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0450% / S −0.0287%	1h	4,328	−0.192%	$249K	—	111x	as long as short